The new injection of capital brings Capital Float’s total funding raised so far to about $42 million, with the company being valued at over $100 million, The Economic Times reported.
The online lending platform said its new funding will be used to boost its proprietary credit underwriting engine, enter new market segments and explore delivering new product lines.
“In terms of new segments, we have been looking at driver financing space through our partnership with Uber. B2B marketplaces will also be a strong focus area. We have a partnership with Alibaba and are also partnering with Industrybuying, Tolexo, amongst others,” Capital Float Cofounder Sashank Rishyasringa explained.
Adam J. Code, VP of Creation Investments Capital Management, which led the Series B funding round, along with existing investors SAIF Partners, Sequoia Capital and Aspada Ventures, said:
“A major benefit of Capital Float’s technology is their operational efficiency made possible with automation, meaning a reduced turnaround time for applications which eliminate mundane and error-prone tasks. By next year, the company will be many times larger than it is now.”
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According to TechCrunch, the startup will be busy over the next 12 months with initiatives such as increasing its customer base by 20,000 and plans to originate roughly $300 million in new loans.
