The current investment saw active participation from already existing investors of the likes of Premji Invest, MO Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures, in addition to MUFG Bank. The raised capital will be used for diversifying KreditBee’s product portfolio and strengthening its tech stack to serve over 400 million middle India population on its platform.
The company provides credit and other personal finance requirements through its in-house RBI-registered NBFC, along with partnerships with more than 10 renowned financial institutions, with the platform believed to be well positioned to cross an AUM (assets under management) exceeding USD 1 billion in 2023.
KreditBee officials have stated in the company’s press release that the investment adds weight to their vision in encouraging financial independence through means of smart digital experiences, with the company looking to make use of the current round to expand its set of solutions to serve its growing customer base.
MUFG officials added that by partnering with KreditBee in their journey of providing financial services to millions of customers, they support the company’s mission of enabling underserved customers to access financial products in an easy manner through tech-enabled underwriting. Mo Alternate Investment Advisors representatives continued by stating that they have continued their investment in KreditBee as they believe the company to be a profitable lending fintech, looking to solve the credit needs of the growing, yet underserved middle-income consumers in the region through means of an innovative platform.
A fintech platform that facilitates instant personal loans to professionals, KreditBee has a strong focus on online tech-based and data-centric know your customer (KYC), the company aims to improve the financial inclusion gap in the country’s varied demographic segments.
The platform is backed by various lenders and debt and platform partners and, following this announcement, it has raised more than USD 280 million to date. It is backed by key VC funds, family offices, and financial institutions of the likes of Motilal Oswal Private Equity, TPG-backed NewQuest, South Korea’s Mirae Asset Venture, and US-based Alpine Capital, and has marquee investors which include include ICICI Bank, Arkam Ventures, and SIDBI’s investment arm, IndiaSME Investments. As of now, as per the information provided in the company’s press release, KreditBee has six million loan customers, out of which more than two million are active loan customers.
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