SwitchMe, a Mumbai based finance technology startup, has raised funding in its seed round from a group of prominent angel investors, including Mohandas Pai, Hiro Mashita and Singapore Angel Network.
Earlier, in this same funding round, the company had raised funding from 500 Startups, Rajan Anandan and Ajay Sarupriya. The newly raised funding will be used by the company to strengthen its technology and for expanding its operations and service to more cities.
SwithchMe was founded in June 2012 by Aditya Mishra and Sourasis Roy. The company helps customers switch their home loan to a lower rate of interest. Currently, the company is operational in only four cities – Mumbai, Delhi, Bangalore and Pune.
The platform offers several services related to its product, including a comparison engine to compare offers from all banks, complete information regarding cost and saving, expert guidance, etc.
It claims to be India’s first online switching service, designed to make selecting the cheapest service provider easier. The company makes consumer choice easy through comparison engine technology and ground staff, which does all the running around.
Using its technology, the platform finds the best match of lender for the customer based on multiple parameters. This leads to a quicker process and higher success rate which keeps both the customer and lender happy. As per the company, its customers have saved over Rs. 300 crore using its service.
Commenting about the product of SwitchMe, Mohandas Pai said,
Their (SwitchMe’s) tech-driven approach evaluates multiple options across several parameters and suggests an optimal solution to each customer. As a result, their customers are already seeing a solution that very clearly works on their behalf to ensure a full-service deal that lowers costs, reduces tenures, and extends additional flexibility. With a solution like this, the current asymmetry of information between the lender, alternative mortgage providers and the consumer will be a thing of the past.
