Fintech start-up 4Fin raises pre-seed funding of $ 1.1 Million
4Fin will use the investment to enhance its product development to make finance more accessible in Bharat, offer personalized loan products and support its customers with its model of ‘4Fin Mitras’, designed to act as social-driven customer care
4Fin, a Fintech Platform start-up, announced today that it has raised $ 1.1 Mn in a pre-seed round. Founded by Amit Tewary and Ajit Sinha, the ex-bankers with a deep understanding of retail lending, the start-up aims to provide personalized and faster credit access to millions of people of Bharat without undergoing the hassles of complex paperwork. The start-up focuses on facilitating small loans to support expenses for health, education, electric two-wheelers among other basic necessities. 4Fin will use the investment to enhance its product development to make finance more accessible in Bharat, offer personalized loan products and support its customers with its model of ‘4Fin Mitras’, designed to act as social-driven customer care.
Founded in July 2021, 4Fin is focused on serving Smart Bharat’s customers’ financial needs by combining convenience and technology. It has developed an in-house loan origination system, loan management system, debt services management, AI-based algorithms for credit assessment, and e-stack for end-to-end automated processing. These solutions reduce turnaround time for approval and disbursal of loans, facilitating faster decision-making, and ensuring accessibility of loans for customers at affordable rates.
The company is creating an easy mobile app-based interface for the end customers which will be supported by a social model using ‘4Fin Mitras’. The start-up would be enrolling freelance ‘4Fin Mitras’ on its platform and train them on the nuances of customer support. Amit Tewary and Ajit Sinha, Co-founders, 4Fin said, “We are creating a completely new category of services in the lending space. Any person in Bharat with a smartphone can access loans now. We will deliver unmatched customer care with help of our network of ‘4Fin Mitras’. Customers can buy products or services at best prices with the advantage of paying with customized installments. We have already started tie-ups with major players in healthcare, education, two wheelers, consumer durables. We plan to enrol more than 50,000 4Fin Mitras by the end of this financial year.”
The investment is raised through Curesense Therapeutics which is run by the investors behind the biotech company, Mylab Discovery Solutions. Commenting on the investment, Mr Sujit Jain said, “We are taking steps to develop an ecosystem where accessibility is the key. Financing in semi-urban and rural areas is under-penetrated. Founders of 4Fin have a proven track record in technology-based lending space and are well-positioned to serve this huge untapped market.” Before founding 4Fin, Amit was the COO of LoanTap Financial Technologies and Ajit was working as an Entrepreneur, investor and business consultant.