Finance Buddha raised its first round of external funding and is slated to disburse more thanRs.1,000 crore loans in the current financial year.
Chennai: The Chennai Angels (TCA) on Friday said that it has invested an undisclosed amount in Finance Buddha, a financial services firm.
“There have been many start-ups in the fintech space, but what excites me about FinBud is the quality and thinking of the entrepreneurs, which is informed by their extraordinary domain competence and fantastic execution skills. Unlike unidimensional start-ups, this business has scale as well as technology,” said Shankar V, who led the investment from TCA.
Finance Buddha is a three-year-old company for financial service products- personal loans, unsecured business loans, home loans, loans against property and insurance.
“This pre-series A round of funding will be used to further develop our technology platform which will be integrated with various stakeholders in the loan origination, underwriting and disbursal process,” said a statement from the company.
The company, which raised its first round of external funding, is slated to disburse more than Rs.1,000 crore loans in the current financial year.
The financial services firm said it aims to make the entire loan process paperless and one where a customer can get instant approval, without compromising on the underwriting and verification process.