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Fintech platform <keyword id="6557529" type="General" weightage="100" keywordseo="kreditbee" source="Orion">KreditBee</keyword> on Friday said it has closed $200 million in its Series D round by raising an additional $100 million in primary funding from <keyword id="312345" type="General" weightage="80" keywordseo="advent-international" source="Orion">Advent International</keyword>, Mitsubishi UFJ Financial Group (<keyword id="380218" type="General" weightage="80" keywordseo="mufg" source="Orion">MUFG</keyword>) and existing investors. Last month, the company raised tranche 1 of Series D from MUFG, Japan's largest bank, along with existing investors Premji Invest, <keyword id="15088227" type="General" weightage="50" keywordseo="motilal-oswal-alternates" source="Orion">Motilal Oswal Alternates</keyword>, NewQuest Capital Partners, and Mirae Asset Venture Investments. KreditBee said the additional capital raised will be deployed towards scaling the existing business and diversifying its product offering by venturing into digitally enabled financial products. "This reinforces the confidence in our profitable business model and its long-term sustainability of it. The latest round will help us to achieve our vision of serving over 400 million middle-income population in the country," said Madhusudan Ekambaram, Co-Founder and CEO, KreditBee. The platform aims to cross-asset under management (AUM) of more than $1 billion over the next 6-9 months. "We believe KreditBee's proprietary underwriting tech stack is one of the best in the industry and helps in its ability to identify and underwrite future prime customers at an early stage," said <keyword id="1581364" type="General" weightage="50" keywordseo="shweta-jalan" source="Orion">Shweta Jalan</keyword>, Managing Partner at Advent International. KreditBee currently has 7 million loan customers, out of which over 3 million are active loan customers. "KreditBee has witnessed several credit cycles and has come out stronger each time reflecting the adaptability and resilience of its business model," said Ashish Dave, CEO of Mirae Asset Venture Investments. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/an-aai-and-two-college-dropouts-home-snacks-biz-sends-shark-tank-judges-into-a-bidding-war/articleshow/96784920.cms">An aai and two college dropouts’ home snacks biz sends Shark Tank judges into a bidding war</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/reliance-makes-open-offer-to-acquire-26-stake-in-lotus-chocolate/articleshow/96791043.cms">Reliance makes open offer to acquire 26% stake in Lotus Chocolate</a>

KreditBee closes $200 million Series D from Advent International, MUFG Bank, others

Bengaluru, Bengaluru-headquartered <keyword id="2461546" type="DOMAIN" weightage="20" keywordseo="FinTech">FinTech</keyword> lending startup <keyword id="6557529" type="UNKNOWN" weightage="20" keywordseo="KreditBee">KreditBee</keyword> on Monday said it has concluded its Series C equity round worth $75 million (about ₹545 crore) from <keyword id="648852" type="LOCATION" weightage="20" keywordseo="Premji-Invest">Premji Invest</keyword>, Mirae Asset Naver Asia Growth Fund, Alpine Capital and <keyword id="9361494" type="COMPANY" weightage="20" keywordseo="Arkam-Ventures">Arkam Ventures</keyword> consisting of both primary and secondary investment. With the current round of fund raise, the company wants to drive credit uptake in the economy especially for the unserved and underserved segment of the population. "With a larger portfolio of loan products, our objective is to provide credit to over 180 million New-to-Credit customers who were not provided formal credit earlier. This investment would help us take more positive steps towards achieving that," <keyword id="229206" type="DOMAIN" weightage="20" keywordseo="Madhusudan">Madhusudan</keyword> E, Co-Founder &amp; CEO of KreditBee, said in a statement. The holding entity previously raised over $43 million cumulatively in equity from marque investors including ICICI Bank and Arkam Ventures. Registered in March 2016, the group entity also holds Krazybee Services Private Limited -- a non-deposit taking non-banking financial company (NBFC-ND-SI). The group launched its flagship brand KreditBee in May 2018, focused on full-stack digital lending for young professionals. The platform specialises in providing digital personal loans and consumer durable loans to both salaried and self-employed. The loan amount disbursed can go as high as ₹2 lakh while the tenures range from two months to 15 months. The company said it currently has over 1,200 employees and a user base of over 20 million with over 4 million credit customers. The platform plans to diversify its product offering by venturing into digitally-enabled secured loans, home loans and credit line. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s21-ultra-5g-review-the-best-android-smartphone-yet/articleshow/80913148.cms">Samsung Galaxy S21 Ultra 5G review – the best Android smartphone, yet</a> <a href="https://www.businessinsider.in/business/startups/news/this-startup-helps-you-watch-shows-shop-online-and-access-the-internet-even-without-a-data-connection/articleshow/80918896.cms">This startup helps you watch shows, shop online and access the internet even without a data connection</a> <a href="https://www.businessinsider.in/science/research/news/worlds-oldest-beer-factory-discovered-in-egypt-was-producing-50000-pints-at-a-time/articleshow/80920087.cms">Drink like an Egyptian: Historians discover the world’s oldest beer factory in Egypt</a> <a href="https://www.businessinsider.in/stock-market/news/elon-musk-wants-major-holders-of-cryptocurrency-dogecoin-to-sell-most-of-their-coins/articleshow/80920866.cms">Elon Musk wants major holders of cryptocurrency Dogecoin to sell ‘most of their coins’</a>

