Chennai based digital lending, and financial technology company HotFoot Technology Solutions has secured $250000 in the funding round from a group of angel investors.
The funding was aided by the investment advisory and banking form ANOVA Corporate services, the company said in a statement.
HotFoot even has plans to deploy the funds to strengthen its technology platform and complete its new products for the collection, co-lending, and data analytics segments.
“As part of our expansion, we will raise the next round of pre-series A funding by July-August of 2020,”Vivek N, co-founder of Hotfoot Technology Solutions
The financial technology startups work on the RAPID, which is a state-of-the-art loan processing platform. HotFoot claims the platform uses the AI, automation, digitization, and machine learning to accelerate the manual processes and time-consuming.
The company also revealed that is core team has a combined experience of more than 75 years in the retail lending in India and has been with a strategic business partner with the non-banking financial services and banks and manufacturing companies.
HotFoot Technologies Solutions was founded by the Vivek N and Rajesh in the year 2016. The fintech startup provides with a suite of solutions that enable the end to end digital processing of all types of small and retail and medium enterprises loans.