PaisaPower.com launched

BANGALORE: Chennai-based PaisaPower.com has launched its personal finance Web site to facilitate delivery of financial services to the Indian consumers. The Web site provides information about the various loans, which is available from different financial institutes like Countrywide, Citibank etc. to the consumers.

Currently, it provides information about Personal loans, two wheeler loans, car loans, consumer durable loans and home loans. Speaking about the Web site, PaisaPower.com CEO P.M. Austin said, "This site is built on `Click and Mortar' model. The inherent features of this model enable the company from being just a content provider into the realm of actual fulfillment of services. PaisaPower.com enables the entire transaction cycle comparing, choosing the scheme that best suits the consumer need, applying, tracking and finally, completion of the transaction at his doorstep." Speaking about the revenue stream, Austin said that PaisaPower.com would collect a participation fee from the financial institutions and a transaction fee for all successful transactions, along with advertisement revenues.

Presently, the company is targeting IT professionals. The company has invested around Rs 70 lakhs and expecting to get a VC funding of about $1 million in couple of weeks. The company has partnered with all the major financial institutions and banks. Apart from loans, the company is planning to expand the range of services like credit card, holiday packages, Insurance and Investments in coming 8-10 months.

Apart from Chennai and Bangalore, PaisaPower.com is opening its offices in Hyderabad, Pune, Mumbai and Delhi in next six months. The company expects to breakeven in next two years.