KreditBee, an Instant Personal Loan platform has announced plans to invest $200 million in the development of a range of digitally enabled financial products.
The Bengaluru-based company, that facilitates loan transactions between borrowers and personal loan providers such as NBFCs/Banks is looking to diversify its product offerings and expand its existing business with the new investment.
“We are excited to introduce these new digitally enabled financial products and believe they will greatly benefit our customers,” said Madhusudan Ekambaram, Co-founder and CEO of KreditBee.
“This investment will allow us to continue fulfilling our mission of serving the over 400 million middle income population in India and working towards our goal of surpassing an AUM of $1 billion in the next six to nine months.”
KreditBee offers credit and other personal finance services through its in-house RBI-registered NBFC, Krazybee Services, as well as partnerships with over 10 financial institutions.
KreditBee aims to consolidate leadership position in personal digital lending market
Pankaj Naik, Executive Director and Co-Head of Digital and Technology Investment Banking at Avendus Capital, stated that the new funding will help KreditBee consolidate its position as a leader in the personal digital lending market.
“The current round is a reflection that in any market conditions, companies with attractive margin profiles addressing a large market opportunity continue to create an exceptional outcome,” said Pankaj. KreditBee currently has seven million loan users, with over three million active loan customers.
The company currently has seven million loan users, with over three million active loan customers. Further details about the specific products and the timeline for their rollout have not been disclosed.
The Bengaluru based comapany has secured $100 million in funding from Advent International in the second tranche of its $200 million Series D round. The investment was facilitated by Avendus Capital, which acted as the exclusive financial advisor on the transaction.
The funding will be used to expand KreditBee’s current business and introduce digitally enabled financial products to its portfolio. Advent International noted KreditBee’s proprietary underwriting tech stack as a key factor in their investment decision.
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. We aim to become the first choice when it comes to quick and convenient Personal Loans.
The company claims 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. Additionally, the application process is completely online, and upon approval, the cash is immediately transferred to the bank account of the user.
