Indian fintech Kreditbee has raised an additional $100 million in a funding round, it said, as the lender looks to scale its business in the South Asian market.
The new cash infusion is part of the larger Series D funding, which KreditBee said has now closed at $200 million. The new funding, led by Advent International, values the Bengaluru-headquartered startup at about $680 million, according to a source familiar with the matter.
KreditBee, which also counts Mirae Asset Venture Investments, Premiji Invest and Mitsubishi UFJ Financial Group among its backers, offers instant loans of up to $3,700 to salaried employees. The platform works with banks and non-banking financial companies (NBFCs) and banks to finance the loans.
“We are delighted to welcome a long-term financial and strategic partner in Advent. This reinforces the confidence in our profitable business model and the long-term sustainability of it. The latest round will help us to achieve our vision of serving over 400 million middle income population in the country,” said Madhusudan Ekambaram, co-founder and chief executive of KreditBee, in a statement.
The startup said it is on track to bulk its asset under management to over $1 billion in the next six to nine months.
(More to follow…)
