New Delhi- based Fin-tech startup revealed on Monday that it has raised an undisclosed amount of funds led by Angel Investors including Advisor of Aavishkaar Arun Diaz, MD and CEO of Fab Technologies Aasif Ahsaan Khan, and Sanjay Budhwar.
Quikkloan plans to utilize the funds to improve its technological products, improve its data capabilities, and hire more members in the team to ramp up marketing and sales, hire customer service team to expand more geographically.
Quikkloan is an online loan marketplace that claims to offer loans to blue-collared and white-collared individuals earning at least Rs 20,000 a month. Quikkloan facilitates personal loans through its partner banks and NBFC’s. Founder and CEO Jamil Akhtar said, “We are looking to tap in data science and machine learning techniques to develop more robust credit scoring underwriting platforms by using alternate data.” The company is looking to build end to end automated digital lending platform to facilitate the dispersal of personal loans.
With the help of the funds, the Fintech startup is also planning to expand into other financial products such as – zero percent EMI scheme, salary advance, virtual credit cards, three to six months education loans, marriage loans, lifestyle loans and refinancing of credit cards. Currently the average loan provided by Quikkloan is Rs 60,000 for a minimum duration of six months.
Quikkloan has received loan applications from more than 100 cities spread across 29 states and union territories over the years. The company is planning to decrease the minimum loan amount it can ditch out to Rs 5,000 for a duration of a year, and is focusing on penetrating into tier II and tier III cities of India.