Fintech company WonderLend Hubs has raised $1.6 Mn in a seed funding round led by Inflection Point Ventures (IPV).
The company said it will use the funds to complete its platform as a service transformation, strengthening sales and marketing, and building a delivery excellence framework to be able to grow the business at scale.
The founding team comprises Dr. Ram Ramdas – Chief Evangelist, who heads technology and engineering, and Rajesh Iyer–CEO who drives revenue, business development, and key partnerships at the company.
Rajesh Iyer, Chief Executive Officer, WonderLend Hubs said “We believe that we have struck the right intersection of technology, delivery model, and pricing in our domains and target segments. We have achieved market validation and significant business traction with a bevy of marquee clients, especially in the BFSI domain. 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.”
Designed and deployed in an affordable ‘pay as you use’ microservices API architecture, WonderLend’s LPaaS caters to enterprises as well as newly born lenders and originators, driving lending innovation via new product/variant-launches, or accelerating existing products, particularly in under-served segments, while its ICM PaaS caters to automating channel incentive management for enterprises, said the company.
Commenting on the fundraise, Ankur Mittal, Cofounder, IPV said, “We see Wonderlend Hubs as a unique opportunity that is larger than the sum of its parts. While it’s 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. Even on a boot-strapped basis, they have already demonstrated market validation of all 3 dimensions through what they have achieved thus far. 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. It is commendable that they have already become a preferred provider for the insurance industry. IPV aims to further enhance its growth trajectory and help them penetrate untapped potential markets”.
IPV has been instrumental in helping early-stage startups grow their businesses. IPV believes in supporting financially and leveraging their vast CXO network to help startups grow their business too. Taking this a step further, IPV has announced the launch of Physis Capital, a $50 Mn fund that will be used in part to support growth-stage startups from the current IPV portfolio as part of its winner strategy.
WonderLend on the other hand, its LPaaS functions as an integrated ‘credit gateway’ enabling even small and medium-sized lenders/loan originators to rapidly launch/scale a range of consumer and small business lending products like vehicle loans, personal loans, MSME loans, retailer finance, home loans, buy now pay later (BNPL), etc.
The digital lending industry in India is projected to be $350 Bn by 2023. The market for no-code platforms is starting to grow exponentially and is projected at $46 Bn by 2025, targeting the broader enterprise software and IT services market of $1.5 Tn. The ChannelTech market, by itself, is projected to grow to $6B by 2026.