Lendingkart has appointed Mukesh Singh as its new chief technology officer (CTO). Singh will be driving strategy and execution of technology vertical as the company focuses its efforts on automation and data engineering to make loan disbursals faster and accurate.
Singh was the Senior Vice President of Engineering at SirionLabs. He was also the India R&D head for BitzerMobile which was later acquired by Oracle. He also has leadership experience at Amazon, Texas Instruments, and number of successful startups such as Sipera Systems. He is also currently the owner of four engineering patents and has had a couple of IEEE papers published to his credit.
Meanwhile, last year Lendingkart acqui-hired KountMoney, an online lending marketplace for personal loans, to add to its data analytics and technology capabilities. Following the deal, KountMoney co-founders Deepak Modak, Gaurav Somani, Abhishek Periwal and Abhi Ranjan joined Lendingkart. KountMoney offers consumers personal loans, gold loans, home loans, education loans and loans against property.
Lendingkart uses in-house technology tools based on big data analytics and machine learning algorithms to evaluate its client’s creditworthiness. About 5,000 data variables are assessed to determine factors like financial health, comparative market performance, social reliability, and compliance.
The company provides loans ranging from Rs 1 lakh to Rs 40 lakh on its platform and claims that they are sanctioned in a day and disbursed in three days. The loans are provided at an interest rate of 16-24%. It adds that it requires minimum documentation, especially for e-commerce vendors, and businesses and sellers are not required to provide collateral or net worth details.