SwitchMyLoan, a lending aggregator based in Mumbai, has successfully concluded its pre-Series A funding round, which was led by O2 Angels Network, a Noida-based angel syndicate and deeptech accelerator. Notable investors like Rajesh Ranjan, Dr. Jaydeep Thaker and family, Angel Scions, and Sirius One Capital Fund, a SEBI-registered alternative investment fund, also participated in the round. The exact amount and valuation of the funding were not disclosed by Chintan Panchmatiya, the startup’s founder, during an exclusive conversation with YourStory. The funds acquired will be channeled towards technology advancement and the expansion of the business.
Founded in March 2021 by Chintan Panchmatiya, Himanshu Panchmatiya, Hemali Bhatt, and Raj Kariya, SwitchMyLoan is a technology-driven platform for loan aggregation. Its objective is to provide customers with a streamlined, personalized, and hassle-free experience. The founders identified the gaps in retail lending, particularly within the mortgage market. They noticed that borrowers often struggled to find the right lender for their needs, and the loan application process was time-consuming and complicated. Furthermore, borrowers were often unaware of the latest interest rates and potential options for reducing their costs.
In response, the founders envisioned a digital platform to address these issues. SwitchMyLoan offers a one-stop solution by bringing together multiple loan products and lenders, guiding customers through the entire loan process. The platform collaborates with over 85 lenders, including both private and public players such as HDFC Bank, ICICI Bank, Axis Bank, TATA Capital, Bajaj Finserv, Aditya Birla, Union Bank of India, Indian Bank, State Bank of India, Bank of Baroda, Bank of India, and Central Bank of India.
The platform offers a range of loan options including home loans, loans against property, business loans, personal loans, auto loans (both used and new cars), loans against securities, and education loans. An AI-based self-assessment tool simplifies the borrower’s journey by providing real-time loan offers based on the provided personal and income details. The startup is working on developing an AI-powered credit underwriting bot to facilitate paperless credit assessments.
The entire process is digitized, from document collection to the real-time tracking of the loan application. Customers are given access to a dashboard where they can monitor their application’s progress. The platform also allows users to explore different loan offers from various lenders and adjust factors like EMIs and tenures to determine the most advantageous options.
In conclusion, SwitchMyLoan’s innovative approach seeks to revolutionize the lending process by making it more transparent, convenient, and customer-centric, while incorporating AI technology to streamline credit assessment and enhance the user experience.
