Fintech firm Kreditbee raises USD 80 million

Fintech player Kreditbee on Friday said it has raised USD 80 million (about Rs 651 crore) as part of its ongoing funding round. The Series-D funding round saw participation from Japanese financial major MUFG Bank and existing investors like Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures.

In February 2021, the Bengaluru-based startup had raised USD 75 million in Series-C round led by Azim Premji family office PremjiInvest and a few China-based investors, including Xiaomi, Shunwei Capital and Kunlun. The platform is also backed by the US-based Alpine Capital apart from ICICI Bank, Arkam Ventures, and Sidbi’s investment arm India SME Investments. With this, the company has so far raised over USD 280 million.

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Kreditbee’s parent firm Finnov, in a statement on Friday, said the funds will be used to diversify its product portfolio and strengthen tech stack to serve its 400 million customers and over 6 million loan customers. Madhusudan E, Co-founder and Chief Executive of Kreditbee, expects the platform will cross an AUM of USD 1 billion over the next two-three quarters. The company offers multiple types of personal loans, online/offline checkout finance, and digital gold.