CRED acquires CreditVidya • TechCrunch

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 stated 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’s workforce, CRED stated 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 stay up for supporting them in powering an inclusive credit score ecosystem,” stated CRED founder and chief government Kunal Shah in a press release.

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

“We’ve invested in constructing category-defining merchandise that deliver monetary providers to credit score under-served Indians by way of our companions, remodeling how danger 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 staff,” stated Abhishek Agarwal, co-founder and chief government of CreditVidya, in a press release.

CreditVidya is the most recent in a sequence of investments that CRED has made prior to now 12 months. The startup, which affords 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, and invested in lender CredAvenue earlier this 12 months and expense administration platform HapPay in December.

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

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