SwitchMe has secured an undisclosed round of funding from a group of investors including Mohandas Pai, Hiro Mashita, Singapore Angels & several other prominent individuals. This is an extension of an earlier round led by 500 Startups and participated in by Rajan Anandan and Ajay Sarupria.
SwitchMe helps customers switch their home loan to a lower rate of interest from the comfort of their home. A switch to lower rate can save lakhs of rupees but many customers struggle to achieve it because of paperwork and the leg work involved. SwitchMe makes this easy through a combination of its technology and on the ground execution. SwitchMe’s technology finds the best match of lender for the customer as per multiple parameters. This leads to a quicker process and higher success rate which keeps both the customer and lender happy.
Customers have saved over Rs 300 Cr with SwitchMe. This is across several banks leveraging SwitchMe’s relationships across the board with both public and private sector lenders. SwitchMe services are currently available in Mumbai, Pune, Bangalore and Delhi.The funding will be utilised for strengthening the technology and for extending the service to more cities.
“Technology is disrupting the mortgage markets by giving more choices, better information flows, reducing complexity, and allowing the consumer make the most optimal decision. The SwitchMe team has utilized its deep domain expertise to build a platform that eliminates the uncertainties and integrates all the necessary components to facilitate the best possible experience for their customers. Their tech-driven approach evaluates multiple options across several parameters and suggests an optimal solution to each customer. As a result, their customers are already seeing a solution that very clearly works on their behalf to ensure a full-service deal that lowers costs, reduces tenures, and extends additional flexibility. With a solution like this, the current asymmetry of information between the lender, alternative mortgage providers and the consumer will be a thing of the past“ said Mohandas Pai.
“We love to see our customers smile. They save a lot of money that they can spend elsewhere for a greater quality of life. We are excited to have the support of such great investors who believe in our dream of making finance easy for the common man” said Aditya Mishra, Co-founder & CEO, SwitchMe. Aditya worked at TCS in various business roles for a decade before starting SwitchMe. Co-founder Sourasis Roy cut his teeth building a data mining startup before joining up forces. Aditya is an alumnus of IIM Bangalore while Sourasis has a degree in maths and another in Computer science from the Chennai Mathematical Institute.
Typically SwitchMe’s customers save as much as 10 – 30% of their loan amount. For example, Rahul had a home loan from ICICI Bank at 11.5% interest rate. SwitchMe transferred his loan to SBI at an interest rate of 9.55% This 2% drop in the interest rate resulted in a saving of 12,94,650 INR – a significant saving for Rahul! If the customer was to do the switching manually it would take him 2 to 3 months of hassle while SwitchMe often finishes the process in as less as 3 weeks! The customer goes on with life uninterrupted and reaps the benefits.
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