American Express Ventures leads $4m round for IndiaLends
American Express Ventures, the corporate VC arm of credit card company American Express, has led a $4 million round of funding in Indian financial technology start-up IndiaLends.
Existing backers DSG Consumer Partners, AdvantEdge Partners and Cyber Carrier also participated in the deal. Previous investors are understood to include Siddharth Parekh, senior partner at Paragon Partners and Gautham Radhakrishnan, a partner at Tata Opportunities Fund. The new capital will be used to grow the company's data sciences and analytics teams as well as expand operations across India.
Founded in 2015, IndiaLends offers a credit underwriting and analytics platform for lending that aims to connect borrowers with financial institutions that match their credit profiles. This service targets, consumers, financial institutions and non-banking financial institutions through personal budget management, credit risk scoring and analytics products. The company claims to serve over 150,000 customers with more than 100 loan products.
"IndiaLends' platform is helping to connect lenders and borrowers in India more efficiently by providing a user-friendly experience for consumers and leveraging a broader set of data than has traditionally been available to financial institutions in the market," said Rohit Bodas, a partner at American Express Ventures, according to The Economic Times.
American Express Ventures has been active in India's fintech space, with previous investments including digital wallet app developer MobiKwik and mobile payments company Ezetap. Its first investment in the country was Capillary Technologies, a cloud software company that helps retailers with customer relationship management.
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