From your scooter to mine in less than two days? Mumbai-based fintech startup CreditMate has raised $500K from the India Quotient VC fund. Founded this year by Jonathan Bill and Aditya Singh, CreditMate is an online lending platform focused on the used motorbike and scooter market in India. The platforms aims to provide affordable loans for second-hand two wheelers. Working with a dealer network numbering 25, CreditMate provide loans to individuals who currently under-serviced by traditional lenders.
The technology-based credit engine uses data-driven algorithms to assess customers’ viability for loans. Users can enter the two wheeler of their choice and their monthly income on the website and the company’s algorithm determines their monthly EMI and average loan repayment time.
“We are targeting a blue collared workforce segment which could range from beauticians to delivery boys, retail store employees… It’s an easy process and the end user can take possession of their bike within two working days,” Bill commented.
Users have to have a minimum salary of INR 10,000 in order to be eligible for the loan.