Eduvanz Financing Pvt Ltd today said it has obtained licence from the Reserve Bank to operate as a non-banking financial company (NBFC) and has started providing loans in the skill development sector.
The firm has also raised USD 500,000 investment led by Blinc Advisors.
Eduvanz said it will utilise the funds for strengthening it artificial intelligence-based lending technology for loan appraisal and expand its operations-pan India.
"With the NBFC status approval from the Reserve Bank of India, Eduvanz is bringing much-needed financial support in the skill development ecosystem using analytical tools and advanced risk management capabilities to extend loans without any paperwork in a matter of minutes," the company said in a statement.
Eduvanz provides loans to finance skill and educational trainings.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)