Bengaluru-based fintech lending platform KreditBee has successfully extended its Series D funding round with a new investment of $100 million from private equity powerhouse Advent International.
This recent capital injection builds on the first tranche of the Series D round, which had previously raised an equal amount of $100 million. This initial funding involved participation from Japan’s Mitsubishi UFJ Financial Group, as well as existing investors including Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners, and Mirae Asset Venture Investments.
Founded in May 2018, KreditBee focuses on full-stack digital lending tailored for young professionals. The platform currently boasts seven million loan customers, with three million considered active, and it anticipates reaching $1 billion in assets under management within the next nine months.
The new funding will be utilized to scale the existing business and diversify its product offerings by entering the realm of digitally-enabled financial products.
Madhusudan Ekambaram, CEO of KreditBee, stated, “The latest round will help us to achieve our vision of serving over 400 million middle-income individuals in the country.”
Shweta Jalan, managing partner at Advent, commented, “We believe KreditBee’s proprietary underwriting technology stack is among the best in the industry, enhancing its capacity to identify and underwrite future prime customers at an early stage.”