Noida-headquartered peer-to-peer lending platform i2iFunding said on Tuesday that it has raised an undisclosed amount in fresh funding from existing investor SucSEED Venture Partners.
Operated by RNVP Technology Pvt. Ltd, the company verifies and matches borrowers looking for unsecured loans with interested lenders. It provides up to Rs 10 lakh of unsecured loans for both personal usage and business expansion purposes. These loans are funded by retail lenders registered on the platform.
i2i’s large focus segment is borrowers who have never taken loan previously from organised institutions. i2iFunding claims to have disbursed loans worth more than Rs 36 crore and has crossed a monthly disbursal of Rs 4 crore.
i2iFunding had raised Rs 5 crore in its second round of angel funding in March 2018.
According to the statement, i2iFunding has raised $1 million till date.
The startup was founded in October 2015 by Vaibhav Kumar Pandey, Raghavendra Singh, Neha Aggarwal, Abhinav Johary and Manisha Bansal.
“From January 2018, when SucSEED had previously invested, i2iFunding has grown more than 8x,” said Vaibhav Kumar Pandey, co-founder of i2iFunding. “This round of funding led by SucSEED will help us to leap forward and cement our position as the leader in the peer-to-peer lending space. We expect to achieve further 5x growth over the next year and also become profitable on the back of our strong unit economics. We are also in discussions with fintech marquee investors to raise Series A funds.”
SucSEED Venture Partners was founded in 2016 and has been primarily investing in sectors such as fintech, edtech, real-estate technology, HR tech, enterprise SaaS and analytics.
With investments in Paymatrix, Insense, Stockal and i2iFunding, SucSeed has a presence across payments, card analytics, wealth management and P2P lending in the fintech arena.
“This gives us a unique opportunity to help foster collaborations amongst all the fintech startups to create a unique value proposition for the financial sector,” said Vikrant Varshney, co-founder and managing partner of SucSEED.
Deals in the segment
- January 2019: Mumbai-based peer-to-peer lending platform LiquiLoans raised an undisclosed amount of funding from existing investor Matrix Partners India.
- November 2018: P2P lending and credit marketplace Lendbox raised an undisclosed amount of funding from venture capital firm IvyCap Ventures Advisors Pvt Ltd.
- August 2018: Peer-to-peer lending platform Finzy closed its pre-Series A funding round at $2.3 million from a group of HNIs.