Mywish Marketplaces, the parent company of popular loan marketplace — Deal4Loans — has received a staggering $15 million(about 100 crores) in funding from Franklin Templeton International Services(India).
Mywish Marketplaces, better known as MMPL, enlists Sherpalo Ventures — a VC fund run by Ram Shriram — as one of its early backers in the market. International Business Advisors acted as the advisor for this investment round.
The company plans to expedite its technological resources and the freshly minted money to develop a new platform for wealth management and investment product-related services in partnership with investor, Franklin Templeton. It will also continue to expand domestically and partner with more financial institutions to become a part of paradigm of digitization of the banking landscape.
Commenting on the current investment round, Mr. Puru Vashishtha, Board Director, Mywish Marketplaces Pvt. Ltd. adds that,
We are excited to welcome Franklin Templeton as an investor in Mywish Marketplaces Private Limited. There is significant overlap between the core values of MMPL and Franklin Templeton such as putting customers first, focus on quality, high integrity and focus on technology and capital efficiency. We will benefit tremendously from access to the Franklin Templeton leadership team’s vast experience of building one of the largest and most successful financial services businesses in the world.
Mywish Marketplaces led by Rishi Mehra and Puru Vashishtha was founded in October 2015. It works with most of the India’s largest banks across multiple products including, Home loans, Personal loans, Credit cards, Business loans and Loans against Property.
MMPL runs neutral financial marketplaces to leverages its proprietary technology to intermediate between banks and customers seeking banking products online. It is also involved in the process of aggregating, marketing and facilitating the sale of loan products and credit offerings from banks and financial institutions.
Commenting on the investment into Mywish Marketplaces, Mr. Vijay Advani, Co-President, Franklin Resources, says that,
This investment is inline with our continued efforts towards making strategic investments across geographies in companies that align with our global business priorities. We are impressed by MMPL’s strong domain expertise and see good growth potential going forward, particularly in the planned expansion of MMPL’s business to include wealth management and investment product-related services.
The neutral loan marketplace — Deals4Loans — run by MMPL has recently received an undisclosed amount of funding from key investors inclusding, Ram Sriram, Neeraj Arora and Puru Vashishtha. It currently boasts to have more than 7 million direct customers and has disbursed over Rs. 10,000 crores in retail loans.
As per the company, its customer base is millennials, with 95% of its customer base in the 24 to 39 age bracket. Its also claims to have very high repeat customer rate of up to ~40% for certain products. The company also claims to be the largest aggregator of credit card services. It also hosts sales transactions on the platform itself.
Another subsidiary marketplace of MMPL, WishFin, allows you to compare retails loans and provides you with all available loan information in India. It neither acts as a DSA nor is it involved with any bank broker, but instead the team passes on the information of customer to the bank he opts in for. WishFin doesn’t charge any fee from the customers and acts as an online advertising platform for Indian banks.
The company is in direct competition with other loan marketplaces, including the likes of IndiaLends and LendingKart. IndiaLends, a fin-tech platform which connects consumers to lenders providing loans at lower rates of interest has recently received an undisclosed investment from DSG Consumer Partners and Siddharth Parikh.
LendingKart has also recently joined the fintech funding party, and raised $10 million in a fresh round with participation from Saama Capital and Mayfield Funds. The startups aims to provide working capital for startups and small & medium business owners. The company could also face student loan facilitator GyanDhan in a fist fight(not physically!!) in the near future.