Reliance Capital has backed affordable lending startup Billionloans.
The Bangalore-based venture founded by former Infosys financial chief, V Balakrishnan, is a matchmaking platform between lenders and borrowers of low-cost loans.
Financial services firm Reliance Capital has invested $1 million to expand Billionloans’ digital service for small business, affordable housing, education, and personal loans.
Technology and innovation are in to “bridging the gap between the aspirations of large number of Indians wanting access to credit and the ability of companies to build efficient and scalable lending models,” says Reliance’s Anmol Ambani.
India’s $1.2 billion fintech market is expected to double by 2020.
Reliance Capital, based in Mumbai, and has $12.6 billion in assets under management.