Creditas Will Use The Funding To Expand The Team, Make Investments In Technology
Gurugram-based fintech startup, Creditas Solutions, raised an undisclosed amount in a Pre-Series A funding round led by its existing investor 1Crowd, an equity crowdfunding platform.
The funding round witnessed participation from marquee investors including Infina Finance, an investment company, angel investors Aniruddha Malpani (IVF specialist), Daud Ali (entrepreneur and business leader) and S Sriniwasan (Managing Director – Kotak Investment Advisors).
The company plans to use the latest funding for expansion of the team, data science capabilities and to make investments in technology, particularly to focus on providing banks a single platform to manage the entire delinquency cycle.
Commenting on the funding, Anshuman Panwar, Co-founder, Creditas said, “This new round of funding not only gives us the capital to scale exponentially but also validates the faith the banking sector is reposing in our solutions.”
Creditas: Helping Banks, NBFCs Optimise Solutions And Reduce Costs
Founded in 2015 by Anshuman Panwar and Madan Srinivasan, Creditas helps banks and NBFCs optimise customer acquisition, cross-sell, delinquency detection, financial literacy, and debt recovery.
Talking about the investment, Anil Gudibande, Co-founder of 1Crowd said, “Creditas’ stack of digitisation and automation products and solutions for the banks and NBFCs increase productivity sharply and reduce costs. This is an excellent example of how 1Crowd continuously supports its investee companies with growth capital to help them scale greater heights.”
Creditas offers solutions for financial institutions to have granular profiles of customers and connect with the same digital, either via emails, messaging, Facebook and other social media alternatives. Some of its clients in banking and finance sector include HDFC, ICICI, Axis, Citibank, Kotak and Capital First.
Recognising the need of customer satisfaction, banks have been constantly looking at various startups to address their internal programmes and innovation needs. The HDFC Bank has partnered with players like Tone Tag and Chillr while Axis Bank partnered with Vayana Network, Ping Pay service, etc. Other players in the banking sector like YES Bank, ICICI Bank and State Bank of India have also partnered with startups at various stages.
In the customer engagement sector, players like ZineOne, Easyrewardz, The Bluebook, MoEngage, Codemojo etc. have caught the attention of the Indian startup ecosystem.
Recently, ZineOne raised $2.5 Mn funding from Omidyar Network, while Easyrewardz raised $2 Mn in Series A funding from TransContinental Venture Fund and other investors.
As per Inc42 DataLabs report, the Indian fintech industry received $3.01 Bn funding across 111 deals in 2017. In the growing fintech startup space, the new plans of Creditas with the latest funding from 1Crowd will be awaited.
