Bangalore-based SmartCoin Financials Pvt. Ltd, which operates micro-lending startup SmartCoin, has raised an undisclosed amount in a funding round led by early-stage venture fund Unicorn India Ventures. A clutch of unnamed angel investors also participated in the round, said a press statement.
SmartCoin will use the capital to upgrade its technology platform and scale up operations, the statement added.
A report in The Economic Times, however, pegged the funding round at about $500,000 (Rs 3.2 crore) and said, citing Bhaskar Majumdar, managing partner at Unicorn India, that it was the fund’s maiden investment in the fin-tech space.
“Traditional underwriting methods are largely reliant on credit histories, and thus unable to serve people with limited credit data. As a result, there is a huge underserved segment spanning not just the corporate workforce, but also the emerging aspirational class,” said Rohit Garg, co-founder, SmartCoin.
SmartCoin is a mobile app-based lending…