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Crowd sourced loans for the working poor

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Crowd sourced loans for the working poor

Milaap is a social enterprise that enables people around the world to give a loan to the working poor in India. Based in Bangalore, India, with its headquarters in Singapore, Milaap is the world's first online micro lending platform that enabled non-Indians and non-resident Indians to make loans to India.

The idea for Milaap was born when Anoj Viswanathan, one of the co-founders, saw what a difference solar lighting made to underprivileged households in Orissa while working in a Micro finance company.

Milaap enables individuals to make a difference in a transparent and accountable manner by giving loans (not donations) to the working poor in India. Using the best practices of microfinance and charity, Milaap ensures that loans are given to the poor at affordable interest rates for things which create long term impact in their lives such as access to clean water, hygienic sanitation, clean energy, education, skills training for livelihood and working capital for small enterprises.

Loan money is sourced from retail lenders who need to sign-up and create an account on the web platform-www.milaap.org, besides High Networth Individuals (HNIs) and social funds. The uniqueness of the model lies in the fact that lenders can loan as little as '1,000 and choose a borrower of their choice. More than 13,000 lives have been impacted by Milaap.

The founders Sourabh Anoj and Mayukh are in the midst of securing Series A funding which they plan to invest in technology, marketing and processes and to introduce new features.

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