Capital Float is an online lending platform in India, the main user oriented lending is a small business. The company announced today that it has just completed a round of $25 million B round of financing. This round of financing led by Creation Investments cast, SAIF Partners, Sequoia Capital and Aspada with cast.
Capital Float last year received a round of $13 million A round of financing. So far, the total financing of Capital Float has reached $41 million.
in the next 1 years, the goal of Capital Float is to add another $20 thousand, adding $300 million in loans, the main target user is a small business in India’s two or three tier cities.
founder Sashank Rishyasringa and Gaurav Hinduja said that in the past two years, Capital Float for a variety of small business loans of more than $60 million, these companies throughout India’s more than and 40 city. The company now offers about $10 million a month.
Capital Float plans to use this round of financing include upgrading credit scoring algorithm, while looking for financial products, including bank lending partners, so Capital Float will not need to fund a loan platform on their own.
Capital Float credit scoring algorithm will not only refer to the user’s financial certificate, bank account data, the traditional information data, but also with reference to the user in some online platform data (including social media), let the user in APP or website is fast to verify their loan eligibility. Capital Float said the current platform on the bad debt rate of less than 0.5%.