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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 thus far and was final valued at $30 million.
The 2 companies will proceed to function independently and CRED will lengthen its ESOP program and different advantages to CreditVidya workers, CRED stated.
“Increasing entry to credit score is a key driver for monetary progress. CreditVidya’s patented tech stack uncovers indicators of belief amongst under-served cohorts. We sit up for supporting them in powering an inclusive credit score ecosystem,” stated CRED founder and chief govt Kunal Shah in a press release.
CreditVidya is the newest in a collection of investments that CRED has made previously 12 months. The startup, which gives customers the flexibility 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 World, 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, TechCrunch reported earlier. The talks didn’t materialize right into a deal after Smallcase’s board rejected the provide, in line with two individuals aware of the matter.
“We’ve invested in constructing category-defining merchandise that convey monetary companies to credit score under-served Indians by our companions, remodeling how threat is assessed and belief measured to drive monetary inclusion. In our subsequent part of our progress, as we construct model and scale distribution, we’re excited to study from the CRED group,” stated Abhishek Agarwal, co-founder and chief govt of CreditVidya, in a press release.
(This can be a growing story. Extra to comply with.)
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