20.August.2021 – Digital Mortgage platform for micro-SMEs, LoanKuber announced that it has raised USD 1.25 Million as a part of its Pre-Series A round. The funding round saw the participation of investors like Accolade, LetsVenture, and AngelList.
The startup claims to utilize the funds raised to expand and build the team, enhance the existing tech stack and swiftly grow its AUM (Asset Under Management) to USD 10 Million (approx) in the 12 months.
Words from investors –
“Today, around 40 percent of total MSME credit demand is still served by informal sources of credit. This underserved market is a huge potential for MSME lenders such as LoanKuber to cater to, with their innovative business models tailored specifically to the needs and behaviour of this segment,” said Sunitha Ramaswamy, President, Early Stage, LetsVenture.
About LoanKuber –
LoanKuber was initiated by Saurabh Nagpal, alumni of IIT Delhi, in the year 2016. It is an operator of digital platforms that intends to democratize and simplify business financing. It provides unsecured loans, loans against property, working capital, structured loan up to USD 4k – 13k to micro-SMEs, everyday services for business expansion and semi-skilled professionals.
Before this funding round, in 2018 LoanKuber raised USD 1 Million in a seed funding round. According to BuiltWith, it is using 39 technologies from its website that consist of IPhone/Mobile Compatible, Viewport Meta, and SPF.
LoanKuber provides personalized mortgage loans to MSMEs that are underserved based on its proprietary underwriting algorithms. It aims to onboard 1000 MSMEs till next year as part of a plan for its expansion.
Commenting on the fundraise, Saurabh Nagpal, CEO LoanKuber said,
“The funding would enable us to accelerate our mission of providing affordable and transparent mortgage finance to MSMEs, we would strive to achieve our social goals while balancing both growth and profitability that are required to build a large impact-focused financial institution.”
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