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Fintech platform SmartCoin Financials has raised Rs. 80 crore in debt funding from multiple financial institutions including Northern Arc, Vivriti Capital, India SME and other investors. The fintech company said it has seen a strong demand for microcredit from tier 2 and tier 3 cities across the country through the second wave as people grappled with lack of capital for medical situations and businesses.
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SmartCoin aims to provide digital financial services to the middle and lower-income segment consisting of micro-entrepreneurs, micro-merchants, and gig and blue-colored workforce, and believes this funding will further its portfolio 10x with expansion in customized products and services.