KreditBee partners with Mswipe to offer ‘Cardless EMI’

Bengaluru-based fintech lending platform KreditBee, today announced its partnership with Mswipe to offer a fully digital mode of payment – ‘Cardless EMI’ at leading retail stores. With this partnership, KreditBee is expanding its reach in offline space and making it easy and convenient for customers to shop by converting transactions into digital EMIs. The company aims to enable purchases of more than INR 5 Crore per month.

Aims to reach out to over 5,00,000 retail stores and disburse to more than 5 million customers over the next two years
Customers can now shop offline with ease and flexibility across merchant stores nationwide where Mswipe terminal is present

Through this partnership, Mswipe aims to empower merchants with its Brand EMI offering and increase footfalls at merchant stores while also adding value to its brand partners. The partnership comes ahead of the festive season with Christmas and New Year’s approaching and will significantly benefit Mswipe’s partners.

Speaking on the initiative, Mr. Madhusudan Ekambaram, Co-founder & CEO, KreditBee said, “We are delighted to have partnered with Mswipe to offer a distinctive financing option in the form of Cardless EMI. We, at KreditBee, continue to strive to address customers credit needs by providing effective and convenient financing solutions. Considering the Indian consumers increased focus on ease and convenience in services, the idea is to have an integrated 360-degree checkout flow to render their transactions accessible and hassle-free. In our partnership with Mswipe, we plan to jointly extend effective credit solutions to a larger consumer base, including the underserved individuals.”

Mswipe CEO Mr. Ketan Patel said, “While BNPL offers customers the ability to make instant purchases even when they lack funds at that moment, it is also helping small businesses to increase footfalls which in turn boosts overall sales. EMI transactions on Mswipe terminals are 3X compared to last year, with merchants enjoying services at affordable rates on POS machines and Pay by link. We are excited to partner with KreditBee as this partnership will help in improving the checkout process significantly and reduce the time taken to complete the purchase.”

Under ‘Cardless EMI’, KreditBee will provide ‘Pay Later’ options for purchases upto INR 1 lakh and the transactions can be converted into EMI ranging from 3 to 12 months. Customers can shop in retail stores with an easy and flexible ‘Cardless EMI’ option at over two lakh merchant stores associated with Mswipe. Additionally, KreditBee aims to partner with over five lakh retail stores across India by the end of financial year 2022.

About KreditBee

KreditBee is a FinTech Platform which facilitates instant personal loans to professionals, where they can avail loans up to ₹2 lakhs as per their requirement. With a strong focus on online tech-based and data-centric KYC, KreditBee envisions solving the financial inclusion gap in the varied demographic segments of the country. The platform is backed by various lenders, including a Systemically Important NBFC Krazybee Services Private Limited, registered with RBI since May 2017, as well as various debt & platform partners. KreditBee is a brand of Finnovation Tech Solutions Pvt Ltd and is currently a Series-C funded entity with a cumulative fundraise of over USD 200 Million. It is backed by some key VC funds, family offices and financial institutions like Azim Premji’s Premji Invest, Motilal Oswal Private Equity, TPG-backed NewQuest, South Korea’s Mirae Asset Venture, and US-based Alpine Capital. Some other marquee investors include ICICI Bank, Arkam Ventures and SIDBI’s investment arm IndiaSME Investments. Currently, it has 5 million loan customers, out of which over 2 million are active loan customers.

About Mswipe

Mswipe aims to be India’s largest financial services platform for SMEs by providing seamless, omnichannel digital payments and other value-added financial services. It is the largest independent mobile POS merchant acquirer and network provider with 6.75 lakh POS and 11 lakh QR merchants across the country. Mswipe offers a host of payment acceptance services for SME’s enabling them to accept – cards, wallets, mobile payment apps and bank apps, contactless and QR payments. Headquartered in Mumbai, Mswipe began operations in 2011. Its key investors include B Capital, UC-RNT, Falcon Edge Capital, Matrix Capital Partners, DSG Partners and Epiq Capital.

