Fintech startup Monsoon CreditTech receives funding from HDFC Capital
- ByStartupStory | November 10, 2022
Monsoon CreditTech, a fintech company, has raised an unknown amount of money led by HDFC Capital. Several current and new investors participated in this investment round, including DMI Alternative Investment Fund – The Sparkle Fund, US-based Top Shelf Equity Partners, and famous angel investors such as Vellayan Subbiah and Akash Bhanshali of the Enam Group.
Monsoon CreditTech, founded in 2016, serves significant financial-services corporations such as banks, NBFCs (Non-Banking Financial Companies), HFCs (Housing Finance Companies), and fintech enterprises. Prior to starting Monsoon CreditTech, Anand worked as an analyst at Merrill Lynch and launched Investopresto, a personal finance company, in 2009.
Ashwini Anand, CFA, Founder, and CEO, of Monsoon CreditTech, said, “We are excited about our partnership with HDFC Capital that will propel our next phase of growth. We are also thankful to our existing and new investors for reiterating their confidence in our business and validating the huge market opportunity that we are targeting.”
Monsoon CreditTech’s machine learning-powered predictive models are utilized by lenders for a variety of credit and risk use cases such as loan underwriting, risk assessment, cross-selling, customer attrition management, collections optimization, and risk-based pricing. It claims that model-powered scorecards help lenders develop their businesses and enhance profits by minimizing loan defaults, increasing loan approvals, shortening turnaround times, enhancing cross-selling, and cutting customer attrition. “HDFC Capital through its HDFC Affordable Real Estate and Technology Program (H@ART) has partnered with Monsoon CreditTech to develop technology and analytics-led solutions,” said Vipul Roongta, managing director of HDFC Capital Advisors.
Monsoon CreditTech’s models and platforms are used by over 25 lenders, including many private sector banks, for a wide range of loan and deposit portfolios. Thoth, an analytics platform that enables business users to develop powerful and ready-to-deploy machine learning (ML) models, has also been introduced by the company. According to the organization, the produced platforms assist businesses in analyzing the efficacy of their models on real-world data. Monsoon CreditTech previously obtained an unspecified sum of money from angel investors Sunil Kalra and Aditya Singh, former senior Microsoft employee Rishi Srivastava, and Sequoia Capital’s Rajan Anandan.
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