Dubai: The Social Loan Company (TSLC), a Singapore-based fintech, pulled $25 million in a funding round from an investor consortium led by ADGM-domiciled ARV Investments. TSLC also saw significant interest from global institutional investors, including Rothschild & Co, which launched a Series B funding round of over $100 million for TSLC.
Founded in 2016, TSLC is known for its ecosystem of AI-powered, big-data driven personalised financial solutions. The new capital will be channeled to fuel its digital lending operations and deepen its AI capabilities in chosen markets.
The company has over 8 million digital natives on its platform in India under the brand CASHe. It recently established a presence in the UAE as it plans ‘a mobile-first credit-led platform’ in the Middle East within the next six months. Once launched, the platform will create affordable and personalised credit to middle-income consumers.
“As we look to enter new markets in Latin America, the Middle East, Sub-Saharan Africa and APAC, we are positioned to build on the strong support we have received to date,” said Deepak Saluja, Group CEO & co-founder, TSLC. “We are excited to have Rothschild lead our Series B funding round, which will help us accelerate innovation, achieve breakthrough growth and fulfil our mission on a much larger scale.”
TSLC recently set up Digital Collective Technologies, its wholly-owned subsidiary at Abu Dhabi Global Market (ADGM). Earlier this year, it forged a partnership with Aafaq Bank to launch a credit-enabled wallet with embedded mobile banking, to drive financial inclusion in the MENA region.