Lending app Myshubhlife raised $4 mn from Patamar Capital, existing investors
Mobile app-based lender MyShubhLife has raised $4 mn in a funding round led by Singapore-based Patamar Capital and some of its existing investors. Myshubhlife offers loans, savings products like insurance, SIPs, e-gold, and e-filing taxes.
In a statement, Satchith Kurukulasuriya, Principal, Patamar Capital said, "Patamar has invested in these types of business models for over a decade. We strongly believe that owing to technology, the time is ripe for reimagining economies where all working-class employees have equal access to capital and financial services."
The company claims that it provides credit to the ‘Next Billion’ (households with an annual income of Rs1.4 lakh and Rs4.5 lakh). It also helps employees with a monthly income of Rs12,000 or more get loans of up to Rs 5 lakh with long EMI tenure (up to four years).