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Bengaluru-based fintech lending platform KreditBee has extended its Series D funding round with a $100 million investment from private equity giant Advent International.
The Advent money tops up the first tranche one of the Series D, which also raised $100 million and saw participation from Japan’s Mitsubishi UFJ Financial Group along with existing investors Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners, and Mirae Asset Venture Investments.
Launched in May 2018, KreditBee focuses on full-stack digital lending for young professionals. The firm has seven million loan customers, of which three million are active, and expects to hit $1 billion in assets under management within the next nine months.
The company plans to use the funding to scale the existing business and diversify its product offering by venturing into digitally-enabled financial products.
Madhusudan Ekambaram, CEO, KreditBee, says: “The latest round will help us to achieve our vision of serving over 400 million middle income population in the country.”
Shweta Jalan, managing partner, Advent, adds: “We believe KreditBee’s proprietary underwriting tech stack is one of the best in the industry and helps in its ability to identify and underwrite future prime customers at an early stage.”
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