Bold Finance Obtains 1.5 Million USD in Seed Funding
Bold Finance, a financial technology startup, announced that it has procured 1.5 million USD in a round of seed funding under the guidance of Kae Capital. Bold Finance’s current investor Antler India also joined the round, along with angel investors such as Nitin Gupta (Uni Cards), Ishpreet Gandhi (Stride Ventures), Shashikant Dola (McKinsey & Company), Tushar Mehndiratta (Avail Finance), Vadiraj Kulkarni (CEO, ITC PSPD), among others.
Bold Finance was created by two graduates from IIT Roorkee, Nikhil Jain and Durgesh Suthar, with the goal of improving access to finance for customers in smaller cities (mostly Tier-III and Tier-II).
According to the firm, 65 percent of the 130 billion USD gold lending market is poorly organised, causing clients to suffer as a result of exorbitant interest rates, a lack of paperwork, and an opaque structure. Bold Finance has also adopted an enterprise model that involves putting itself amongst banks, jewellers as well as customers by developing a technology platform that allows jewellers to act as branch offices of Bold Finance.
The company added that the platform provided two benefits namely, jewellers provide loans in an organized manner in co-ordination with banks while customers get to enjoy lower interests, easy capital access, easy repayments and more. Bold Finance has lower operating costs that helped it start 50 branches across Mumbai in just 7 months.
Partner, Kae capital, Sunitha Viswanathan added that Bold’s method of partnering with jewellers helps build trust and strengthen the bond with customers. Kae capital is excited, she said in a short report, to be a partner with Bold as they embark on creating a customer focused fintech platform for the country.
Visit our website to read the recent fintech news, insightful analyses, and updates on fintech events.