CRED, the fintech unicorn, has agreed to buy CreditVidya, which offers a lending-as-a-service platform, for an undisclosed amount in a cash-and-stock transaction that would help it grow its customer base.
“Expanding access to credit is a key driver for financial progress. CreditVidya’s patented tech stack uncovers signals of trust among under-served cohorts. We look forward to supporting them in powering an inclusive credit ecosystem” stated Kunal Shah, Founder of CRED.
CreditVidya’s full-stack platform intends to enable businesses to incorporate customised credit products using simple-to-integrate APIs. It offers AI-powered credit underwriting APIs to NBFCs and other financial firms and businesses.
“We’ve invested in building category-defining products that bring financial services to credit under-served 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”said Abhishek Agarwal, Co-founder and CEO of CreditVidya. While CRED and CreditVidya will continue to operate independently, CreditVidya’s 200+ team members will receive all of the same advantages as CRED team members, including the ESOP programme. In June of this year, the fintech unicorn raised $140 million (Rs 1,089 crore) in new and existing capital as part of its Series F fundraising round from new and existing investors. GIC (through Lathe Investment) led the financing, with Tiger Global, Sofina Ventures SA, Falcon Edge, and Dragoneer following. This new round valued the company at $6.4 billion, which is 60% higher than its prior valuation of $4.01 billion when it obtained a $251 million Series E funding round from current investors in October 2021.
