Indian fintech startup KreditBee has raised $80m in a Series D funding round from new and existing investors, reported Moneycontrol.
Japanese lender MUFG Bank joined the round as a new backer alongside existing investors Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures.
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The fintech plans to use the proceeds to expand its product portfolio and upgrade its technology stack.
Specifically, the credit startup aims to offer secured loans, home loans and credit lines.
Furthermore, KreditBee also plans to introduce financial services such as insurance, credit score report and merchant-side offers among others.
KreditBee offers personal loans of up to INR400,000 ($4894.55) to salaried customers through its partner non-banking financial firms (NBFCs) such as IIFL Finance, Northern Arc Capital, Vivriti Capital, Poonawala Fincorp, PayU Finance, and Piramal Finance, among others.
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By GlobalDataKreditBee co-founder & CEO Madhusudan E said: “The investment adds more weight to our vision of encouraging financial independence through a smart digital experience, which is what India stands for today.
“With the current round, we look forward to expanding our set of solutions to serve our growing consumer base.”
In addition to personal loans, KreditBee provides digital gold and checkout finance solutions.
The business also operates an internal NBFC Krazybee Services, which is registered with the Reserve Bank of India (RBI) and lends to users of the platform.
MUFG India deputy CEO and head of global corporate banking Shashank Joshi said: “KreditBee is run on the ethos of enabling underserved customers easy access to financial products through tech-enabled underwriting.
“We are very excited to partner with KreditBee in their growth journey of providing financial services to millions of customers.”
In March last year, the digital lending startup raised an additional $70m in the second tranche of the Series C funding round.