KreditBee issues over 100000 cards within 60 days of launch

KreditBee, one of India’s leading digital lending platforms, today announced that it has issued over 1,00,000 cards. Among the fintech players offering cards, KreditBee has become one of the fastest players in the country to cross the milestone, that is, within 60 days of its launch. It aims to expand the portfolio by issuing over 1 million ‘KreditBee Cards’ by March 2022. 

KreditBee has been instrumental in providing instant and hassle-free ‘KreditBee Card‘ to all its customers. Over 75% of these card customers acquired by the company are from metros and Tier-1 cities like Bengaluru, Mumbai, Hyderabad, Pune, and Thane, among others. Currently, almost 70% of these card holders are below the age of 30 years.

‘KreditBee Card’ provides the unserved and underserved banking customers, a quick and secured access to short-term liquidity with multiple repayment options, eliminating the need to avail a separate loan. The customer can avail credit limit upto ₹ 10,000 that can be repaid within a single billing cycle not extending beyond 45 days.

Customers can make multiple withdrawals or purchases (within the credit limit). It will also assist the new to credit customers, to build their credit score, which can help them to avail financing in future, ushering in a healthy credit culture and financial inclusion at the same time.

Madhusudan Ekambaram, Co-Founder & CEO, KreditBee, said, “We at KreditBee are proud to have achieved this milestone of crossing 1 lakh KreditBee Cards within a short span of less than 60 days. These growing numbers represent the trust and confidence that customers are showing in us and I would also like to thank our partners. We aim to democratize credit in India by issuing more KreditBee Cards, which will function as virtual cards for responsible borrowers, irrespective of their demographic & income group. Towards the same, we intend to issue over 1 million cards to the customers by March 2022.”

Key feature of KreditBee Card:

100% Virtual- A virtual card will be generated on the app and can be used for transactions instantly
Safe & Secure– The card is generated on the KreditBee app & is secured with a PIN
Fast Access- The underwriting process is AI-driven and generates a card immediately
Quick Credit Upgrade- Customers can upgrade their credit limit within a single billing cycle

No Hidden Charges- A 100% transparent product with absolutely no irrational fees & charges

Steps to avail the ‘KreditBee Card’

Sign in to the KreditBee app >> Click on the ‘KreditBee Card’ section >> Select ‘Check Eligibility’
To activate the card, click on ‘Activate Card’ on the KreditBee App >> Provide your bank account details & sign the agreement >> Use Card to withdraw cash or make online payments

About KreditBee

KreditBee launches ‘KreditBee Card’, a new age card for the new India

Aims to issue 1 Million cards by end of FY 2022
An initiative that will assist 500,000 new to credit customers driving healthy credit culture and leading to successful financial inclusion

Bengaluru | August : KreditBee, one of India’s leading digital lending platforms, today entered into the card segment with the launch of ‘KreditBee Card‘. The card provides the unserved and underserved banking customers, a quick and secured access to short-term liquidity with multiple repayment options, eliminating the need to avail a separate loan. KreditBee has partnered with RuPay and RBL Bank for the launch of this product. KreditBee Card is a credit-line backed prepaid card for the end consumer, where the amount is loaded into the KreditBee card account once the user sends a purchase or drawdown request.

KreditBee intends to offer 1 Million cards by the end of FY22. It offers versatility and flexibility in terms of ticket size and repayment options. The customer can avail credit limit upto 10,000 that can be repaid within a single billing cycle not going beyond 45 days.

The card-holder can make multiple withdrawals or purchases (within the credit limit) while paying lesser charges (no hidden charges). The virtual card will also assist the new to credit customers, to build their credit score, to be able to then avail financing in future, ushering in a healthy credit culture and financial inclusion at the same time.

Speaking on the new product launch, Madhusudan E, Co-Founder & Chief Executive Officer, KreditBee, said, “Credit card is an aspirational financial instrument. Less than 10% of bank customers in India have a credit card. Traditional banks and NBFCs are very stringent when it comes to issuing cards. We aim to democratize credit in India by issuing KreditBee Card, which works similar to a virtual credit card to anyone who is a responsible borrower, irrespective of their consumer demographic & income group. This is the best way for a new-to-credit customer to build credit history, which will in turn help them avail of bigger loans at a later stage. By the end of FY2022, we aim to issue 1 Million cards to the customers.”

