Delhi-based digital lending platform StashFin has partnered with non-banking finance company DMI Finance to raise Rs 30 crores for onward lending through their platform StashFin.com. The company aims augment its portfolio to meet the growing needs from their customers.
StashFin, started in February 2016 by Tushar Aggarwal, is dedicated to make credit lending easy, transparent, safe and secure for borrowers across India. The credit is delivered either through a bank account or through an innovative visa prepaid card, where the interest is charged only on the amount withdrawn. Hence it is most suitable for smart borrowers, who wish to have financial flexibility at a lower cost.
StashFin which also has an NBFC License from RBI, offers a line of credit of up to Rs 3 Lakh with repayment periods from three to 24 months. The loan disbursal time for a new customer is 4 hours and for a repeat customer is 40 minutes.
Arindam Das, CEO, DMI Finance said, “This partnership with StashFin is in keeping with DMI’s objective of being a flexible, innovative and impactful lender in the area of personal loans. DMI’s technology-driven underwriting and strong balance sheet will complement StashFin a new age Fintech company using data stacks with strong technology understanding”.
Tushar Aggarwal, founder StashFin said, “Our partnership with DMI Finance will further help us to accelerate our growth and increase our imprint across India. We look forward to creating a differentiated value proposition for our borrowers.”
Buoyed by a large untapped population and a conducive regulatory environment the Fintech lending sector is poised for a massive growth in India. Alternative credit offerings, technology and cutting-edge data analytics will further strengthen the fintech sector in the country. Apart from StashFin, other startups who have marked their presence in the space include LoanTap, Kissht, MoneyTap, i2ifunding, Paysense, EarlySalary, Faircent, Finzy and Lenden Club among others.