Fintech Startup Creditas Raises Pre-Series A Funding From 1Crowd And Others

Fintech Startup Creditas Raises Pre-Series A Funding From 1Crowd And Others

SUMMARY

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.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Fintech Startup Creditas Raises Pre-Series A Funding From 1Crowd And Others-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Fintech Startup Creditas Raises Pre-Series A Funding From 1Crowd And Others-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Fintech Startup Creditas Raises Pre-Series A Funding From 1Crowd And Others-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Fintech Startup Creditas Raises Pre-Series A Funding From 1Crowd And Others-Inc42 Media
Fintech Startup Creditas Raises Pre-Series A Funding From 1Crowd And Others-Inc42 Media
You’re in Good company