/viestories/media/post_attachments/wp-content/uploads/2023/06/Finayo-Closes-It-Seed-Round.jpg)
The seed round of Finayo, an AI-Powered Low-Cost Lending-Tech platform, has closed at an undisclosed sum. The India Accelerator-backed iAngels Network also took part in the investment round.
The platform wants to use the funds it has raised to improve the technology and create a reliable EV asset and lending solution, as per reported by BW Disrupt.
Read also - Agritech VC Firm Omnivore Announces First Close Of Third Fund At $150 Mn
Brajendra Singh Tomar, the Founder and CEO of Finayo said, “Lenders in the EV space face several challenges related to the Non-Performing Assets (NPA) and minimizing the risk. We are thankful to iAngels Network for trusting our capabilities which will help us invest in the latest technologies for mitigating risks of NPA, and creating a more stable and inclusive financial ecosystem. Overall, this development marks a significant milestone for the company and is a testament to their commitment to creating innovative solutions that benefit all stakeholders.”
Finayo provides lending partners with a dedicated web dashboard where they can view and manage borrower profiles, complete automated loan processing, pre-underwritten applications, fraud dedupes and risk assessments, real-time loans, digital communication with borrowers, and personalized loan offers, among other features.
Read also - [Funding alert] Travel Fintech Startup Scapia Secures $9 Mn in Seed Funding
Commenting on the funding, Munish Bhatia, Co-founder, India Accelerator said, “Indian roads are witnessing a rising number of EVs, deepening its penetration in the country. Financing plays a crucial role in enabling the transition to EV. Finayo’s approach of unified EV asset and lending management will prove to be a catalyst in mitigating credit risk and automating the loan life cycle for all stakeholders.”
About Finayo
An AI-Powered Low-Cost Lending-Tech platform called Finayo makes customer onboarding and screening easy to use in a safe and secure setting. Their ability to find solutions to issues makes them a cutting-edge platform that enables financial institutions to concentrate on expanding their lending portfolios and frees them up to worry about closing technology gaps so that they can expand more quickly.
Read also - [Funding alert] InCruiter Secures Rs 20 Lakh in Debt Funding
