CoinTribe, a credit-based lending marketplace for small and medium enterprises (SMEs), has raised over $10 million (Rs 67 crore) in a Series B funding round led by India-centric mid-market private equity firm Sabre Partners, a company statement said.
Existing investor Puneet Dalmia, who is known for his investments in startups like LocalCircles, Buildzar, and JetSetGo among others, also participated in CoinTribe’s funding round.
Founded by Amit Sachdev, Rohit Lohia and Manish Chaudhari, the company offers unsecured term and working capital financing to small businesses, for which the risk assessment is done using a proprietary online lending algorithm.
CoinTribe connects banks and non-banking finance companies with borrowers, providing inputs for risk assessment, transaction fulfilment, repayment management, and borrower servicing. The firm allows those financial institutions that it has tied up with to lend on the platform.
The platform operates on two models. The first is a marketplace model wherein it facilitates loan origination and credit assessment through CoinTribe. The second is platform-as-a-service model, through which it offers its highly sought-after risk analysis and recommendation services to banks and NBFCs to enable them digitally underwrite their customers.
The company will use the capital to enhance its proprietary online credit algorithm, develop product, and enter new markets. With the current round, the total funds that CoinTribe has raised till date stands at $15 million, the statement added.
“CoinTribe has evolved as a truly differentiated online MSME marketplace over the last couple of years and demonstrated strong credit-tech capabilities, traction from leading financial institutions and a robust business performance,” said Rajiv Maliwal, managing partner, Sabre Partners.
The latest funding round raised the total equity capital gained by CoinTribe so far to $15 Mn.