There are many the young generation entrepreneurs in our country who have potential business ideas with them. But, our country is lacking in providing funds to them for their ventures. To answer this problem, CoinTribe has been created with a vision to provide access to efficient capital to all deserving businesses and individuals and enable them to realize their true potential.
CoinTribe is an online lending marketplace that provides small business and salaried individuals the safest, easiest and fastest way to get funds/ capital in a matter of minutes. One can apply through CoinTribe website or mobile app from the comforts of their home or office. CoinTribe is a team of innovators from diverse backgrounds including Strategy Consulting, Banking, Data Science and Technology. They have integrated their systems with banks and other entities which allow them to do digital KYC, e-signature verifications, checks with the credit bureaus and quick reading of bank account statements of these SMEs.
The process of getting loan or funds for business is very easy and can be availed in few simple steps. The candidates can sign a loan agreement within 10 minutes of starting the loan application. The process needs no property or financial documents but requires the information such as Loan requirement, Loan requirement, Personal information, Employment or business information, Online access to Aadhaar, and Access to their Bank Statement. After submitting these details, within minutes, candidates get their Loan Eligibility, EMI and the Lender Details. After the execution of loan documents and repayment instruments by the applicant, the loan will be disbursed to his or her account.
The startup, which is mainly aimed at funding small and medium business entities with a turnover in the range of INR 1-25 crore, is trying to use its algorithms to make access to credit easier and faster.
The company had raised around $3 million early this year as seed funding from Puneet Dalmia and is now planning to raise another $10-15 million from strategic investors and venture capitalists to strengthen its credit assessment platform as said by Amit Sachdev, co-founder of CoinTribe.
With the current funds, CoinTribe is in the process of developing an integrated scorecard for SMEs through its own variables, which can help banks take a call on the applicant’s credit worthiness and plans to offer this as a dashboard on the bank’s systems.