SmartCoin secures debt funding to bring fin services to small entrepreneurs
SmartCoin Financials, a fintech platform for Bharat, said it has secured debt funding from multiple financial institutions including Northern Arc, Vivriti Capital, MAS, India SME and others. SmartCoin said it is on a mission to enable digital financial services to a vastly underserved middle and lower-income segment that consists of over 300 million micro-entrepreneurs, micro-merchants, and gig and blue-coloured workforce. Smartcoin has raised a debt funding amount of Rs 80 crore to further its portfolio 10x with expansion in customized products and services. “The last year has proved to be a litmus test for the relatively young fintech industry,” said Rohit Garg, co-founder and CEO, Smartcoin Financials. “For us, our focus on vast untapped Bharat opportunity, strong performance through the pandemic and managing among the lowest NPAs has led to a strong vote of confidence from the investor community. This timely injection of funds shall be leveraged to advance our vision of empowering financial inclusion.” The company has seen strong demand for micro-credit from tier-2 and tier-3 cities across the country through the second wave as people grappled with a lack of capital for medical situations and businesses. As our economy recovers, the company aims to boost the small businesses, and growing middle and lower-income users with expanded credit products via their mobile app. Read the full article