Fintech platform CASHe raises $ 19 million from its Singaporean parent company TSLC

Fintech start-up CASHe closed Rs 140 crore (approximately $ 18.7 million) in equity from its Singapore-based holding company TSLC Pte Ltd, which owns all of CASHe’s intellectual property and technology and controls CASHe’s operations in India.

CASHe said the latest capital injection brings the company’s balance sheet to over Rs 800 crore, which includes around Rs 300 crore in equity and over Rs 500 crore raised through debt from private banks and financial companies non-bank (NBFC).

With the new capital, the Mumbai-based fintech company said it would increase its profits and expand its product portfolio. It also aims to deploy new offerings in wealth technologies and boost investments in operations, product development, data science and technology.

“Achieving Vision 3.0 is the next frontier for our growth and opportunities. We have set ourselves the goal of becoming a full-stack, credit-driven financial wellness platform of choice for the Millennial and Gen Z cohort. The new capital injection reflects a significant level of balance sheet maturity, of CASHe’s profitability and business model, ”said V. Raman Kumar, Founding President of CASHe.

Operated by Aeries Financial Technologies Pvt. Ltd, CASHe is a personal loan app and digital lending platform targeting millennials and millennials in India. In addition to personal loans, it offers “buy now, pay later” products to employees through a proprietary app and underwriting algorithm based on alternative data.

In the last four years since its launch, CASHe claims to have over 15 million registered users and has disbursed over Rs 3,000 crore to over 4 lakh active customers.

The company has disbursed over Rs 1,000 crore in loans during the nine months of this fiscal year and aims to disburse over Rs 1,400 crore by the end of March 2022.

It plans to expand its loan portfolio to Rs 3,000 crore and add up to one million customers out of the current four lakh in fiscal year 2022-2023. The company is also planning new hires in the areas of technology, products, marketing and customer support, the company said.

Founded by entrepreneur and investor Kumar in 2016, CASHe is a non-bank, mobile-focused financial wellness platform focused on the financial inclusion of underserved digital customers in India.

A few weeks ago in December, CASHe appointed seasoned banker Joginder Rana as vice president and general manager, Dhruv Jain as general manager, while then chief technology officer Yashoraj Tyagi was named first. commercial director of the company.

Last year, CASHe received undisclosed growth capital from venture credit firm BlackSoil Capital.

In 2017, CASHe had raised Rs 20 crore (approximately $ 3 million) in debt financing from IFMR Capital. Previously, he also received funding from alternative asset manager Florintree Advisors, who is owned by former Blackstone India chief Mathew Cyriac.

In a similar space, recently, Singapore-based venture capital fund Beenext invested in fintech start-ups Mewt and 42 Cards. FinTech startups Tyke and Minko also raised equity last month.

Source link

Comments are closed.