Bangalore-based financial services product startup, Finance Buddha has raised pre-series A funding from Chennai-based angel investing group The Chennai Angels, to develop its tech platform and further expand its operations.
Commenting on their investment plans, Shankar, who led the funding from The Chennai Angels said, “There have been many startups in the Fintech space, but what excites me about Finance Buddha is the quality and thinking of the entrepreneurs, which is informed by their extraordinary domain competence and fantastic execution skills. Unlike uni-dimensional startups, this business has scale as well as technology.”
The startup consists of a team of 200 people spread across 12 cities. It is currently disbursing more than 1,000 crore loans in the current financial year. The company has a hybrid marketplace model for financial services products like personal loan, unsecured business loan, home loan, loan against property and insurance.
It is also in the process of developing proprietary algorithms which can help in giving the customer a more incisive suggestion on the best product/bank to choose from.