The fund has been raised by Kreditbee’s holding entity Finnov, and the same will be used for expansion by developing new lending products, and also developing an offline-online lending capability to bridge the consumer financing needs of the rural markets.
This round of fundraising has led to the exit of most of the early-stage investors, the fintech firm said.
With the new capital, it looks to scale up its lending portfolio beyond personal loans by adding other credit products, value-added services, deeper channel integration and partnerships, Madhusudan E, co-founder and chief executive of Kreditbee said, adding the new products will include secured lending products and insurance distribution.
Kreditbee, launched in May 2018, is focused on full-stack digital lending for young professionals and has since then acquired over 5 million customers and a registered user base of over 25 million. It employs over 1,200 employees.