CASHe, an app-only lending platform, has raised a $3.8 million series A round of funding from an investor group led by Mathew Cyriac. The funding will further increase CASHe’s scale of business. Mathew Cyriac, who quit as senior managing director and partner at private equity firm Blackstone Group, is starting his own fund to invest in companies. Additionally, the company has an in-principle approval from Kotak Mahindra Bank for a credit line to take care of its lending book. The company is targeting to achieve 75 crores of monthly loan disbursals within the next 12 months. Cyriac will be joining the board of Aeries Financial Technologies (which runs CASHe) and Pulak Ghosh, a data scientist and professor of Quantitative Analysis at IIM Bangalore has been appointed as an independent director CASHe, up until now, was funded by Aries Financial's chairman V Raman Kumar through his personal and group company resources. He had earlier invested Rs 42 crore in his personal capacity in CASHe. The app provides immediate short-term personal loans to young professionals based on their social profile, merit and earning potential using a proprietary algorithm. It has its own credit scoring test called The Social Loan Quotient (SLQ), which determines a user’s credit-worthiness by using multiple unique data points. The company says CASHe is completely automated and requires no personal intervention or physical documentation. It claims the average time taken for a loan to be disbursed is about 8 minutes, subject to proper submission of all documents. CASHe’s target audience is young working professionals in the…
- MoS IT Rajeev Chandrasekhar accuses Google’s chatbot Gemini of violating IT Rules February 23, 2024
- Google releases open-source AI model called Gemma February 23, 2024
- India plans to its develop mobile handset brand, says Communications Minister Ashwini Vaishnaw February 23, 2024
- Video: Here’s How Competition Regulators Are Looking To Regulate AI Markets Early On February 23, 2024
- Dept of Consumer Affairs, ASCI Warn Industry Members About Impact of Surrogate Ads on Consumer Rights February 23, 2024
The Minister's response came after an X user posted answers generated by Gemini regarding Prime Minister Narendra Modi.
Vaishnaw said that in the next five years, there will be significant disruptions in the way telecom technology operates.
Microsoft has partnered with Indian institute iCreate to select AI innovators under the iMPEL-AI programme. Under this, 100 startups from across the country will...
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...
The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...