CASHe, an app-only lending platform has secured debt funding of $3 million (Rs 20 crore) from IFMR Capital, reports The Economic Times. The ET reports says that CASHe is looking to expand its national footprint, and the fresh capital will support the platform’s growth strategy, and that the round increases its capital pool which will allow the company to disburse loan of higher amount.

Note that CASHe lends through Bhanix Finance and Investment Limited (Bhanix), a Non-Banking Finance Company (NBFC) company registered with Reserve Bank of India. Also note that it is common for lending companies to raise debt funding to replenish their loan books.

CASHe is an app which 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 age group of 23-35 years and offers loans ranging from Rs 5,000 to Rs 1,00,000 payable over 15, 30 and 90 days.

According to ET’s report, the company has disbursed loans worth Rs 23 crore in September, taking the total loan disbursal to Rs 200 crore since its launch in April 2016. The company is aiming to achieve an overall loan disbursal of Rs 450 crore by March 2018.

Competition: A lot of technology platform has joined the lending space off lately. CASHe competes with companies like LendingKart, MoneyTap, EasySalry, LoanMeet amongst others. It is interesting to note that IFMR Capital has also invested in one of the CASHe’s rival LoanMeet via debt funding.

Previous Funding

In April, CASHe raised a $3.8 million series A round of funding from an investor group led by Mathew Cyriac, to further scale up the business. Mathew Cyriac, who quit as senior managing director and partner at private equity firm Blackstone Group, and started his own fund to invest in companies.  CASHe is backed 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.