KreditBee announced on Friday that it has raised an additional $100 million in primary capital from Advent International, Mitsubishi UFJ Financial Group (MUFG), and current investors, bringing its Series D round total to $200 million.
The company obtained the first tranche of its Series D funding last month from MUFG, Japan’s largest bank, as well as current investors Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners, and Mirae Asset Venture Investments.
KreditBee stated that the additional funds received will be used to scale the company’s current operations and extend its product offering by expanding into digitally enabled financial solutions.
“This reinforces the confidence in our profitable business model and its 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,” said Madhusudan Ekambaram, Co Founder and CEO, KreditBee.
Over the next 6-9 months, the platform hopes to cross-asset under management (AUM) of more than $1 billion.
“We believe KreditBee’s proprietary underwriting tech stack is one of the best in the industry and helps in its ability to identify and underwrite future prime customers at an early stage,” said Shweta Jalan, Managing Partner at Advent International.
KreditBee presently has 7 million loan customers, more than 3 million of them are active loan customers.
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