Fintech startup SmartCoin raises $2 million in pre-Series A funding

Bangalore-based fintech startup, SmartCoin has raised $2 million in pre-Series A funding from Chinese VC fund and Accion Venture Lab.

Unicorn India Ventures and ISME ACE participated in the round.

The company lends to small to mid-sized ticket loans to mobile users after building a SmartCoin credit score, which is backed by data science and machine learning.

Rohit Garg, co-founder, and CEO, SmartCoin said, “With this round, we expect to grow the momentum and further scale 10X over the next 6-12 months. Having specialists as investors, who are passionate about micro-lending, on board will only help us cover more ground not only in India but globally too.”

Michael Schlein, President, and CEO of Accion said, “SmartCoin illustrates how innovative lenders are leveraging data, mobile access, and India’s digital infrastructure to extend loan access for the financially underserved.”

“We invested in SmartCoin last year as we saw an immense potential in the business. Over the course of the year, we have realized the ability of the team to scale its operations rapidly given the right ammunition. Thus, being able to raise a top dollar from two of the world’s largest markets is a testament to our belief in the team,” said Archana Priyadarshini, Partner, Unicorn India Ventures.

The company plans to further invest in technology and grow its team as it continues with its expansion plans, with an aim to cover a much larger customer base.