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Micro SME-focused fintech startup 4Fin has announced that it has raised strategic seed funding of $1M. The Pune headquartered startup had earlier raised $1.1M in its pre-seed round.
The company announced that the funds raised would be primarily used for disbursing loans through its lending arm, for which the entity has recently got an NBFC registration* from RBI.
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Over the last few quarters, 4Fin’s tech arm has developed lending software platforms. They have managed to tap in various leading Banks and NBFCs for their tech-stacks. The lending solutions being offered include loan origination system (LOS), loan management system (LMS), debt services management, AI-based algorithms for credit assessment, and e-stack for end-to-end automated processing.
For its lending business, the company intends to extend loans to MSMEs. The company believes it is suitably poised to ride the pent-up demand wave with its personalized offerings in this space. Nearly 80% of the total MSMEs in India lack formal access to loans. The NBFC licence will allow the company to bridge the credit gap by offering loans with minimal documentation.
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To provide strategic focus to its journey, 4Fin recently announced the creation of an Advisory Board. It includes names of industry veterans like Bharat Sharma, Hemant Jain & Nitish Nagori. While Bharat has served as a Senior Banker with 25 years of experience in asset as well as liability functions, Hemant comes in with 20+ years of industry experience in technology space, both in India and abroad. Nitish has 25+ years of banking experience in Retail Asset & Lending Verticals across major Banks.
About 4Fin
Headquartered in Pune, the company was founded in 2021 by Amit Tewary, Ajit Sinha, Ashwin Agarwal and Abhilash Rathore. 4Fin is a Lending Platform catering to the technology needs of Financial Institutions and SMEs.
