Bengaluru-based digital lending platform Capital Float has raised $15 million in equity round funding from its existing investors.
In a statement issued on Monday, Capital Float said, “The new funding was led by its existing investors as Ribbit Capital, Amazon, SAIF Partners, and Sequoia Capital India.”
“It will use the new round of funding to bolster its capital base and to expand its lending operations to SMEs and consumers,” the statement added.
Founded by Sashank Rishyasringa and Gaurav Hinduja in 2013, Capital Float is a digital lending platform that provides working loans for SMEs and consumers. It has a customer base spread across 300 cities.
Speaking on the fundraise, Sashank Rishyasringa & Gaurav Hinduja, co-founders, Capital Float in their joint statement said, “The latest funding round with the help of the existing partners has signaled strong support and trust in Capital Float’s vision of scaling up digital financial inclusion in Indi. We’re eager to significantly increase our lending capacity once the lockdown is lifted to enable SME growth and consumer spending at scale.”