Fintech platform, SmartCoin Financials announced it has secured debt funding from multiple financial institutions including Northern Arc, Vivriti Capital, MAS, India SME and others.
SmartCoin aims to boost small businesses, and growing middle and lower income users with expanded credit products via their mobile app
Commenting on the funding initiative, Rohit Garg, Co-Founder and CEO, Smartcoin Financials, said, "The last year has proved to be a litmus test for the relatively young fintech industry. For us, our focus on vast untapped Bharat opportunity, strong performance through the pandemic and managing among the lowest NPAs has led to a strong vote of confidence from the investor community. This timely injection of funds shall be leveraged to advance our vision of empowering financial inclusion and develop India into a financial superpower.”
He also added, “The pandemic has led to strong digital adoption in the middle/lower-income segments across Tier2+ geographies, and we are expanding into new products for empowering our customers with better control of their financial lives."
Bama Balakrishnan, COO of Northern Arc, said “We are excited to partner with SmartCoin for enabling credit opportunities to the vast underserved middle and lower-income segments of the country. We believe that utilizing the digital infrastructure through innovative solutions is the key to empower millions of small businesses, merchants, and professionals. The relationship between Northern Arc and SmartCoin is at multiple levels – We have funded them through our Balance Sheet, raised capital from other investors through syndication and guarantee products and have a retail lending partnership with them.”
“SmartCoin’s expertise in consumer lending via innovative products coupled with its tech capability makes it a perfect partner for capturing the missing middle in the growing Emerging Indian base,” said Gautam Jain, Business Head - Vivriti Capital.
The company has seen a strong demand for micro-credit from tier 2 and tier 3 cities across the country through the second wave as people grappled with lack of capital for medical situations and businesses. As the economy recovers, the company aims to boost the small businesses, and growing middle & lower income users with expanded credit products via their mobile app. SmartCoin has already served over 6 million users across 18000+ pin codes across the country.