Finomena uses algorithms to assess the credit worthiness of young working professionals, who would be denied loans from NBFCs and banks, and helps them get micro loans for consumer electronics.It was Started by Alumni of Stanford University Riddhi Mittal and IIT-Delhi alumnus Abhishek Garg in October 2015.
Early in 2016, it raised a seed round from Matrix Partners. "To avoid dealing with defaulters, we don't cater to students. We are trying to educate people to take loans only if they need it," says Mittal. The Bengaluru-based team, which charges a commission from its financing partners, aims to launch in 10 more cities in 2017. Finomena got 100,000 app downloads on Playstore and claims to be the only fintech company that has reached the number in nine months.
Courtesy : TOI