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CoinTribe raises USD 10 Mn from Sabre Partners and existing investors

ANI | Updated: Jun 01, 2018 12:36 IST

New Delhi [India], June 1 (ANI): India's leading credit based lending marketplace for MSMEs, CoinTribe on Friday announced raising over USD 10 million equity capital in Series-B round led by Sabre Partners along with participation from existing investor, Puneet Dalmia.
As a credit based marketplace, CoinTribe offers unsecured term as well as working capital financing to small businesses, which are risk assessed using an online lending algorithm.
Gurugram based CoinTribe is a niche player in small business segment and stands differentiated with its robust online credit risk assessment capabilities, which has found strong acceptance with its lending partners. CoinTribe is India's only lending marketplace which has back-tested its credit algorithm with leading private banks in the country and has so far partnered with leading banks and NBFCs, which include Axis Bank, Yes Bank, RBL Bank, DBS, IIFL, Clix Capital and SMC Capital. Apart from lending through the marketplace CoinTribe is the only player whose technology platform is being used by four private and foreign banks on a white labelled basis.
With this round of funding, total equity capital raised by CoinTribe has increased to over USD 15 million. CoinTribe plans to use this additional capital to further enhance capabilities of its proprietary online credit algorithm, expand to new markets and further develop technology to enable faster and nimble product and credit model innovation.
"We welcome Sabre Partners and look forward to partnering with Sabre in our new wave of growth. At CoinTribe, we have developed a differentiated business model with strong focus on low capital and low risk, positive unit economics and capabilities in credit and technology. Our model has been well recognized by leading financial institutions, who have chosen to partner with us after detailed due diligence of our capabilities. We remain committed to our partners and this funding will help us further strengthen and scale up our marketplace operations. Going forward, we will benefit significantly from Sabre Partners' rich experience and knowledge of Financial Services space," said co-founder and CEO, Amit Sachdev.
"We are extremely excited to partner with CoinTribe in its journey. CoinTribe has evolved as a truly differentiated online MSME marketplace over last couple of years and demonstrated strong credit-tech capabilities, traction from leading financial institutions and a robust business performance. Given solid foundations laid for the business and a strong management team, CoinTribe is well placed to emerge as a leader in the USD 800 billion MSME lending market in India," said founder and managing partner, Sabre Partners, Rajiv Maliwal. (ANI)