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 micro loans starting at as low as $12 to over $3,500 to new-to-credit customers as well as salaried professionals.
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…)