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Matrix Partners, others invest in fin-tech start-up Finomena

Finomena uses alternate data sources and proprietary algorithms to evaluate credit-worthiness of borrowers such as college students or young professionals

BS Reporter  |  Chennai 

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Venture capital fund India on Tuesday announced that it has invested in the The was founded by a team of IIT and Stanford graduates. The amount raised has not been disclosed by the investor and by the company.

Riddhi Mittal, co-founder of Finomena, said in a statement that is disrupting how capital should be disbursed and collected.

"We decided to partner with India as we believe they share our vision and will give us the necessary edge to win in this market,” he said.

Matrix believe in the founders’ approach to solving tough problems and product-tech capability. "is a focus area for Matrix and we will make multiple investments in the space,” said Vikram Vaidyanathan, managing director, India, in a statement. 

Select entrepreneurs and angels also invested in this round of They include Kaushal Aggarwal, MD and co-founder of Avendus and Harshvardhan Chamria of Magma Fincorp, along with other leading entrepreneurs and angels.

The founders also worked with Facebook, Microsoft, Boston Consulting Group and Bain Capital.

uses alternate data sources and proprietary algorithms to evaluate credit-worthiness of borrowers such as college students or young working professionals. This enables borrowers to purchase aspirational phones, laptops and other consumer electronics online by opting for easy instalments or financing options.

“India is a starved country. True financial inclusion will only come by use of mobile technology at mass scale. We believe we can use the power of machine learning algorithms and the digital footprint being created by each person today to evaluate their risk more holistically, thereby creating a win-win situation for the entire ecosystem,” said Abhishek Garg, co-founder of

A company statement says “Most banks and NBFCs do not cater to this segment due to lack of appropriate history and high operational costs. has re-thought the entire process end-to-end so that disbursing such loans at scale is viable.” 

First Published: Tue, March 08 2016. 09:48 IST
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