Startup Funding – Bold Finance: Fintech or in other words, the finance-tech segment has established a very wide penetration in the startup world in the country. And with time, this sector is expanding into many dimensions and attracting investors as well.
In this series, Mumbai-based fintech startup Bold Finance has now secured $1.5 million (around Rs 12 crore) in its seed funding round. The investment round for the company was led by Kae Capital.
Join our Telegram channel to get all such news! 🙁Telegram channel link,
By the way, in the investment round, the company’s existing investor – Antler India along with some prominent individual investors like Nitin Gupta (Uni Cards), Ishpreet Gandhi (Stride Ventures), Shashikant Dola (McKinsey & Company) and others also participated.
Bold Finance was started by IIT Roorkee alumni Nikhil Jain and Durgesh Suthar. The company enables financial independence by ensuring credit availability to middle-income groups and others in Tier-II and Tier-III cities.
One of the major offerings of the company is ‘Gold Loan’. The startup is building a technology platform and operation-layer that allows jewelers to work with multiple banks, lend in a regulated manner and grow their business in a sustainable manner.
Basically these jewelers work as a branch of Bold Finance. At the same time, from the customer’s point of view, they get gold loans at low interest rates, access to capital, transparency and easy repayment through the mobile app.
By using jewelers as branches, the company’s operating cost is significantly lower than its competitors, enabling it to provide credit facilities to customers at lower interest rates.
In view, currently 65% of the country’s $130 billion gold loan market is unorganized, driven by moneylenders, jewellers, HNIs, etc. And because of the nature of this unorganized market, consumers get loans at high interest rates, and most still have a poor experience.
By the way, speaking about this new investment received by the company, Nikhil Jain, Co-Founder of Bold Finance said;
“Gold loans are mostly in the form of working capital loans, which means customers need it urgently. In such a situation, easy access and low interest rates become very important for hyper-local or neighborhood customers. And we are working towards meeting the needs of such customers and making the marketplace safer, faster and more reliable.”