Bangalore: Datasigns
Technologies Pvt. Ltd., a mobile first financial technology start-up has
secured an undisclosed amount in angel funding. The investment round was led by
Sanjai Vohra, formerly a Managing Director with JP Morgan and UBS and V. Bunty
Bohra, Managing Director and India CEO with a large global investment bank.
At $1.2 trillion, India is estimated to be one
of the largest markets for consumer finance in the world, behind USA and China.
It is also one of the least evolved markets for lending, with close to 70 per
cent of the market being underserved by institutional lenders. According to a
report by international philanthropic investment firm Omidyar Network, over 400
million people borrowed money in India in 2014, but fewer than one in seven
were approved for a formal loan.
Datasigns works on behalf of both borrowers
and Institutional lenders. Their mobile application “Shubhloans” helps
borrowers generates proprietary individual credit score using traditional and
secondary data points. Datasigns lending partners use this credit score for
lending.
The credit score generated is dynamic and
changes with the borrower’s behavior and financials. The “SHUBHLOANS” app is
digitized end and to end and offers a paperless loan experience.
“Everyone deserves
access to the right amount of credit; and this is exactly what we strive to do
through our mobile first platform – Shubhloans. Our innovative credit scoring
model debunks old ways of lending and ensures optimal credit by holistically
assessing overall risk” said Monish Anand, CEO of Datasigns Technologies.
Founded by bankers, technologists and data
scientists; Datasigns has begun operations in Bangalore and has received
overwhelming response from the market.
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