In a move to widen its reach and expand the scope of its services, Lendingkart has today announced that it has acqui-hired KountMoney, an online lending marketplace for personal loans.
With this acquisition, the team of KountMoney will now be coming on board at Lendingkart Group. Kountmoney team will bring their combined expertise to Lendingkart and help further boost its endeavours in helping the country’s working capital space evolve and become more viable for all stakeholders.
As per the company, this move will enable Lendingkart to boost its technology and data analytics capabilities. It will also help the company broaden its service portfolio and develop more efficient consumer-centric product offerings.
Founded in October 2015, KountMoney is an online lending marketplace that enables quick and easy loan disbursal and has an extensive product portfolio that includes personal loans, gold loans, home loans, education loans, and loan against property.
Commenting on this acquisition, Harshvardhan Lunia, co-founder and CEO of Lendingkart Technologies said,
KountMoney has been performing exceptionally well in the field of online personal loan disbursals. Its emphasis on using tech to make loan disbursals simpler and quicker makes it a perfect synergistic match for Lendingkart Group.
By acquihiring KountMoney, we will be able to further strengthen our tech backbone and leverage the data analytics expertise of the online lending platform to enhance our service delivery.
Deepak Modak, co-founder of the company, has also expressed his satisfaction over this move and feels this is the right place for them to continue their vision to disrupt the lending sector in India by being part of one of the best fintech startups of the country. He said,
We founded KountMoney with a vision to create technology and a platform that will make the process of accessing loans easy, fast and transparent. We are pleased to take our learnings as well as experience to Lendingkart Group and continue working towards our goal.
The company was co-founded by Deepak Modak, Gaurav Somani, Abhishek Periwal and Abhi Ranjan with an aim to serve borrowers looking for credit in a smooth and hassle-free way. The platform has a wide array of lenders including banks and NBFCs to service borrowers from all over the country with varying credit profiles.
LendingKart has raised around $42 million in two funding rounds from seven investors. In July last year, it had raised $10 million in Series A round, while in June this year, it had raised $32 million in Series B round.