In a boost to India’s growing fintech ecosystem, Saswat Finance, a digital lending platform focused on underserved communities, has raised $2.6 million in a funding round led by Ankur Capital, with participation from other strategic investors. The funding will help Saswat scale its lending operations, expand into new markets, and enhance its proprietary credit-scoring and risk assessment technologies.
Empowering the Next Billion Borrowers
Founded with a mission to make credit more accessible to India’s informal economy, Saswat Finance focuses on offering small-ticket loans to gig workers, micro-entrepreneurs, and blue-collar workers—segments often overlooked by traditional financial institutions.
By leveraging alternative data sources and AI-driven underwriting models, the platform aims to bring fair, transparent, and timely financing to those who need it most.
Backing from Ankur Capital
Ankur Capital, known for investing in high-impact startups that serve Bharat (non-urban India), sees great promise in Saswat’s ability to bridge the credit gap in emerging India. According to Ritu Verma, Managing Partner at Ankur Capital, “Saswat Finance is solving one of the most critical problems in India—access to affordable credit for the underserved. Their tech-first approach and deep understanding of local economies give them a unique edge.”
What the Funds Will Fuel
With the fresh capital infusion, Saswat plans to:
- Expand its reach across Tier 2 and Tier 3 cities
- Strengthen its technology platform for faster disbursal and improved risk profiling
- Launch new financial products including insurance and savings tools for low-income users
- Build partnerships with NBFCs and microfinance institutions
The company also intends to invest in talent acquisition, particularly in tech, data science, and operations.
Tackling India’s $300 Billion Credit Gap
According to estimates, India’s informal sector faces a credit gap of over $300 billion. Saswat Finance’s model of using alternative credit scoring based on mobile usage, transaction history, and behavioral data offers a scalable way to bring millions of unbanked individuals into the formal financial fold.
The platform’s mobile-first design ensures easy onboarding, even for users with limited digital literacy, making it a truly inclusive fintech solution.
Looking Ahead
As the demand for inclusive lending solutions rises, Saswat Finance is well-positioned to lead the charge. With strong investor backing and a clear social impact mission, the company is on track to become a key player in India’s next-gen financial services landscape.
