WonderLend Hubs, a no-code PaaS solutions provider, has raised $1.6 million in a Seed funding round, led by Inflection Point Ventures (IPV). The fund raised will be utilized for completing the company's platform as a service transformation, strengthening sales and marketing, and building a delivery excellence framework to be able to grow the business at scale.
Company handout
"We see WonderLend Hubs as a unique opportunity that is larger than the sum of its parts. Whilst its LPaas and ICM PaaS solutions are large, exciting independent opportunities, the synergy in their target segments presents huge cross-sell potential that they are well-positioned to tap. Their platform and delivery capabilities have already helped them to cater to clients in India and overseas, which clearly indicates their potential to grow at scale," said Ankur Mittal, co-founder, IPV.
WonderLend Hub's LPaas functions as an integrated credit gateway enabling even small and medium-sized lenders or loan originators to rapidly launch or scale a range of consumer and small business lending products like vehicle loans, personal loans, MSME loans, retailer finance, buy now pay later (BNPL) etc. The architecture and capabilities offered by the firm has very wide custom-configuration capabilities at affordable price points, as per a statement given by the company.
"We believe that we have struck the right intersection of technology, delivery model and pricing in our domains and target segments. In IPV, we found a partner who not just believed in our story but helped us see a bigger opportunity than we had envisaged. We are privileged to have someone of IPV's pedigree as our earliest investors as we look forward to growing not just in India, but globally," said Rajesh Iyer, CEO, WonderLend Hubs.
As per market reports, the digital lending industry in India is projected to be at $350 billion by 2023 and the No-Code platforms are starting to grow exponentially and is projected to reach at $46 billion by 2025.