Bangalore based Fintech startup, KountMoney that offers an easy option for personal loans has raised an unspecified amount in seed round of funding from chairman and MD of Suashish Diamonds, Ashish Goenka and other angels investors via Tracxn Syndicate. Tracxn Syndicate is a platform that allows startups connect with potential investors.
Abhishek Periwal, Deepak Modak and Abhi Ranjan have started this web based lending service in October 2015. The KountMoney will use this fund to expand its service and improve its technology. The company is also planning to hire more people.
KountMoney is a Bengaluru based startup that offers an online platform that allows users to borrow money in cheap and fast way. The main goal of the company is to make money lending simple for both lenders and borrowers. You can take personal loans at cheaper rate without wasting your time and effort in visiting lending institution.
The co-founder of KountMoney, Deepak Modak said, “Our focus is to harvest the data, do deep analytics and apply machine learning algorithms on it and help borrowers to avail loans cheaper and faster and help lenders make better credit risk decisions,”
As of now, the online lending service provider has processed more than 150 loan applications. The interested users have to provide personal, professional and financial information along with address details to the company, if they want to borrow loans. The company will then verify all the details. After verifying the details, KountMoney uses its algorithm to decide the ability to repay loan and finally processes loan.