New Delhi [India], June 12 : Lendingkart Finance Ltd. on Monday announced raising of fresh debt funding from India's fourth largest private sector bank Yes Bank to generate credit facilities for the SMEs operating in tier III.
The fin-tech startup in the working capital space will infuse the fresh funds to utilize and further build the loan book of the company to expand its reach to the SMEs and below cities facing lack of formal credit.
With the vision of driving inclusiveness and financial sustainability across India, Yes Bank is actively engaging the unbanked and under-banked population in India.
It uses sophisticated financial tools and has adopted advanced technologies that are traditionally available only to big businesses, to develop offerings for the marginalized poor.
"We are extremely pleased to have Yes Bank on-board supporting our vision. It is a dynamic and innovative institution with sound knowledge of the Indian financial sector while also undertaking substantial work towards promoting FinTech in the country," said CEO and co-founder Lendingkart Technologies, Harshvardhan Lunia.
Adding to this Lunia said that it's the company's firm belief that the relationship will prove to be mutually advantageous, complementing each other's strength as it will lead to the drive of true financial inclusion.
Aligned with the Government of India's agenda towards building financial inclusion, Lendingkart Finance is working towards ensuring seamless availability of working capital financing for small and medium businesses across the country that do not have access to traditional credit avenues.
Till date, more than 11,000 loans have been disbursed by Lendingkart Finance to over 7500+ SMEs present across India.
So far, Lendingkart Finance has expanded its operations pan India with its presence in over 650 cities across 29 states and seven UTs, offering quick and easy collateral-free loans with minimal paperwork.