KreditBee, India’s fastest personal loan and online credit platform has revealed it has secured $80 million as part of its Series D investment round.
The fresh round of capital infusion will help the company widen digitally-enabled secured loans, home loans, and credit lines, as well as launch financial services such as insurance, credit score report, and solutions for merchants.
Furthermore, it will deploy the fresh capital to diversify its product portfolio and strengthen its tech stack.
“The investment will consolidate our strengths and our our vision of accelerate financial independence through a smart digital experience, which is what India stands for today,” said Madhusudan E, Co-founder and CEO of KreditBee, in a press statement.
Bengaluru-based KreditBee, founded in May 2018, is a fintech lending platform that provides loans to professionals, as well as check-out finance to consumers.
KreditBee to focus on new product innovations
KreditBee had earlier raised around $75 million in its Series C funding round, to provide loan services to more than 180 million new customers.
The funding was raised from from new investor MUFG Bank, and existing investors such as Azim Premji’s Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital, and Mirae Asset Ventures.
KreditBee‘s parent company, Finnovation Tech Solutions, reported a loss of Rs 84.9 crore in FY22, up from Rs 78.2 crore in the previous year, its filings with the Registrar of Companies (RoC) showed, as expenses nearly doubled. Its revenue rose 2.7X to Rs 445.4 crore over the same period.
KreditBee is an Instant Personal Loan platform for self-employed and salaried professionals, where they can apply for a Personal Loan starting from ₹ 1,000 up to ₹ 3 Lakhs as per their requirement. The company’s aim to become the first choice when it comes to quick and convenient Personal Loans.
The documentation required is very minimal, and the entire process – starting from registration on our app to loan disbursement does not take more than 15 minutes. The application process is completely online, and upon approval, the cash is immediately transferred to the bank account of the user.