Bangalore-based OKCredit has completed a $67m Series B funding round led by Lightspeed Venture Partners and Tiger Global as the country’s FinTech scene has raised over $13bn since 2014.
OKCredit is a startup enabling small merchants to digitize their bookkeeping through an app that helps them keep track of their daily custom. The venture will use the money to grow across India, according to TechCrunch. So far the FinTech enterprise has grown its clientbase to include over five million active merchants across 2,000 cities in India.
Lightspeed Venture Partners is a venture capital firm that has shown a lot of interest in India’s budding startup scene. Back in July 2018, it raised its second India-focused fund, which gave it a combined capital pool of $1.8bn. The VC firm’s portfolio includes a wide range of companies, from social media giant Snapchat to PropTech management platform Mynd.
Tiger Global is an investment fund that has previously invested in companies like payment unicorn Stripe, cannabis point-of-sale terminal platform Green Bits and robo-advisor Wealthfront.
They are hardly the only investors interested in India’s emerging FinTech ecosystem. FinTech Global’s research has shown that the country’s entrepreneurs have attracted over $13bn since 2014.
Of that investment, marketplace lending businesses have taken the biggest bite out of the investment cake. The reason for this dominance is due to the opportunities of capitalising on the country’s underbanked population.
Digital payments startups are part of another FinTech industry that is attracting a lot of attention in India. Over the past 12 months, the sector has grown by 12.7%, according to KPMG. The growth of the sector is can be attributed to a progressive push by the Reserve Bank of India, both central and state governments, industry associations and payment companies.
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