Increasingly cross national investment in fintech is becoming the norm. As an example, today Bengaluru-based P2P lender lender LoanMeet has raised an undisclosed amount of seed funding from Chinese entrepreneur-turned-investors Cao Yibin and Huang Wei, along with KrazyBee.com co-founder and CEO Madhusudan E, according to multiple new sources. LoanMeet, which is run by Strivers Solutions Pvt. Ltd, indicated that the newly raised capital will be used for customer base expansion.
LoanMeet was co-founded by Sunil Kumar and Ritesh Singh in 2016 to provide short-term working capital loans to retailers for inventory financing, claims to be growing at 50% month-on-month. According to reports, LoanMeet aims to disrupt the multi-billion dollar supply chain finance in offline retail and is leveraging tech to transform inventory financing for retailers.
“As of today in India, the financial institutions reject seven of the ten loan applications,” according to Kumar. “We filter out bad profiles through an automated process, analyze risk of good borrowers, and help them accomplish their dreams by connecting them with good lenders.”
LoanMeet aims to help individuals and businesses raise money from private lenders and individuals.