Indian fintech micro-lender KreditBee tops-up Series D by $120m

Investors have extended Indian micro-lender KreditBee’s Series D funding round to $200m, after it initially closed the round at $80m in December.

KreditBee was founded in 2018 and offers instant personal loans both to salaried professionals of over $4,000 and for those new-to-credit for as little as $12.

The lender already has seven million customers, of which three million are active, and expects to reach $1bn in assets under management this year.

New investors in the Series D include Advent International and MUFG Bank, with existing backers Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners, and Mirae Asset Ventures taking part.

This latest funding round is set to enable KreditBee to scale its business with more lending, as well as develop new lending products.

“This reinforces the confidence in our profitable business model and its long-term sustainability,” said Madhusudan Ekambaram, co-founder and CEO of KreditBee.

“The latest round will help us to achieve our vision of serving the over 400 million middle-income population in the country.

KreditBee was already a very well-funded fintech, having raised $145m last March through two tranches of Series C funding.

In total, the Indian fintech has raised upwards of $330m to date and works with around 10 banks and non-banking financial institutions in order to finance its loans.