Fintech unicorn CRED acquires SaaS startup CreditVidya
Fintech unicorn have agreed to buy which operates a lending-as-a-service platform, for an undisclosed sum in a cash-and-stock deal that will help expand its customer base.
Kunal Shahfounder of CRED, said,
“Expanding access to credit is a key driver of economic progress. CreditVidya’s patented technology stack uncovers signals of trust among underserved cohorts. We look forward to supporting them in running an inclusive credit ecosystem.”
Through its full-stack platform, CreditVidya aims to enable businesses to embed customized credit products through easy-to-integrate APIs. It provides AI-powered credit underwriting APIs to NBFCs and other financial institutions and companies.
Abhishek AgarwalCo-Founder and CEO, CreditVidya added,
“We have invested in building category-defining products that provide financial services to credit-underserved Indians through our partners, transforming how risk is assessed and trust measured to drive financial inclusion. In the next phase of our growth, as we build brand and scale distribution, we are excited to learn from the CRED team.”
While CRED and CreditVidya will continue to operate independently, CreditVidya’s 200+ team members will have all benefits extended to CRED team members, including the ESOP program.
In June this year, the fintech unicorn raised a fresh capital of $140 million (Rs 1,089 crore) – primary and secondary – as part of its Series F funding round from new and existing investors.
The round was led by GIC (via Lathe Investment), followed by Tiger Global, Sofina Ventures SA, Falcon Edge and Dragoneer. This new round valued the company at $6.4 billion – 60% higher than its previous valuation of $4.01 billion when it raised a $251 million Series E funding round from existing investors in October 2021.
In 2019, CreditVidya raised $3 million in funding in a round led by Bharat Innovation Fund, with participation from the founders of Falcon Edge Capital—Ryan Khoury, Navroz D Udwadia and Rick Gerson. It was an extension of the $5 million Series B round raised in September 2017 and led by Matrix Partners.
(The story was updated with additional information and to correct a typo.)