Creditexchange, a Bangalore, India-based hybrid digital consumer loans platform and institutional marketplace, raised $500k in funding.
Backers included Kuber Financial.
The company is currently in the process of raising a pre-Series A round of funding.
Led by Aditya Kumar, Founder & CEO, Creditexchange uses proprietary risk-assessment models to assess creditworthiness of borrowers, including new-to-credit, by analyzing data from integrations with a wide range of sources. The company will open a new market of priced unsecured consumer loans to more than 1 billion prospective borrowers with a wide range of credit profiles and histories.
In addition, Creditexchange will enable institutional investors, both domestic and international, to co-invest in the seasoned loans originated by the platform which can offer attractive yields.
The company recently signed strategic technology partnership with LendFoundry, a platform used by large online marketplace lenders in North America, to develop a platform customized for the Indian market.