Billionloans, the online lending platform founded by former Infosys CFO V Balakrishnan, is looking for funding.
Billionloans which launched earlier this year was founded by former CFO of Infosys, V. Balakrishnan, and MicroGraam executive Rangan Varadan.
It will initially target SMEs and act as a marketplace to connect institutions that need to lend, with companies who want to borrow.
The platform will provide small businesses with short-term financing and invoice discounting solutions and will target small B2B suppliers. It will then use that customer base to gain traction in the market and expand into other customer bases, including small merchants and individual borrowers.
Balakrishnan has already invested $1m in the company. He said; "We are looking to bring in an investor with experience in the financial services space." He hopes to find the funding within the next few weeks as the company focuses on building a Rs 1000-crore loan book in two-three years.
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.