Fintech startup Kreditbee raises $100 Mn in a funding round. It is part of its ongoing series D funding round. Kreditbee raises $100 Mn from Advent International. This second round of funding became the first large primary funding round of 2023.
The startup bagged $80 Mn in the first part of this series D funding round. It was led by a Japanese bank and Mitsubishi UFJ financial group. Furthermore, existing investors like Premji invest, Motilal Oswal Alternates, NewQuest Capital Partners and Mirae Asset venture investments.
Advent International is a US-based global equity firm founded in 1984.
Kreditbee raises funds for innovation
Kreditbee plans to use the fresh funds for scaling up its business. In addition to this, the startup also intends to utilize the funds for introducing new products by venturing into digital financial products.
Set up in 2018, kreditbee is a fintech startup that offers credit and many other financial-related services. It operates through its non-banking financial institution, Krazybee Services Pvt Ltd.
The startup has already achieved a milestone. It has 7 Million loan customers, out of which 3 million are active loan customers.
Also, the startup has joined hands with 10 other financial institutions to fulfill the credit demands of borrowers. The startup is set to cross $1 Bn in Assets under Management in the next few months.
Kreditbee provides multiple services including personal loans and digital gold.
This credit lending business is one of the most competitive markets in India. Due to India’s rural economy and agriculture market, lending is one of the most common businesses. From zamindars to online loan services, people are using it.
As a result of this, the fintech lending market has grown in recent years. Apart from Kreditbee, Early salary, Zest Money, Faircent, etc also own a spot in this space. These lending apps compete against each other.
2022 has been a great year for fintech startups as it has received huge amounts of funding.
Featured Image Credit: Google Play
- Binny Bansal is in Talks to Invest $100 Mn-$150 Mn in PhonePe - March 11, 2023
- Bira 91 bags $10 Mn from MUFG Bank(Japan’s largest Bank) - March 10, 2023
- Off Duty bags INR 4 Cr from Velocity.in - March 6, 2023