Credit card payments and financial services player CRED said on November 29 that it will acquire Hyderabad-based SaaS player CreditVidya, which offers lending-as-a-service, for an undisclosed amount to expand its lending offerings. The transaction is a mix of cash & stock, and closure of the acquisition is subject to requisite approvals, CRED added.
Founded in 2012 by financial analyst Abhishek Agarwal and banking veteran Rajiv Raj, CreditVidya’s full-stack platform enables businesses to embed customized credit products through APIs.
The platform offers the entire customer lifecycle - from origination to underwriting to collections of loans. It also allows customers to borrow from its lending partners including TVS Credit, Aeon Credit, Fullerton India etc.
Kunal Shah, founder, CRED, said in a statement, “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.”