Appoints
Dr. Pulak Ghosh & Mathew Cyriac to its Board of Directors
· Finalizes Rs 25 crore in Series A
funding from investor group led by Mr. Mathew Cyriac and advised by Florintree
Advisors. Mr. Cyriac will join the
Board of CASHe as an Investor Director.
·
Dr. Pulak Ghosh, renowned data scientist and professor of Quantitative Analysis at IIM (B) appointed as an independent director
Mumbai: April 1, 2017: Aeries
Financial Technologies Pvt. Ltd., a fintech company promoted by serial
entrepreneur and private equity investor Mr. V. Raman Kumar, today announced that
CASHe, India’s fastest growing app-only lending platform for young
professionals has closed a series A funding from investor group led by Mr. Mathew Cyriac and
advised by Florintree Advisors. The funding will
further increase CASHe’s scale of business and solidify its position as the
leading app-only lending platform. The company also announced that it has
appointed Dr. Pulak Ghosh and Mr. Mathew Cyriac to its Board of Directors.
Mr. V. Raman
Kumar, Chairman, Aeries Financial Technologies Pvt. Ltd., commented; “We are very excited to have finalizedthe
Series A funding from
investor group led by Mr. Mathew Cyriac and advised by Florintree Advisors. We thank our new investors for their confidence in CASHe. We have
big plans for the business, and are proud to have a team on board that shares
and believes in this vision. I also welcome Dr. Pulak Ghosh and Mr. Mathew
Cyriac to the Board of Directors.
He further
commented, “An influential scientist and thinker, Dr. Ghosh brings to CASHe his
enormous domain knowledge, experience and expertise in big data analytics to
CASHe. His inclusion further reinforces the preeminent position that CASHe has established for itself in the AI,
Data Analytics and Machine Language backed new age financial technology space
in India.”
“Mr. Cyriac joins CASHe as an investor / director. Drawing on his years of experience as an established private equity
player, he will provide fresh insights to company’s business priorities as it
continues to grow at an accelerated pace. The company looks forward to benefit
from their extensive and diverse expertise to
accelerate its strategic and organic growth initiatives,” he added.
About CASHe
CASHe, India's fastest growing app-only lending company, provides
immediate short-term personal loans to young professionals based on their
social profile, merit and earning potential using its proprietary algorithm
based machine learning platform. In April 2016, Aeries Financial Technologies Pvt. Ltd, launched its
innovative technology-driven lending platform for the young, urban
professionals. CASHe provides almost instantaneous loans on-demand. Its
user-friendly digital interface enables faster loan application and quicker
loan disbursals. CASHe’s provides hassle-free loans with its app enabled
documentation and loan disbursal/repayment process. Powered by its
industry-first algorithm driven credit scoring platform, The Social Loan
Quotient (SLQ), CASHe quickly determines a user’s credit worthiness by using
multiple unique data points to arrive at a distinct credit profile of the
customer. CASHe is completely automated and requires no personal intervention
and no physical documentation. The average time taken for a loan to be
disbursed is about 8 minutes, subject to proper submission of all documents.
CASHe’s target audience is young working professionals in the age
group of 23-35 years. CASHe offers loans ranging from Rs 5,000 to Rs 1,00,000
payable over 15,30 and 90 days.
Key Business highlights
·
Available on
Android and iPhone
·
Currently
disbursing loans worth Rs one crore per day
·
Launched the
15-day loan product. Later introduced 30 and 90-day loan products in the month
of November 2016
·
Over 1,25,000
app downloads on Google play
·
iPhone app
launched in December 2016. Over 2,000 app downloads on app store
·
Integrated
Paytm wallet for cash transfers in the month of January
·
Inked
partnership deal with Andromeda for marketing CASHe in the month of January
·
Enlisted
on Rubique, aa leading financial product distribution platform in
March 2017
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