Bengaluru-based fintech lending platform KreditBee’s holding entity, Finnov has raised an additional $70 million in a follow-on Series C round from TPG-backed NewQuest Capital Partners and Motilal Oswal Private Equity.
The conclusion of the round has led to an exit of most of the early-stage investors. it follows on from a recent $75 Million round from marque investors Premji Invest, Mirae Asset Ventures, Alpine Capital and Arkam Ventures.
Launched in May 2018, KreditBee focuses on full-stack digital lending for young professionals. The platform has acquired over five million unique credit customers.
The firm says the new capital will be used ti scale up its lending portfolio beyond personal loans into other lending products. Services under evaluation include secured lending and added value products such as insurance and cards.