Bengaluru-headquartered fintech lending startup KreditBee has concluded its Series C equity round worth $75 million from Premji Invest, Mirae Asset Naver Asia Growth Fund, Alpine Capital and Arkam Ventures consisting of both primary and secondary investment.
“We started with a dream to help the unserved and underserved segment who have always found it difficult to enter the formal lending sector, either due to lengthy offline processes or traditional underwriting methods. With a larger portfolio of loan products, our objective is to provide credit to over 180 Million New-to-Credit customers who were not provided formal credit earlier. This investment would help us take more positive steps towards achieving that”, mentioned Madhusudan E, Co-Founder & CEO of KreditBee.
The holding entity has previously raised over USD 43 million cumulatively in equity from marque investors including ICICI Bank and Arkam Ventures.
Talking about the equity investment, Atul Gupta, Partner at Premji Invest mentioned, “We are impressed by the vision of KreditBee to formalize the path towards credit enablement for new-to-credit customers, their skilled team and responsible tech-enabled underwriting, and are pleased to partner with them in their next stage of growth.”
On the other hand, Ashish Dave, CEO at Mirae Asset Venture Investments (India) mentioned, “The large scale at which the platform is able to disburse loans to customers showcases not just the stability and strength of its tech stack, but also a very appropriate credit scoring of customers using alternative data points, which forms a key for new-to-credit customers.”
The group launched KreditBee in May 2018, focused on full-stack digital lending for young professionals. The platform specialises in providing digital personal loans and consumer durable loans to both salaried and self-employed. The platform plans to diversify its product offering by venturing into digitally-enabled secured loans, home loans and credit line.
This article was first published on livemint.com