SwitchMe
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| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor | €0.0 | round |
N/A | Angel | ||
| Total Funding | 000k | ||
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SwitchMe Technologies & Services Pvt Ltd, operating as SwitchMe, was established in 2012 by founders Aditya Mishra and Sourasis Roy. The company is headquartered in Mumbai, India. Aditya Mishra, who serves as the CEO, brought a decade of experience from Tata Consultancy Services, while Sourasis Roy has a background in mathematics and computer science. The initial concept was tested by creating a platform for switching electricity providers in Mumbai, where a Supreme Court ruling allowed consumers to choose between two major suppliers. After validating the technology in 2014, the founders pivoted to their primary goal of targeting financial services, specifically loan interest rate switching.
SwitchMe operates as a fintech platform designed to facilitate the process for consumers to switch their existing loans, particularly home loans, to financial institutions offering lower interest rates. The company's value proposition lies in simplifying a complex and paperwork-heavy process, claiming it can help customers save between 10 to 30 percent on their loan amounts. The business serves individual loan holders in cities including Mumbai, Pune, Bengaluru, and Delhi. Its operational model involves providing users with the necessary tools and information to make an informed choice for free. SwitchMe then generates revenue by charging a fee to handle the switching process on behalf of the customer.
The platform's core service is an online portal for loan switching, which also features tools like EMI and prepayment calculators. For example, the company assisted a customer in transferring a home loan from an 11.5% interest rate to a 9.55% rate. In 2016, SwitchMe secured an undisclosed amount of funding from notable investors including Mohandas Pai, Hiro Mashita, Singapore Angels, 500 Startups, and Rajan Anandan. This capital was intended for market expansion and strengthening the underlying technology.
Keywords: home loan refinancing, loan switching service, fintech India, mortgage transfer, interest rate reduction, EMI calculator, financial services, consumer finance, loan comparison, debt management, Mumbai startup, Aditya Mishra, loan advisory, online loan portal, property loan, asset-backed loans, financial technology, loan management, personal finance India, banking services