Strengthening its position in the integrated mortgage marketplace, Square Capital the digital lending arm of India’s largest proptech startup, Square Yards, has recently completed a milestone of facilitating loan disbursement worth USD 1bn (approx. INR 6900 Cr) since its inception in 2016. Investing heavily in strengthening its technology capabilities Square Capital is also in the advance stages to launch a digital mortgage solution with some of the largest private sector banks in India.
Growing at a rate of 56% CAGR in gross transactional value over the last couple of years the fintech start-up is currently facilitating a monthly loan disbursement worth of INR 250 to 300 crore, with Home loans and Loan against property contributing to 78% of the business in terms of total loans disbursement. Currently, Square Capital has tie-ups with more than 95 banks & NBFCs and is facilitating more than 800 loan transactions for them on a monthly basis.
Speaking on the company’s growth trajectory, Mr Tanuj Shori, Co-founder and CEO of Square Yards and Square Capital “This growth is especially remarkable considering the fact that the entire housing finance & NBFC industry witnessed a chaotic period last year leading to liquidity crisis and constraining the opportunities for home buyers. Focusing on maintaining a tech-led asset-light model, while remaining unit economics positive at the transaction level, we further aim towards a double fold growth by the end of FY20”
Square Capital has developed unique online capabilities to provide accurate eligibility of an applicant linked to credit bureau & various banks’ product & credit policies, ability to perform e-KYC of the clients, integration with NSDL & OCR based document reading and direct Integration with Banks’ loan origination systems. It has an equally strong offline sales team that provides loan advisory & end to end fulfillment support in the lending process – managing client documentation, sanctions and assisting the client till the entire lifecycle of loan disbursement.