Gurgaon-based CoinTribe, a credit-based lending marketplace for small and medium businesses has raised Series B funding $10 million led by Sabre Partners along with participation from existing investor, Puneet Dalmia. The company said that it will use this additional capital to further strengthen its technology and to expand in new markets. With this round of funding, total equity capital raised by CoinTribe has increased to over $15 million, the company said in a statement. According to CrunchBase data, CoinTribe raised Series A funding of $ 5 million in 2015. Founded in 2015 by Amit Sachdev, Rohit Lohia, Manish Chaudhari, CoinTribe operates on two models. It enables Micro & Small Enterprises and individual borrowers to apply for a loan & get an offer with a custom quote in minutes. The platform connects MSMEs to potential lenders (Banks and NBFCs) and simplifies the loan application till businesses get the money into their accounts. Businesses can avail loan between Rs 1 lakh to 50 lakh for the tenure of 12 - 36 months, with interest rate of 16% and above. For banks & NBFCs, the company it provides platform-as-a-service, in which it offers risk analysis and recommendation services to banks and NBFCs to digitally underwrite their customers. The company also works with some of the banks to provide them white-labelled solutions. White-label means making the product or software for other companies to put their label/brand on. Crowded lending space The digital lending space is crowded with players like NeoGrowth, Paytm-backed CreditMate, CASHe, LendingKart, MoneyTap, EasySalry, Faircent, LoanMeet amongst…
