FinMomenta, a Singapore-based fintech start-up offering peer-to-peer lending service in India, is planning to raise $2-5 million by the year end in Pre-Series A funding to support its expansion and new online loan offerings under its brand TachyLoans.
Realising the potential for credit in segments other than personal loans, the firm has set its eyes on the financial requirements in weddings and the education business loan segments.
“You don’t have many options in institutional banking services. Whatever maybe your need — be it a loan for wedding, health emergency or any other such requirement, they offer personal loan. We see a huge demand in segments like these,” Brahma Mahesh Khaderbad, co-founder and Chief Executive Officer, FinMomenta, told Business Line.
The loan-delivery platform, launched two months ago, promises returns of up to 25 per cent a year, and for borrowers, the loans are offered at 11.5 per cent.
The platform provides a two-way bidding process allowing lenders and borrowers to negotiate on the quantum of loans, interest rates and tenure.
“We see a good demand for wedding and short-term education loans. We are going to launch a loan offering exclusively for small businesses,” he said.
While FinMomenta offers personal loans of up to ₹5 lakh, it is planning to provide business loans up to ₹55 lakh. Though the RBI has not come out with norms to govern the activities of fintech firms,