Credit Fair will leverage the capital infusion to augment its technology team, enhance underwriting models and expand into Tier 2 and Tier 3 cities
Mumbai: Credit Fair, a consumer lending fintech startup, has raised $15 million as part of its seed round led by seasoned angel investors Anand Ladsariya and Alok Agarwal, who have previously backed start-ups including Oyo, Ola, Myntra, Healthkart, Wow Momo, Uniphore and 1mg.
The fintech startup will leverage the capital infusion to augment its technology team, enhance underwriting models and expand into Tier 2 and Tier 3 cities to scale its assets under management and progress further in it’s the mission of delivering financial inclusion, it said in a release.
The start-up envisions enabling every Indian to move up the credit ladder by providing access to the right amount of credit at the right cost and time, it added.
“Our venture aims to financially empower Indians from remote areas or those without a credit score who traditionally comprise some of the most unbanked and underserved segments across the country. To this end, we are extending credit across key sectors that are crucial for improving India’s social infrastructure, especially in these Covid times, and secure the support of seasoned angels like Siddharth and Alok, who believe in our vision. We will utilize the funding to accelerate our advance towards creating a financially inclusive future for Bharat" said Aditya Damani, Founder – Credit Fair.
Founded in 2018, the company offers lending solutions to both businesses and private individuals at no cost or low cost, unsecured loan options at the point of sale. The ticket size ranges from ₹10,000 to ₹20 lakh and tenure from three months to three years.
Credit Fair emerged as one of the most trustworthy financial partners for 1,000+ merchants including notable brands like upGrad, Nova IVF , Design Cafe, Asian Paints, Arrivae, Hero Electric and Ampere by Greaves to name a few.
The proceeds will be utilized to scale by expanding merchant partnerships and to grow active merchants by 5 times in 1 year and 15 times in 2 years, to grow disbursement to a $10 million run rate per month in 2 years, focus on consumers with one loan product or no credit instrument and deliver instant disbursements to our merchant partners.