Startups CRED acquires CreditVidya • ukbusinessupdates.com

CRED acquires CreditVidya • ukbusinessupdates.com

-

- Advertisment -

CRED is acquiring CreditVidya, a SaaS startup that helps businesses secure new borrowers, in the latest in a series of investments from the Bengaluru-based fintech as it broadens its infrastructure and offerings.

The companies did not disclose the terms of the deal, but said it involves both cash and stock. 10-year-old CreditVidya — headquartered in Hyderabad and backed by Navroz Udwadia, Kalaari Capital and Matrix Partners — had raised $10 million in previous rounds of funding and was last valued at around $30 million post-money.

The two firms will continue to operate independently and CRED will expand its employee equity program and other benefits to CreditVidya’s workforce, CRED said in a statement.

“Expanding access to credit is an important driver of financial progress. CreditVidya’s proprietary tech stack reveals signals of confidence among underserved cohorts. We look forward to supporting them in driving an inclusive credit ecosystem,” CRED Founder and CEO Kunal Shah said in a statement.

CreditVidya provides SDKs to companies that can integrate them into their Android apps and collect consent-based data from users. The startup then processes the data and helps lenders assess the credit risk of the applicants, many of whom have little to no credit history. CreditVidya’s technology has served more than 25 million people, the startup says on its website.

“We have invested in building category-defining products that provide financial services to underserved Indians through our partners, transforming the way risk is assessed and confidence 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,” said Abhishek Agarwal, co-founder and CEO of CreditVidya, in a statement.

CreditVidya is the latest in a series of investments CRED has made over the past year. The startup, which gives users the ability to manage and pay their credit card and numerous other bills on time, as well as access to D2C brands and loans, backed peer-to-peer lender Liquiloans two months ago, invested in lender CredAvenue annual and expense management platform HapPay in December.

CRED, backed by Tiger Global, Sequoia India, Alpha Wave Ventures and Dragoneer and valued at $6.4 billion, was also involved with Amazon-backed Smallcase earlier this year, initially to explore an investment and later for a majority acquisition , ukbusinessupdates.com previously reported. The talks failed to result in a deal after Smallcase’s board rejected the offer, according to two people familiar with the matter.

Shreya Christinahttps://ukbusinessupdates.com
Shreya has been with ukbusinessupdates.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider ukbusinessupdates.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Effective ways to personalize your customer touchpoints even more in 2023

Will 2023 be the year of personalization? Consumers hope so. For the past two years, shoppers have...

Transform organizations one emoji at a time

View all on-demand sessions from the Intelligent Security Summit here. How did we go from mentioning emojis that are inappropriate...

Save $93 on this mini AI robotic arm and software

Disclosure: Our goal is to provide products and services that we believe you will find interesting and useful. ...

Who is Instagram star with 1 million followers Natalia Rivera? wiki

 Who is Natalia Rivera?Natalia Rivera was born on April 25, 1989 in Puerto Rico....
- Advertisement -

Check out these emulated calculators on the Internet Archive

The Internet Archive calls this new collection the calculator drawer. There are 14 calculators to choose from, including...

Jessica Fernandez- Wiki, age, height, net worth, boyfriend

Jessica Fernandez is a well-known American Twitch broadcaster, content producer, Youtuber, social media influencer, media face, gamer and entrepreneur....

Must read

- Advertisement -

You might also likeRELATED
Recommended to you