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InPrime Finserv raises $3m led by Matrix Partners India

By Gloria Methri

January 18, 2024

  • Credit Scoring
  • FinTech
  • India
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InPrime, InPrime Finserv, Matrix Partners India, Credit Scoring, Loan Portfolio, FinTech, IndiaInPrime Finserv, a tech-led NBFC, has raised $3 million in a Series A round led by Matrix Partners India. The round also saw participation from existing investors, InfoEdge Ventures, Titan Capital, and Kettleborough VC.

The funds will be deployed to broaden the company’s geographical presence, grow the team across risk, engineering, analytics & sales, develop digital channels & credit scoring models, and expand its loan portfolio.

InPrime aims to revolutionize the lending experience for the prime segment of customers within the informal economy by providing tailored and relevant credit products. Its hybrid model, built on the ‘India Stack,’ seamlessly integrates digital footprints from credit bureaus, bank accounts and other sources, along with comprehensive on-field assessments.

This approach enables a precise evaluation of customers’ needs, financial capacity, creditworthiness, and risk profiles. Beyond underwriting, InPrime strives to empower customers holistically by offering diverse repayment channels, encouraging self-service and promoting financial independence.

Rajat Singh, Co-founder and CEO, InPrime, said, “InPrime is dedicated to addressing the escalating credit demand within the informal economy, facilitating their contribution to India’s growth story. With the ongoing digital revolution in India, our objective is to provide these customers with superior products and services, ushering in a technology-led financial inclusion 2.0 for informal economy customers at scale.”

Avnish Bajaj, Founder and Managing Director, Matrix Partners India, said, “A core part of India’s economic growth is driven by small and medium businesses in the informal sectors. InPrime’s objective of serving this sector with tailored products to help them be part of the $5T and then $10T Indian GDP is incredibly inspiring and necessary.  Led by Rajat, the InPrime team with co-founders Sneh and Manish has all the skills necessary to build a large financial services business and it is a privilege to partner with them on this journey.”

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