New Delhi: MyShubhLife, a lending app operated by Datasigns Technologies Pvt. Ltd., has raised $4 million (about Rs 29 crore) in a funding round led by Singapore-based Patamar Capital with participation from some of its existing investors.

Datasigns Technologies has so far raised $4.8 million in Series A funding. It had received an NBFC licence from the Reserve Bank of India in 2019, CEO Monish Anand said. The app, previously known as Shubh Loans, offers loans and saving products such as insurance, systematic investment plans (SIPs), e-gold, and e-filing taxes.

“Patamar has invested in these types of business models for over a decade. We strongly believe that owing to technology, the time is ripe for reimagining economies where all working-class employees have equal access to capital and financial services,” said Satchith Kurukulasuriya, principal at Patamar Capital.

“MyShubhLife has unlocked the potential of providing financial services at scale through acquiring a deep understanding of the behavioural patterns of India’s underserved working-class population. We are excited to back tech entrepreneurs like Monish who have the drive to create sustainable impact in South Asia, he said.

Taken from: economictimes.indiatimes.com