Silicon Valley stalwarts back financial technology firm Deal4Loans

A clutch of Indian origin Silicon Valley stalwarts have taken on board positions at financial technology firm Deal4Loans that provides loans through the online portal.

The list includes the likes of Ram Shriram, founding board member and one of the first investors in Google and Neeraj Arora, business head of Whatsapp among others.

Deal4Loans, claims to be the first of its kind in the space of online loan comparison and booking. Founded in 2009, Rishi Mehra, its Founder, told ET that Deal4Loans has seen a “hockey stick growth” in the last three years and has already booked Rs 10,000 crore in loans through 7-million customers so far. Shriram and Arora have also invested an undisclosed sum in the company, which gets a cut on each loan booking from the banks and claims to be already profitable.

Apart from Shriram and Arora, Puru Vashishtha, who was previously an investor on Wall Street hedge funds including Soros Fund Management has also invested in Deal4loans. Vashishtha has also joined its board.

In an email to ET, Shriram said that Deal4Loans is fundamentally transforming access to financial products and improving choice for the consumer by leveraging technology. “Its deep technology edge and algorithms attracted me to invest in the company. Digitisation of banks is a reality that Indian banks will have to adapt to.” He added that this is a big market opportunity to reach new consumers and banks will need a technology partner of the calibre of Deal4loans to help them move to the new digital banking age.

Arora could not be reached for a comment.

Source: The Economic Times