Digital lending platform KreditBee secures $75m in Series C
Founded in 2018, enables “self-employed and salaried professionals” to take out loans of between ₹ 1,000 and ₹ 200k. Following an entirely online process, users can reportedly be imbursed their chosen sum within 15 minutes.
Based on straightforward, data-centric, KYC-based principles, the app features a three-step application process:
- Users sign up through either their Google or Facebook account
- KreditBee then provides a credit eligibility checker
- Assuming the user passes the previous step, they can then apply for their desired loan
KreditBee’s app is currently available on the Google Play store (4/5 rating) and has been downloaded over 20 million times. The company’s website also states that it will be coming to Apple’s App Store soon.
Financial inclusion through technology
KreditBee’s services are currently available to any Indian citizen over the age of 21 with a salary of more than ₹ 10k and a valid bank account.
“With a larger portfolio of loan products, our objective is to provide credit to over 180 million new-to-credit (NTC) customers who were not provided formal credit earlier. [The $75m funding will] help us take more positive steps towards achieving that.”
According to the , India is experiencing a positive shift towards resolving many issues of domestic poverty: its economy is one of the fastest-growing in the world and approximately 18 people escape poverty every minute. Continued access to tools for financial inclusion will play an important part in maintaining that momentum.
Commendations from investors
“We are impressed by the vision of KreditBee to formalise the path towards credit enablement for NTC customers, their skilled team and responsible tech-enabled underwriting, and are pleased to partner with them in their next stage of growth,” stated Atul Gupta, Partner at
“The large scale at which the platform is able to disburse loans to customers showcases not just the stability and strength of its tech stack, but also a very appropriate credit scoring of customers using alternative data points, which forms a key for NTC customers.”
Image credit: KreditBee
The FinTech Show: Alternative payments and Open Finance
In episode four of the FinTech Show (originally broadcast live on 7 May at 1pm BST), Scott Birch and Will Girling discuss:
Alternative payments (read the original web story here) - 2:39 to 6:57
The May 2021 edition of FinTech Magazine - 7:00 to 13:26 (featuring Smita Gupta at Finastra)
Unbanked communities - 19:16 to 21:16 (featuring Bogdan Dinu at Thunes)
Open Finance - 22:55 to 25:31
We also poll our LinkedIn community on the question 'Have you used an alternative payment method since the pandemic?’ and conclude with our infamous gameshow section (this week: FinTech Fortunes). A splendid time is guaranteed for all.
Before you go! Follow us on LinkedIn and make sure to tune in on 28 May for the next FinTech Show.