Credit Management service provider, CreditMantri has raised a $2.5 million Series A round of funding from IDG Ventures India, Elevar Equity and Accion Venture Lab. The raised funds will be used to broaden and accelerate development and to further build company’s user base.
The Chennai-based startup is Co-Founded by 3 ex-Citibank executives – Ranjit Punja, R Sudarshan and Gowri Mukherjee. The company provides management services to lenders and borrowers. It was created to help consumers take charge of their credit health and to help them make better borrowing decisions.
The company aims to empower consumers know their credit potential and benefit from this knowledge. On the website, customers can access their credit scores, learn how they can improve their credit health, resolve past issues, reduce current borrowing costs and in the process discover products best matched to their credit profile. It provides provides borrowers better control over their credit health through a concerted customer focused proposition – one that educates and hand-holds the customer to create or improve their credit scores and eventually discover relevant lender products.
CreditMantri CEO Ranjit Punja said, “We aim to disrupt the way customers will apply for loans and hopes to ultimately enable wider credit dispensation. Our Series A investors have a great track record of starting out early with companies and seeing them through the various stages of growth. We are particularly excited about the individual competencies they bring across Consumer Internet, Financial Services and the Fintech space.”