KreditBee Welcomes MUFG Bank Onboard Through Its Series D Funding RoundOne of India's leading fintech platforms for personal loans raises funds through another round of investment
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Bengaluru-based KreditBee, an instant personal loan provider, as a part of its ongoing Series D investment round, has raised USD 80 million, and welcomed MUFG Bank, Japan's largest and one of the world's largest banks, as its newest investor.
The fintech startup provides personal loans ranging from INR 1,000 to INR 300,000 as per customer's requirements.
"The investment adds more weight to our vision of encouraging financial independence through a smart digital experience, which is what India stands for today. With the current round, we look forward to expand our set of solutions to serve our growing consumer base," shared Madhusudan E, Co-Founder & CEO, KreditBee about the development.
The investor list for the round also included existing investors such as Premji Invest, NewQuest Capital Partners, Motilal Oswal Private Equity, and Mirae Asset-Naver.
The company initiated the round to raise funds in order to diversify its product portfolio and to solidify its tech stack to serve the 400 million+ middle class population of India. The company's Series B and Series C took place in 2018 and 2021 for $43 million and $75 million respectively, with overall funding being more than $200 million.
The 2017 established fintech platform has successfully found lending partners in IIFL Finance Limited, Incred Financial Services Limited, Vivriti Capital Private Limited, Northern Arc Capital Limited, MAS Financial Services Ltd, PayU Finance India Private Limited, Poonawalla Fincorp Limited, Kisetsu Saison Finance (India) Private Limited (KSF), Piramal Capital & Housing Finance Limited, and Cholamandalam Investment and Finance Company Limited. It also provides loans through its in-house RBI registered NBFC by the name Krazybee Services Private Limited.
KreditBee offers various types of personal loans, online and offline checkout finance, and digital gold. It further plans to diversify into secured loans, home loans, and credit lines along with introducing other financial services such as insurance, merchant-side offers, and credit score reports.
The company is eyeing an AUM of $1 billion+ by the second half of 2023.
