Working capital finance provider Lendingkart Finance Ltd on Wednesday announced it has raised Rs 25 crore from State Bank of India. The funds will enable the fintech start-up in growing its loan book by offering credit to small and medium enterprises (SMEs) in close to 950 cities of the country. So far, the company has disbursed close to 20,000 loans to 12,000 businesses across 23 industrial sectors. The company uses special algorithm tools to determine the creditworthiness of the businessmen. Banks have a set of requirements to determine the creditworthiness, which many small businesses are not able to meet.

Source: dna December 27, 2017 20:15 UTC