Financial services startup SwitchMe, which helps customers switch home loans from one bank to another through its online portal has raised an undisclosed amount of funding from a clutch of investors including Mohandas Pai, Hiro Mashita, Singapore Angels, among others. The funding will be utilised for strengthening its product technology, and for extending its service to more cities. SwitchMe’s services are currently available in Mumbai, Pune, Bangalore and Delhi.
The startup was co-founded by Aditya Mishra and Sourasis Roy; it claims to allow customers to transfer their home loan to a lower rate of interest by helping them switch between lenders. It does this by providing loan-related information through its online website, while claiming to do all legal paperwork with the least intervention from the customer’s side. Lending institutions usually have long legal, and administrative processes while transferring home loans to other banks.
However, in some ‘rare cases’, the customer might have to be physically present while obtaining No-objection Certificates and other related legal paperwork, said Mishra while talking to MediaNama.
“We provide a repository of information regarding interest rates and savings structure without asking customers to sign up or without prompting them to provide user information. Most portals and banks ask customers to sign up before they could provide any such information,” added Mishra.
Other developments in the financial space:
-In March, Payment gateway CCAvenue partnered with online lending platform LendingKart to launch ‘CCAvenue Finance’. Merchants and consumers of CCAvenue can seek financial assistance through the initiative
-In February, Craftsvilla partnered with Lendingkart, an online lending platform for entrepreneurs and small businesses, to offer collateral free business loans to small and medium enterprises (SMEs) and sellers.
-In the same month Paytm has partnered with Lendingkart, an online lending platform for entrepreneurs and small businesses, to offer collateral free business loans to small and medium enterprises (SMEs) and sellers.
– In June 2015, as part of its trade facilitation centre (TFC), Chinese ecommerce player Alibaba tied-up with ICICI Bank to provide trade finance and with certification company SGS to provide credit checks and inspections for the TFC.