KreditBee, a lending mobile app based in India, has reportedly secured an additional $100m in funding to support its expansion across South Asia.
This investment is part of the company’s Series D funding round, which has closed on $200m, according to a report from TechCrunch.
With the close of the round, the company has been valued at $680m.
The lending mobile app previously secured $80m for the Series D in December 2022. The investment was supported by Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners and Mirae Asset Ventures.
KreditBee is a full-stack digital lending platform for young professionals. Its products include personal loans for self-employed, instant personal loans, personal loans for salaried individuals and online purchasing loans.
The company said it is on track to bulk its assets under management to over $1bn in the next six to nine months.
KreditBee co-founder and chief executive Madhusudan Ekambaram said, “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.”
On the back of the previous Series D tranche, KreditBee stated the funds would help its to diversify its product portfolio, bolster its technology to better service clients and enter new verticals. It is interested in digital secured loans, home loans and credit lines.
There have already been several Indian FinTech companies to raised capital this year. Fello, which claims to be India’s first game-based savings app, recently raised $4m in funding. The capital was supplied by Courtside Ventures, Entrepreneur First, Y Combinator, Kube Venture and Upsparks.
Another FinTech to raise funds this year is Jupiter. The neobanking platform collected $3m in debt from Alteria Capital.
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