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Mumbai-based NoCode PaaS solution provider, WonderLend Hubs has said $1.6 million in series seed round funding led by Inflection Point Ventures.
Designed and deployed in an affordable “pay as you use” microservices API architecture, its LPaaS caters to enterprises as well as newly born lenders & originators, driving lending innovation via new product/variant-launches, or accelerating existing products, particularly in under-served segments, whilst its ICM PaaS caters to automating channel incentive management for enterprises.
The funds will be utilized for completing its platform as a service transformation, strengthening sales & marketing, and building a delivery excellence framework to be able to grow the business at scale.
Speaking on the funding in WonderLend Hubs, Ankur Mittal, Co-Founder of IPV has said, “We see Wonderlend Hubs as a unique opportunity that is larger than the sum of its parts. Whilst its LPaaS and ICM PaaS solutions are large, exciting independent opportunities, the synergy in their target segments presents huge cross-sell potential that they are well-positioned to tap. Even on a boot-strapped basis, they have already demonstrated market validation of all 3 dimensions through what they have achieved thus far.”
“Their platform and delivery capabilities have already helped them to cater to clients in India and overseas, which indicates their potential to grow at scale. It is commendable that they have already become a preferred provider for the insurance industry. IPV aims to further enhance its growth trajectory and help them penetrate untapped potential markets,” he added.
WonderLend Hubs’ LPaaS functions as an integrated ‘credit gateway’ enabling even small & medium-sized lenders/loan originators to rapidly launch/scale a range of consumer and small business lending products like vehicle loans, personal loans, MSME loans, retailer finance, home loans, buy now pay later (BNPL), etc.
Commenting on development Dr. Ram Ramdas, Chief Evangelist said “At Wonderlend Hubs, we are driven by the vision that true democratization of technology can happen only by putting the power of technology in the hands of the ‘business user’, free from the constraints of how it has been deployed historically. We, therefore, embraced NoCode combined with a micro-service architecture as our way to move the dial in our chosen domains, much before it became part of mainstream conversation.”
Further talking about the funding round, Rajesh Iyer, Chief Executive Officer of WonderLend Hubs said, “In IPV, we found a partner who not just believed in our story but helped us see a bigger opportunity than we had envisaged. We are privileged to have someone of IPV’s pedigree as our earliest investors as we look forward to growing not just in India, but globally.”