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Home»Fintech»CRED acquires CreditVidya • Fintech
Fintech

CRED acquires CreditVidya • Fintech

November 29, 2022No Comments3 Mins Read
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CRED acquires CreditVidya • TechCrunch
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CRED is buying CreditVidya, a SaaS startup that helps companies underwrite first-time debtors, within the newest of a sequence of investments from the Bengaluru-headquartered fintech because it broadens its infrastructure and choices.

The companies didn’t disclose the phrases of the deal however mentioned it includes each money and inventory. The ten-year-old CreditVidya — headquartered in Hyderabad and backed by Navroz Udwadia, Kalaari Capital and Matrix Companions — had raised $10 million in earlier financing rounds and was final valued at about $30 million post-money.

The 2 companies will proceed to function independently and CRED will lengthen its worker inventory program and different advantages to CreditVidya workforce, CRED mentioned in a press release.

“Increasing entry to credit score is a key driver for monetary progress. CreditVidya’s patented tech stack uncovers alerts of belief amongst under-served cohorts. We sit up for supporting them in powering an inclusive credit score ecosystem,” mentioned CRED founder and chief government Kunal Shah in a press release.

CreditVidya provides SDKs to companies that they’ll combine into their Android apps and accumulate consent-driven information from customers. The startup then processes the info and helps lenders asses the credit score threat of the candidates, a lot of whom have little to no credit score historical past. CreditVidya’s know-how has served over 25 million people, the startup says on its web site.

“We’ve invested in constructing category-defining merchandise that deliver monetary companies to credit score under-served Indians via our companions, reworking how threat is assessed and belief measured to drive monetary inclusion. In our subsequent section of our progress, as we construct model and scale distribution, we’re excited to study from the CRED workforce,” mentioned Abhishek Agarwal, co-founder and chief government of CreditVidya, in a press release.

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CreditVidya is the most recent in a sequence of investments that CRED has made previously 12 months. The startup, which provides 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 12 months and expense administration platform HapPay in December.

CRED, backed by Tiger International, Sequoia India, Alpha Wave Ventures and Dragoneer and valued at $6.4 billion, additionally engaged with Amazon-backed Smallcase earlier this 12 months, initially to discover an funding and later for a majority acquisition, Fintech reported earlier. The talks didn’t materialize right into a deal after Smallcase’s board declined the supply, in response to two folks aware of the matter.

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Acquires CRED CreditVidya Fintech
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