Lending startup KreditBee gets ₹545 crore from Premji invest, Mirae Asset and others

<ul><li>Smartphone giant, <keyword id="874458" type="COMPANY" weightage="20" keywordseo="Xiaomi">Xiaomi</keyword> is all set to enter <keyword id="6355260" type="UNKNOWN" weightage="20" keywordseo="NBFC">NBFC</keyword> sector to provide consumer loan and b2b credits. </li><li>Its newly registered company, Xiaomi Financial Services India is soon going to seek RBI’s permission to commence operation as NBFC. </li><li>The board of directors include Xiaomi’s Corp co-founder Feng Hong and Xiaomi’s India MD <keyword id="1677962" type="PERSON" weightage="20" keywordseo="Manu-Kumar-Jain">Manu Kumar Jain</keyword>. </li></ul>The Chinese smartphone manufacturer, Xiaomi is mulling an entry into India’s Non Banking Financial Company (NBFC) sector by launching its new company Xiaomi Financial Services India. The company plans to provide consumer financing and business-to-business lending in India. The new company was established on 10 October as a subsidiary of Xiaomi Singapore Fintech and Xiaomi Finance HK Ltd. The newly incorporated company is yet to seek RBI’s approval to operate as a NBFC in India. It has nominated Xiaomi Corp co-founder Feng Hong and Xiaomi India MD Manu Kumar Jain as the board of directors for Xiaomi Financial Services. According to recent media reports, the smartphone major is planning to offer consumer loans against e-commerce purchases such as home appliances, electronics and apparels. Further, it is also looking forward to provide credit to business against any acquisition of assets and goods. All the services will be provided using online platforms. Xiaomi has already launched <keyword id="6552363" type="UNKNOWN" weightage="20" keywordseo="Mi-Credit">MI Credit</keyword> and <keyword id="5621021" type="UNKNOWN" weightage="20" keywordseo="Mi-finance">MI Finance</keyword> as Fintech in India. MI Credit with KreditBee provides personal loans, whereas, MI Finance has tied up with ZestMoney to provide the EMI facility.

After making its debut in fintech, Xiaomi to enter Indian NBFC sector soon

After the success of its pilot programme in India, Xiaomi is back with its digital lending platform <keyword id="6552363" type="UNKNOWN" weightage="20" keywordseo="Mi-Credit">Mi Credit</keyword>. Through the app, the company provides instant loans up to ₹1 lakh to users within five minutes. Earlier, Xiaomi had partnered with KreditBee to disburse loans. This time around, it has partnered with Aditya Birla Finance, Money View, EarlySalary, CreditVidya and ZestMoney. Xiaomi is providing real-time disbursements and supports all major banks on its platform. How to avail an <keyword id="4381247" type="PERSON" weightage="20" keywordseo="instant-loan">instant loan</keyword> from Mi Credit The loan application process is 100% digital and takes just five minutes. Just follow the below steps to avail a loan up to ₹1 lakh from Mi Credit: <ul><li>Download the <a href="https://play.google.com/store/apps/details?id=com.micredit.in.gp">Mi Credit</a> app from the Google Play Store.</li><li>Sign in using your phone number or your Mi account.</li><li>Once you sign in, you will see a banner that says, ‘Maximum loan amount ₹1,00,000’.</li><li>Click on the ‘Complete’ button.</li><li>Now, enter the required information such as your name, gender, date of birth, email ID, PAN number and pin code.</li><li>Agree to the terms and conditions at the end and click on ‘Submit’.</li><li>You will then be asked to submit your address proof and a selfie as part of KYC.</li><li>A loan profile will inform you whether you are eligible for a loan.</li><li>If you are eligible, you will be asked to submit your bank account details and the loan will be disbursed to your account.</li></ul>How to check your credit score on Mi Credit app In addition to availing an instant loan, you can also check your credit score on the Mi Credit app for free. <ul><li>Download the <a href="https://play.google.com/store/apps/details?id=com.micredit.in.gp">Mi Credit</a> app from the Google Play Store.</li><li>Sign in using your phone number or your Mi account.</li></ul><ul><li>At the bottom bar, click on ‘Profile’.</li><li>Now, click on ‘Credit Report’.</li><li>Provide the required details, including your PAN number.</li><li>Agree to the terms and conditions at the bottom and click on ‘Submit’.</li></ul>Once your credit report is ready, it will be sent to your registered email address.

