Credit lending and Fintech startup KreditBee has got a $75 Mn funding boost that will help the Bengaluru based company in ramping up its loan portfolio. The funding infusion was part of the series C round that saw participation of Premji Invest, Mirae Asset Naver Asia Growth Fund, Alpine Capital and other investors.
The round also witnessed secondary transaction that paved way for the partial exit of two Chinese investors as well as the complete exit of one prominent Chinese investor. Chinese smartphone major and existing investor Xiaomi has reportedly made a complete exit from the company.
Commenting on the latest funding, Madhusudan E, Co-Founder & CEO of KreditBee said ““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.”
It must be noted that over the years, KreditBee has also raised debt from several high-profile banks including ICICI Bank, AU Small Finance Bank, Bank of Baroda and HSBC Bank.
Launched in 2018, KreditBee is a full-stack digital lending platform for young professionals. The Fintech startup specializes in providing digital personal loans and consumer durable loans to both salaried and self-employed employees.
Within the span of two years, the Bengaluru headquartered seems to have come a long way and today it claims to be India’s fastest growing personal loan platform.
With COVID-19 lockdown taking toll on financial markets, last year wasn’t really good for Fintech startups. However, this year Fintech industry seems to recovering slowly and steadily from the coronavirus impact.