Bengaluru : Financial tech start-up Datasigns Technologies — which helps borrowers who find it difficult to secure formal approvals to get loans — has secured angel funding.
Datasigns, which works for both borrowers and institutional lenders, has a mobile app, “Shubhloans”, that helps borrowers generate proprietary individual credit scores. Lenders use this credit score for lending.
While India is one of the world’s largest markets for consumer finance, it is also among the least evolved markets for lending. According to a report by Omidyar Network, over 400 million people borrowed money in India in 2014, but fewer than one in seven were approved for a formal loan.
“Everyone deserves access to the right amount of credit; and this is exactly what we strive to do through our mobile-first platform. Our innovative credit scoring model debunks old ways of lending and ensures optimal credit by holistically assessing overall risk,” says Monish Anand, CEO, Datasigns Technologies.
The credit score generated by the Shubhloans app is dynamic and changes with the borrower’s behavior and financials, and it also offers a paperless loan experience.
The investment round was led by Sanjai Vohra, former Managing Director, JP Morgan and UBS, and V. Bunty Bohra, Managing Director and India CEO with a global investment bank.