Online PSB Loans
Digital lending platform for MSME and retail loans.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor investor | €0.0 | round | |
* | $3.9m Valuation: $32.9m | Early VC | |
| Total Funding | 000k | ||
Online PSB Loans Limited, operating as OPL Innovate, is a fintech company founded in 2015 by Jinand Shah and Ronak Shah. The company is headquartered in Ahmedabad, India. Jinand Shah, a chartered accountant, identified the difficulties Micro, Small, and Medium Enterprises (MSMEs) faced in securing financing, which led to the business's creation.
OPL Innovate provides a digital lending platform, psbloansin59minutes.com, which automates and digitizes the loan process for both borrowers and lenders. The platform was officially launched by the Prime Minister of India in November 2018. It serves a range of clients, including MSMEs, individuals, and financial institutions such as public and private sector banks. The company's business model involves providing a credit marketplace that connects borrowers with lenders and offering white-label solutions to financial institutions. Revenue is generated through fees for services like loan application processing.
The core service is an online marketplace that facilitates in-principle approval for various loans—including business, MSME, retail, personal, home, and auto loans—in under 59 minutes. The platform uses algorithms to analyze data from sources like GST returns, income tax returns, and bank statements to assess creditworthiness in real-time. This technology provides a contactless and simplified application process for borrowers and a streamlined credit analysis and verification tool for lenders. OPL has also developed FIT Rank, an AI/ML-based credit ranking model for MSMEs, in collaboration with TransUnion CIBIL and under the mentorship of SIDBI. Key investors include a SIDBI-led consortium of Public Sector Banks, HDFC, and TransUnion.
Keywords: digital lending, fintech, MSME finance, online loans, credit marketplace, loan automation, psbloansin59minutes, retail loans, business loans, financial technology, credit underwriting, API infrastructure, loan processing, Jinand Shah, Ronak Shah, SIDBI, public sector banks, personal loans, home loans, auto loans