Fintech startup founders weigh in possibilities of illegal cross border data sharing and cybersecurity threats
Along with online lending platforms like Kissht and PayU-backed LazyPay, Meity's ban list includes Kreditbee, Ola Avail Finance, and a few home loan and B2B lending apps.
The steps taken to simply KYC will in turn simplify digital spending and investment processes, say fintech startups and investors.
In a candid interview with Moneycontrol, KreditBee co-founder and CEO Madhusudan Ekambaram said that he intends to take the company public in three years. He also shared the rationale behind raising funds and provided an overview of the company's revenue and profit numbers.
The new funds will be used for scaling KreditBee's existing business and diversifying its product offerings by venturing into digitally enabled financial products
KreditBee will use the funds to venture into secured loans, home loans, and credit lines. It will also add financial services like insurance, credit score report, and merchant-side offers, among others.
The move may impact credit products of fintech players who extend credit through prepaid payment instruments such as prepaid cards and wallets.
The company’s Co-founder and CEO Madhusudan Ekambaram said that in the next three to five years the company hopes to grow its customer base to 10 percent of India’s population. KreditBee will soon foray into the Buy Now Pay Later (BNPL) segment, he added.
The company had recently raised USD 75 million from marque investors Premji Invest, Mirae Asset Ventures, Alpine Capital and Arkam Ventures.
The Indian startups space remained abuzz with deal activities this week, with KreditBee raising $75 million.