Here’s how you can avail an instant loan from Mi Credit

<ul><li>According to <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>, the <keyword id="19945816" type="General" weightage="20" keywordseo="fintech" source="keywords">Fintech</keyword> <keyword id="881153" type="General" weightage="20" keywordseo="self-regulatory-organisation" source="Orion">self regulatory organisation</keyword> (SRO-FT) would derive its strength from its membership, ensuring that it is truly representative of the <keyword id="6133582" type="General" weightage="20" keywordseo="fintech-sector" source="Orion">fintech sector</keyword>. </li><li>The <keyword id="19901291" type="General" weightage="20" keywordseo="sro" source="keywords">SRO</keyword> model enables a balance between regulation and innovation, which is especially critical in fast-evolving sectors such as fintech. </li><li>The SRO-FT is anticipated to function impartially, with credibility and responsibility under the supervision of the regulator. </li></ul>The Reserve Bank(RBI) of India has released a preliminary framework outlining general functions, governance standards, and eligibility requirements for the establishment of a self-regulatory organisation for FinTech firms (SRO-FT). The recognition of SRO-FTs would be determined by the quantity and characteristics of the applications received. According to the RBI, “The SRO-FT would derive its strength from its membership, ensuring that it is truly representative of the fintech sector. Through comprehensive membership agreements that encompass a broad spectrum of industry players, the SRO-FT should gain the legitimacy and credibility to not only frame baseline standards and rules of conduct codes, but also to effectively monitor and enforce them.” Keeping up with technological progress “The RBI's move to establish an SRO framework is a game-changer in financial regulations, especially for digital lending and AI-driven innovation. This is a strong shift towards a collaborative, adaptive ecosystem. By integrating industry insights into regulation, we're ensuring that rules are practical and keep up with technological progress, fostering innovation and growth,” says <keyword id="20212226" type="General" weightage="20" keywordseo="adhil-shetty" source="keywords">Adhil Shetty</keyword>, CEO, BankBazaar, a financial marketplace. He adds that the SRO model enables a balance between regulation and innovation, which is especially critical in fast-evolving sectors such as fintech. This is not just about ensuring compliance; it's about creating a culture of integrity and ethical practices that are ingrained in the industry's DNA. The RBI's commitment to this collaborative approach is thus a significant step in developing a resilient financial ecosystem. Healthy and sustainable growth of the fintech sector “The creation of an SRO is seen as crucial in combating the influence of unscrupulous lenders, promoting ethical conduct, strengthening lending infrastructure, and formulating adaptable regulatory strategies,” says <keyword id="20212225" type="General" weightage="20" keywordseo="madhusudan-ekambaram" source="keywords">Madhusudan Ekambaram</keyword>, Co-founder and CEO, KreditBee, a personal loan app. The SRO-FT is anticipated to function impartially, with credibility and responsibility under the supervision of the regulator. Its primary goal is to contribute to the healthy and sustainable growth of the fintech sector, while also charting a smooth path to phased regulatory compliance when necessary. “This collaborative and participatory approach aligns with the RBI's overarching objective of fostering a resilient and sustainable financial ecosystem, emphasising ethical behaviour and transparency,” says Ekambaram. The SRO-FT is thus expected to play a pivotal role in shaping the course of digital lending in India by ensuring the adoption of responsible practices and maintaining integrity within the industry.

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KreditBee closes $200 million Series D from Advent International, MUFG Bank, others

IANS

Lending startup KreditBee gets ₹545 crore from Premji invest, Mirae Asset and others

IANS

After making its debut in fintech, Xiaomi to enter Indian NBFC sector soon

BI India Bureau

Here’s how you can avail an instant loan from Mi Credit

BI India Tech Bureau

Fintech SRO aims to enhance credibility of sector, promote ethical conduct

Anagh Pal

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