Tag: KreditBee

Business

KreditBee issues over 1,00,000 cards within 60 days of launch

Oct 18, 2021 by Rekha Nair 0 Comments #Co-founder & CEO, #KreditBee, #Madhusudan Ekambaram

Bengaluru: KreditBee, one of India’s leading digital lending platforms, today announced that it has issued over 1,00,000 cards. Among the fintech players offering cards, KreditBee has become one of the fastest players in the country to cross the milestone, that is, within 60 days of its launch. It aims to expand the portfolio by issuing over 1 million ‘KreditBee Cards’ by March 2022.

KreditBee has been instrumental in providing instant and hassle-free ‘KreditBee Card’ to all its customers. Over 75% of these card customers acquired by the company are from metros and Tier-1 cities like Bengaluru, Mumbai, Hyderabad, Pune, and Thane, among others. Currently, almost 70% of these card holders are below the age of 30 years.

‘KreditBee Card’ provides the unserved and underserved banking customers, a quick and secured access to short-term liquidity with multiple repayment options, eliminating the need to avail a separate loan. The customer can avail credit limit upto ₹ 10,000 that can be repaid within a single billing cycle not extending beyond 45 days.

Customers can make multiple withdrawals or purchases (within the credit limit). It will also assist the new to credit customers, to build their credit score, which can help them to avail financing in future, ushering in a healthy credit culture and financial inclusion at the same time.

Madhusudan Ekambaram, Co-Founder & CEO, KreditBee, said, “We at KreditBee are proud to have achieved this milestone of crossing 1 lakh KreditBee Cards within a short span of less than 60 days. These growing numbers represent the trust and confidence that customers are showing in us and I would also like to thank our partners. We aim to democratize credit in India by issuing more KreditBee Cards, which will function as virtual cards for responsible borrowers, irrespective of their demographic & income group. Towards the same, we intend to issue over 1 million cards to the customers by March 2022.”

Key feature of KreditBee Card:

• 100% Virtual- A virtual card will be generated on the app and can be used for transactions instantly
• Safe & Secure- The card is generated on the KreditBee app & is secured with a PIN
• Fast Access- The underwriting process is AI-driven and generates a card immediately
• Quick Credit Upgrade- Customers can upgrade their credit limit within a single billing cycle
• No Hidden Charges- A 100% transparent product with absolutely no irrational fees & charges

Steps to avail the ‘KreditBee Card’

• Sign in to the KreditBee app >> Click on the ‘KreditBee Card’ section >> Select ‘Check Eligibility’
• To activate the card, click on ‘Activate Card’ on the KreditBee App >> Provide your bank account details & sign the agreement >> Use Card to withdraw cash or make online payments

Business World

India SME expands its Fintech Portfolio with ₹ 60 Cr investment in KreditBee

Jun 3, 2021 by Neel Achary 0 Comments #KreditBee

The investment comes in the form of both equity & debt investment, and follows a ₹1,070 Crore Series-C round concluded in Feb 2021

June 3, 2021: India SME Investments has recently expanded its portfolio in the BFSI segment by infusing a capital of ₹ 60 Crores into the holding entity of KreditBee. The investment comes in the form of both equity & debt. This round is a follow-up tranche of investment from India SME after having invested ₹ 28.4 Crores in September 2019 as debt in Krazybee Services Private Limited, the RBI-backed NBFC-ND-SI which is a part of the holding company of KreditBee.

The investment news comes as a follow-up of a recent round raised by the holding group entity of KreditBee from marquee investors like Premji Invest, TPG-backed NewQuest Capital Partners, Motilal Oswal Private Equity, Mirae Asset Ventures and Alpine Capital. KreditBee is a Fintech lending platform focused on providing financial inclusion in India via digital lending solutions in the form of Personal Loans. The platform looks to expand its lending portfolio by introducing financial services like BNPL (Buy-Now-Pay-Later) and Insurance, among others.

SIDBI backed India SME Investments focuses on investing in early-growth companies, primarily based out of/operating in Tier 2/3 cities, targeting the lower/middle-class segment and benefiting from changing consumer preferences. Its other investments include Citykart (largest value-retailer in UP and Bihar), Kushal’s (India’s largest fashion jewellery brand) and snacking company Priniti.

