Mywish Marketplaces Private limited, which owns loan marketplace Deal4loans, has raised $15 million from Franklin Templeton . The company aggregates, markets and facilitate the sale of loan products and credit offerings from banks and financial institutions.
Mywish Marketplaces plans to expand by ramping up existing technology to develop and provide a digital ecosystem, which includes wealth management and investment products in addition to credit offerings. It will develop the platform for the investment business based in part on know-how provided by Franklin Templeton. Deals4loans has more than 7 million direct customers and has disbursed more than Rs 10,000 crores in retail loans so far. It also enables sales transactions on the platform itself.
In April, Deals4loans raised an undisclosed amount of investment from individual investors including Ram Shriram of Sherpalo Ventures, Neeraj Arora and Puru Vashishtha.
The online lending space is becoming a crowded place with Deal4loans being the latest entrant. Some of the competition:
– In July last year, BankBazaar raised $60 million in a series C round of funding led by Amazon and with participation from Fidelity Growth Partners and Mousse Partners.
– Snapdeal in March 2015 bought majority stake in Gurgaon-based RupeePower, a similar financial products and services platform. Although the financials of the deal were not made public, post the deal, Snapdeal would offer a financial services marketplace and financial services like home, auto and personal loans, credit cards and extended warranty among other services.
– SwitchMe allows 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. In April, it raised an undisclosed funding.
– In April online credit management service CreditMantri raised Series A funding worth $2.5 million from IDG Ventures, Elevar Equity and Accion Venture Lab. CreditMantri was to use the funds for platform development, hiring and build a user base. CreditMantri was founded by R Sudarshan, Gowri Mukherjee and Punja in 2012.
– Lendingkart, which provides working capital loans without collateral, raised $32 million in a series B round of funding led by Bertelsmann India Investments (BII) and Darrin Capital Management.