Delhi based digital lending startup RevFin announced that Reserve Bank of India (RBI) has given them the approval to acquire Aristo Securities Private Limited, a non-banking financial company (NBFC).
For RevFin, this acquisition is a step forward towards helping people fulfills their dreams and aspirations by providing them access to credit. The company underwrites and disburses loans digitally through Android and iOS Apps.
An enthused Sameer Aggarwal, Founder, RevFin said, “We are very happy that we have received this approval from the Reserve Bank of India as it will help us build and grow our own balance Sheet.”
“Our platform provides instant loans digitally to those in need. Our unique and innovative approach to underwriting is contributing towards making India truly a financially inclusive nation.” Sameer further added
The company has already started its lending operations in some cities of India, focussing on citizens of tier 2 and tier 3 cities. The company is looking to target a monthly loan disbursal rate of Rs 2 crores in the next 6 months to build a lending book of INR 500 crores in the next 5 years through market expansion across India. The startup also plans to expand globally over time.