Fintech lending startup KreditBee raises USD 75 mn in Series C equity round

Bengaluru-headquartered fintechlending startup KreditBee has concluded its Series C equityround worth USD 75 million from Premji Invest, Mirae AssetNaver Asia Growth Fund, Alpine Capital and Arkam Venturesconsisting of both primary and secondary investment.

''With a larger portfolio of loan products, our objectiveis to provide credit to over 180 million new-to-creditcustomers who were not provided formal credit earlier. Thisinvestment would help us take more positive steps towardsachieving that,'' Co-Founder & CEO of KreditBee Madhusudan Esaid.

The holding entity has previously raised over USD 43million cumulatively in equity from investors including ICICIBank and Arkam Ventures, it noted in a statement on Monday.

Registered in March 2016, the group entity also holdsKrazybee Services Private Limited, Systemically importantnon-deposit taking non-banking financial company (NBFC-ND-SI)registered with the Reserve Bank of India since May 2017.

The group launched KreditBee in May 2018, focused onfull-stack digital lending for young professionals.

The platform specialises in providing digital personalloans and consumer durable loans to both salaried and self-employed.

The platform plans to diversify its product offeringby venturing into digitally-enabled secured loans, home loansand credit line.