LenDenClub To Fund Six Fintech Startups in Incubator Initiative

• ByStartupStory     |    January 31, 2023

LenDenClub’s Bharat FinTech Program has welcomed six fintech startups into its incubator program. These firms, which make up the first cohort, are Finswealth, FlashPay, P2P Bazaar, FinPlay, Upmarket India and Filit.

According to reports, none of these startups have received any funding, so far, with their first cheque expected to be signed by the end of the incubation program, according to a press statement.

Rajat Sinha, principal at LenDenClub Alpha stated “The Bharat Fintech Program is aimed to promote innovation and inclusivity for startups and to give them a necessary push to grow faster,”

He added “In the future we are planning many such programs to help FinTechs in the areas of technology, product and operations,”

In an earlier statement, The P2P lending platform, run by Innofin Solutions Pvt Ltd, announced this fund in April, last year, with an aim to back fintech startups in seed and pre-Series A stage. The company will allocate up to $2-3 million, with an aim to back around 20-25 startups.

About LenDenClub:

Founded in 2016 by Bhavin Patel and Dipesh Karki, LenDenClub connects lenders with borrowers looking for personal loans. It also offers new-age investment options and claims to have disbursed loans of over Rs 10,000 crore with an investor base of over 20 lakh investors. In December 2021, the company raised $10 million in a Series A round, co-led by Tuscan Ventures, Ohm Stock Brokers and Artha Venture Fund. LenDenClub was valued at more than $51 million during its latest fundraise.

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