Fintech startup Bold Finance raises $1.5 million in seed funding

Based in Mumbai, Bold Finance was founded by Nikhil Jain and Durgesh Suthar, IIT Roorkee alumni who have collective working experience in prestigious organizations such as ITC, McKinsey, Flipkart and xto10x. Bold Finance was launched with a broader vision of achieving financial freedom in Bharat by improving credit available to low- and middle-income users in tier 2 and tier 3 cities. rice field. Bold Finance’s first product is the Gold Loan.

Nikhil Jain, co-founder of Bold Finance said: In this context, ease of access in hyper-local areas, longer operating hours, and low interest rates are of paramount importance to customers. Bold Finance is wisely positioned to serve such customers and bring safe, fast and reliable loans to the market. ”

Currently, 65% of the $130 billion gold loan market is unorganized and controlled by pawnbrokers, moneylenders, jewelers, HNIs and others. Lack of documentation and transparency. Bold Finance builds a technology platform and operational layer that enables jewelers to work with multiple banks to make loans in a regulated manner and sustainably grow their business. These jewelers operate as branches of Bold Finance. Benefits for customers include low interest rates, easy access to capital, transparency, and convenient repayment via mobile apps. Bold Finance’s branch operating costs are significantly lower than those of its peers, thus further passing these benefits on to end customers in the form of lower interest rates.

For Bold Finance, the cost and time required to launch a new branch is 60 times less than its competitors. A unique business model that sits between banks, jewelers and customers allows us to achieve deeper penetration and wider geographic reach in Tier 2 and Tier 3 cities. This has enabled the company to aggressively open more than 50 branches in the suburbs of Mumbai in a short period of 7 months.

Bold Finance co-founder Durgesh Suthar adds: Analyze multiple data points. ”