The capital raised from the private equity investor marks an extension of its Series D funding round.
As per information provided in the press release, the additional raised capital is set to be deployed towards the scalability of KreditBee’s existing business and the diversification of its product offering by venturing into financial products that are digitally enabled. The fintech serves the credit and other personal finance requirements by leveraging its in-house RBI-registered NBFC along with partnerships with more than 10 renowned financial institutions. Furthermore, it is expected to exceed an AUM (assets under management) of USD 1 billion in 2023.
By collaborating with Advent as a long-term financial and strategic partner, KreditBee hopes that the latest funding round will enable them to achieve their vision of serving more than 400 million middle income population in the region.
Advent International representatives have stated that they believe that KreditBee’s proprietary underwriting technology stack enhances its ability to have future prime customers identified and underwritten at an early stage. Furthermore, as the digital lending space in India is a fast-growing and under-penetrated one, where only a few fintechs have manage to achieve profitability, Advent International aims to support KreditBee in creating a full-service fintech platform that meets the credit needs of the region.
Mirae Asset Venture Investments officials added that through this investment they are strengthening their commitment towards KreditBee’s vision, whereas Avendus Capital spokespersons believe the funding to enable the fintech to have its position in the personal lending market consolidated.
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