In a recent development, Indian fintech KreditBee is one of the hottest startups in town, nearly hitting a $700 million valuation in its latest funding round. The startup, backed by several investors, has raised a total of over $120 million in the past year.
KreditBee is a digital lending platform that offers personal loans, including short-term and long-term loans, to both new and existing customers. It uses proprietary intellectual property to evaluate creditworthiness and provide one of the best loan offers. The platform caters mainly to the mass market, including millenial citizens, students and self-employed individuals.
KreditBee received a massive endorsement after it secured $18 million in its latest funding round, led by Chinese internet giant Tencent. U.S. venture capitalist investors including Sequoia Capital and Ribbit Capital also participated in the Series C financing.
KreditBee is now looking to leverage its funds to strengthen its presence in India. The company will focus on product advancements, digital marketing and continues to innovate to success.
The fintech has witnessed a huge surge in interest from customers in the past year. These customers comprise of both metropolitan and non-metropolitan users, mainly from tier-II and tier-III cities. The platform has also seen an increase in repeat customers as well as larger transactions.
KreditBee also plays a major role in offering financial solutions for budding entrepreneurs from small and medium-sized enterprises. It enables them to get refinancing and working capital, not only ensuring their business continuity but also helping them in their expansion plans.
KreditBee’s continuous efforts to move towards the much-anticipated $700 million valuation is indeed noteworthy. It has transformed the landscape of fintech in India and is on the cusp of setting a benchmark in the sector with its promising value preposition.
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