India SME has been associated with KreditBee for more than 24 months, and believes that the team has deep rooted understanding of fintech space, wherein it has scaled its business by more than 5x on the back of seasoned credit analytics, optimal control on CAC and prudent product selection.

Business World

Worried about month-end expenses? Here are Top 5 micro-lending platforms to avail the short-term credit loans as per your requirements

Nov 25, 2020 by Gouri Achary 0 Comments #Happy Loans, #KreditBee, #micro-lending platforms, #MoneyTap, #month-end expenses, #short-term credit loans, #Shubh Loans, #SmartCoin

Are you worried about the month-end expenses already because you have to pay important bills or a sudden expense came up and you are low on funds? The first instinct may be to ask family or friends and if the amount is quite high, you could decide to apply for a bank loan. But now micro-lending platforms are offering instant loans with competitive interest rates and tenure durations. Applying for a loan with these fintech companies isn’t just easy but also quicker than traditional options like banks. Hence, we have curated a list of the Top 5 micro-lending platforms to help you choose a loan by comparing and selecting the best loan as per your requirement.

1. SmartCoin– SmartCoin is India’s first fully-automated next-gen Fintech company aiming to address the credit requirements of innumerous self-employed micro-entrepreneurs, micro-merchants and middle/lower-income salaried individuals. At SmartCoin, anyone can avail loan from Rs. 1000 – up to 25,000 with a tenure of 91 days to 120 days. Through SmartCoin, you can avail instant repeat loans as it also improves the credit history of the customer by allowing them to get higher loans later if the initial loan is repaid on time. Customers get a bank transfer once they finish filling all details within a few hours on its app. It also offers its customers completely paperless transactions. SmartCoin also offers the Flexi-loan and repayment schedule options to its customers as well.

2. MoneyTap– MoneyTap is a Bengaluru-based fintech company. It disrupted the digital lending business by offering lines of credit in the form of personal loans for consumers, in partnership with RBL Bank. It recently received an NBFC licence, which they intend to use to enter into co-lending space with their lending partners. This allows them to offer better interest rates to customers. MoneyTap has been offering quick collateral-free personal loans to borrowers since 2016. One of its notable features is that it has a very simple documentation process for getting a personal loan. The mobile app also allows you to keep track of all the borrowings.

3. Shubh Loans: Shubh Loans- a Bengaluru-based fintech startup which is a lending app that is helping a growing number of salaried employees (starting from 12K) in getting a loan of up to 5 Lacs with a long term (up to 4 years) EMI tenure. The smart credit model deviates from the traditional model (where the individual’s repayment capacity is the sole criteria) and replaces it with the Shubh Loans credit model (which analyzes repayment capacity of and intention-to-pay by the individual.

4. Happy Loans: Happy assess over 1,000 variables about the merchants to underwrite their micro-business. Its credit model is based on the merchant’s level of business engagement with the partner, his behaviour towards borrowing, APIs, demographics, and business trends. If the merchant is doing healthy business with the partner, he/she is likely to get a big credit line from Happy Loans. Promising a unique borrowing experience to Indians, Happy Loans provides customised loan offerings to the micro-enterprises’ owners to meet their specific demands. It even offers micro business loans that start as low as Rs 2,000 for the duration as minimum as 30 days.

5. KreditBee– KreditBee is an instant personal loan app for young professionals. You can get a loan of up to ₹ 1 Lakh. The loan process is 100% online. The disbursement is done within 15 mins, and the amount is directly credited to your bank account. Launched two years ago, KreditBee is an Instant Personal Loan platform for self-employed and salaried professionals. They can apply for Personal loans starting from Rs 1,000 up to Rs 2 Lakhs as per their requirement. The documentation required is very minimal, and the entire process – starting from registration on our app to loan disbursement does not take more than 15 minutes. They offer Flexi Personal Loans that are the smaller ticket size loans ranging from Rs 1,000 to Rs 10,000, to suffice the needs of salaried and self-employed for small expenses or unexpected emergencies, as also an essential infusion from much-needed funds during cash crunch at the end of the month.