CRED is buying CreditVidya, a SaaS startup that helps companies underwrite first time debtors, within the newest of a collection of investments from the Bengaluru-headquartered fintech because it broadens its choices.
The companies didn’t disclose the phrases of the deal. CreditVidya, headquartered in Hyderabad, had raised about $10 million so far and was final valued at $30 million.
The two companies will proceed to function independently and CRED will prolong its ESOP program and different advantages to CreditVidya workers, CRED mentioned.
“Expanding access to credit is a key driver for financial progress. CreditVidya’s patented tech stack uncovers signals of trust among under-served cohorts. We look forward to supporting them in powering an inclusive credit ecosystem,” mentioned CRED founder and chief govt Kunal Shah in an announcement.
CreditVidya is the most recent in a collection of investments that CRED has made previously yr. The startup, which presents customers the power to handle and pay their bank card and scores of different payments on time in addition to entry to D2C manufacturers and loans, backed peer-to-peer lender Liquiloans two months in the past, invested in lender CredAvenue earlier this yr and expense administration platform HapPay in December.
CRED, backed by Tiger Global, Sequoia India, Alpha Wave Ventures and Dragoneer and valued at $6.4 billion, additionally engaged with Amazon-backed Smallcase earlier this yr, initially to discover an funding and later for a majority acquisition, Thealike reported earlier. The talks didn’t materialize right into a deal after Smallcase’s board rejected the supply, in response to two folks aware of the matter.
“We’ve invested in building category-defining products that bring financial services to credit under-served Indians through our partners, transforming how risk is assessed and trust measured to drive financial inclusion. In our next phase of our growth, as we build brand and scale distribution, we are excited to learn from the CRED team,” mentioned Abhishek Agarwal, co-founder and chief govt of CreditVidya, in an announcement.
(This is a creating story. More to observe.)
