Fintech startup Quikkloan secures seed funding

Online personal loan marketplace Quikkloan has raised an undisclosed amount of seed funding from angel investors.

Arun Diaz, advisor at Mumbai-based venture capital firm Aavishkaar, Aasif Ahsan Khan, CEO of Mumbai-based pharmaceutical engineering company Fab Technologies and Sanjay Budhwar, an independent corporate consultant were some of the investors named by Quikkloan in a statement.

The Delhi-based startup will use the capital to refine its products, work on improving its data science capabilities and also ramp up sales to expand its presence.

Founded by Jamil Akhtar in 2016, The Delhi-based fintech platform facilitates personal loans through its partnership with banks and NBFCs (non-banking financial institution). It offers loans to blue and white-collar salaried individuals with a salary of at least Rs 20,000 a month.

Quikkloan says its current loan average ticket size is Rs 65,000 for a minimum tenure of 12 months. The company plans to bring down loan ticket size to as low as Rs 5,000 for duration of 3 to 12 months and is focusing on expanding into the Tier 2 and 3 markets, the statement added.

The startup counts IndiaLends, MyLoanCare, Shubh Loans, and LoanTap among its competitors.

“Our product recommendation algorithm to suggest the right products, and customer acquisition or product distribution strategy makes us different from our competitors. We are looking to data science and machine learning technique to develop more robust credit scoring underwriting platform by using alternate data” Akhtar said.

Quikkloan also plans to foray into other financial products such as 0% EMI scheme, salary advance, virtual credit cards, 3-6 months educational loan, marriage loans, lifestyle loans and refinancing of credit card.

It is looking to partner with startups and corporates including Uber, Zomato, Grofers, Bigbasket, Quess Corp, TeamLease, Flipkart and Amazon to offer short-term loans.