Bold Finance, a Mumbai-based fintech startup, has raised seed funding of $1.5 million (around Rs 12 crore) led by venture capital firm Kae Capital.

Existing investor Antler India, with a host of angel investors, including Ishpreet Gandhi (Stride Ventures), Nitin Gupta (Uni Cards), and Shashikant Dola (McKinsey & Company), among others, also participated in the funding round.

As per the startup, the raised funds will be used to scale up its branches.

Bold Finance | Gold Loan

Founded by ex-Mckinsey and ex-Flipkart executives Nikhil Jain and Durgesh Suthar, respectively, Bold Finance is a Mumbai-based fintech startup working to improve credit availability for users from tier-2 and tier-3 cities through its first credit product-Gold loan.

Bold Finance claims to leverage existing jewellers’ shops for acquiring customers, gold appraisal and loan disbursement while teaming up with banks to underwrite loans and facilitate storage for gold collateral.

Speaking about the development, Nikhil Jain, Co-founder of Bold Finance, said,

“Gold loan is mostly a distress or a working capital loan, wherein customers need it urgently. In such a situation, ease of access in hyper-local neighbourhoods, longer operating hours, and low-interest rates are paramount to customers. Bold Finance is smartly placed to cater to such customers and deliver safe, fast and trusted loans in the market.”

The startup is building a technology and operations layer, which enables jewellers and pawnbrokers to work with multiple Banks and convert the unorganized business into an organized one with just an app.

Currently, 65% of the $130 billion gold loan market is unorganized and managed by money lenders, pawnbrokers, jewellers, HNIs etc. With its offerings, Bold Finance is empowering unorganized players to work with multiple banks to dispense loans in a regulated manner and grow their businesses sustainably.

In January this year, Bold Finance raised an undisclosed sum in pre-seed funding from the early-stage venture capital firm Antler India.

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