· Aims to issue more than 1 million cards by end of FY 2022
. To service over half a million of new-to-credit customers
Bengaluru, NFAPost: KreditBee, one of India’s leading digital lending platforms said it has issued over 1,00,000 cards becoming 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 up to ₹ 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.
KreditBee Cofounder and CEO Madhusudan Ekambaram said KreditBee is 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,” said Madhusudan Ekambaram.
Towards the same, Madhusudan Ekambaram said KreditBee 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
KreditBee is a FinTech Platform which facilitates instant personal loans to professionals, where they can avail loans up to ₹2 lakhs as per their requirement.
With a strong focus on online tech-based and data-centric KYC, KreditBee envisions solving the financial inclusion gap in the varied demographic segments of the country.
The platform is backed by various lenders, including a Systemically Important NBFC Krazybee Services Private Limited, registered with RBI since May 2017, as well as various debt & platform partners.
KreditBee is a brand of Finnovation Tech Solutions Pvt Ltd and is currently a Series-C funded entity with a cumulative fundraise of over $200 Million. It is backed by some key VC funds, family offices and financial institutions like Azim Premji’s Premji Invest, Motilal Oswal Private Equity, TPG-backed NewQuest, South Korea’s Mirae Asset Venture, and US-based Alpine Capital. Some other marquee investors include ICICI Bank, Arkam Ventures and SIDBI’s investment arm IndiaSME Investments. Currently, it has 5 million loan customers, out of which over 2 million are active loan customers.
