TLDR:
- Bengaluru-based InPrime Finserv, a tech-led NBFC, has raised $3 million in a Series A funding round led by Matrix Partners India.
- The funds will be used to expand the company’s geographical presence, grow the team across various departments, develop digital channels and credit scoring models, and expand its loan portfolio.
- InPrime Finserv specializes in serving the “Prime” segment within India’s informal economy and aims to provide superior products and services to its customers.
Bengaluru-based fintech company InPrime Finserv has raised $3 million in a Series A funding round led by Matrix Partners India. The round also saw participation from existing investors InfoEdge Ventures, Titan Capital, and Kettleborough VC. InPrime Finserv, a brand under STK Credit Private Limited, specializes in serving the “Prime” segment within India’s informal economy. The funds raised will be used to expand the company’s geographical presence and grow its team across risk, engineering, analytics, and sales. The company also plans to develop digital channels and credit scoring models and expand its loan portfolio.
InPrime Finserv was established in December 2021 by Rajat Singh, Manish Raj, and Sneh Thakur, former members of the leadership team at Ujjivan SFB. The company is dedicated to addressing the credit demand within the informal economy and aims to facilitate their contribution to India’s growth story. With the ongoing digital revolution in India, InPrime Finserv aims to provide its customers with superior products and services, ushering in a technology-led financial inclusion 2.0 for informal economy customers at scale.
Avnish Bajaj, Founder and Managing Director of Matrix Partners India, expressed his support for InPrime’s mission and emphasized the importance of serving small and medium businesses in the informal sectors of India’s economy. He believes that InPrime’s tailored products can help these businesses be part of India’s economic growth and achieve the $5 trillion and $10 trillion GDP milestones.
The funding round will enable InPrime Finserv to further its mission of financial inclusion and expand its reach in serving the “Prime” segment of India’s informal economy. With the infusion of capital, the company can enhance its technological capabilities and offer innovative solutions to its customers. The expansion of the loan portfolio will also provide more access to credit for businesses in the informal sector, contributing to their growth and development.
