Fintech InCred seeks crore funding from various public sector banks and other affluent financial institutions with the vision of expanding the operations of the firm. The company aims to capture the segments of education, small and medium enterprises. The debt funding took the form of term loans, non-convertible debentures and market-linked debentures.
This debt funding occurred after the complete acquisition of the new Banglore based digital lending platform Qbera.
InCred offers financial services that combine technology and data science to make lending quick and easy.
It was founded in 2016 in Mumbai by an IIM Ahmedabad Graduate- Bhupinder Singh https://www.linkedin.com/in/bhupindersingh-incred/
The company has expanded its business operation in Banglore last month and for this purpose, InCred Lending solution forwarded its hand to take up a debt funding. With the funding, the company plans to expand its marketing operations everywhere and reach to maximum people for lending solutions.
In InCred, they use technology and data science to provide an efficient, hassle-free and reliable lending solution with the vision that traditional means of lending solution exclude the majority of people who are in particular need because of outdated, rigid and often inefficient processes.
The official website of InCred Lending Solutions read “we have simplified the lending process with a sharp focus on serving our borrowers’ unique needs and circumstances.”
“InCred is strengthening its funding base to support its growth vision. The recently concluded debt issuance is an endorsement of our business model, risk and analytics philosophy and our prudent ALM policies,” says Vivek Bansal, Grou CFO of InCred Lending Solutions.
Currently, InCred Solution operates in four different aspects
- Personal loan – InCred believes that sometimes there are an immediate financial crisis such as Medical crisis for which our bank account is often not ready. For this, InCred lending solution lends personal loan to costumers for tackling the sudden crisis which is fairly easy to process.
- Education loans- Quality and Premiered educational institutions often ask for a hefty amount of fees which is fairly difficult to manage for most of the people. InCred manages the whole financing part conveniently.
- SME Business Loans India’s economy is one of the faster emerging economies in the world. With over 50million SMEs across the nation, startup and new businesses often face the hurdles of funding. InCred is even a solution to that as well and supports the emerging startups and SMEs with appropriate funding and capital.
- Two-wheeler loans- It also provides two-wheeler loans for every Indian that are flexible and easily accessible.
The company with new funding plans to expand this four-fold aspect and add some more aspects for meeting the financial needs of the people.
Earlier, the company received 600 crore funding from a series A round of funding by Dutch development finance institution FMO.