Mr. Kunal Kalawatia, Chief of Products, NPCI said, “We are happy to collaborate with KreditBee and RBL Bank for the launch of virtual ‘KreditBee Card’ on RuPay network. We believe that this credit-line backed prepaid card dedicated to the underbanked population will serve as a catalyst to financial empowerment by making credit facilities accessible to all and drive financial inclusion in the country. This virtual prepaid card will provide a contactless as well as safe availing of credit and shopping experience for all its users. With the launch of this prepaid card, we are hopeful of witnessing increased demand for credit cards in the remote areas which in turn can further boost the penetration of RuPay cards in the country.”

Eligibility criteria for the offering: A Credit-linked Card for both Salaried & Self Employed across India

USPs of KreditBee Card:

100% Virtual– An e-card will be generated on the app and can be used for transactions instantly
Fast Access– The underwriting process is AI-driven and generates a card immediately
Quick Credit Upgrade– Customers can upgrade their credit limit within a single billing cycle
Safe & Secure– The card is generated on the KreditBee app & is M-PIN Protected
No Hidden Charges– A 100% transparent product with absolutely no irrational fees & charges

Here are simple steps to avail the ‘KreditBee Card’

Sign in to the KreditBee app >> Click on the ‘KreditBee Card’ section >> Select ‘Check Eligibility’
To activate card, click on ‘Activate Card’ on the KreditBee App >> Provide your bank account details & sign the agreement >> Use Card to withdraw cash or make online payments

KreditBee has raised cumulative funds of over USD 200 million. This is inclusive of the recent Series-C funding led by Azim Premji’s Premji Invest, NewQuest Capital Partners, Motilal Oswal Private Equity, Mirae Asset and Alpine, earlier this year. The company at present has a user base of more than 30 Million with over 5 million credit customers. It further plans to diversify its product offering by venturing into digitally-enabled secured loans, home loans and credit lines. This also involves expanding its lending portfolio by introducing financial services like BNPL (Buy-Now-Pay-Later) and Insurance, among others.

About KreditBee

KreditBee is India’s fastest FinTech Loan Platform that offers instant personal loans to salaried and self-employed individuals, where they can avail loans up to ₹2 lakhs as per their requirement. With a strong focus on online tech-based and data-centric KYC, KreditBee envisions solving the financial inclusion gap in the varied demographic segments of the country.

The platform is backed by a Systemically Important NBFC Krazybee Services Private Limited, registered with RBI since May 2017, as well as various debt & platform partners. KreditBee is a brand of Finnovation Tech Solutions Pvt Ltd and is currently a Series-C funded entity with a cumulative fundraise of over USD 200 Million. It is backed by some key VC firms and investment entities like Azim Premji’s Premji Invest, Motilal Oswal Private Equity, TPG-backed NewQuest, South Korea’s Mirae Asset Venture, and US-based Alpine Capital.

India SME expands its Fintech Portfolio with 60 Cr investment in KreditBee

The investment comes in the form of both equity & debt investment, and follows a ₹1,070 Crore Series-C round concluded in Feb 2021

June 3, 2021: India SME Investments has recently expanded its portfolio in the BFSI segment by infusing a capital of 60 Crores into the holding entity of KreditBee. The investment comes in the form of both equity & debt. This round is a follow-up tranche of investment from India SME after having invested ₹ 28.4 Crores in September 2019 as debt in Krazybee Services Private Limited, the RBI-backed NBFC-ND-SI which is a part of the holding company of KreditBee.

The investment news comes as a follow-up of a recent round raised by the holding group entity of KreditBee from marquee investors like Premji Invest, TPG-backed NewQuest Capital Partners, Motilal Oswal Private Equity, Mirae Asset Ventures and Alpine Capital. KreditBee is a Fintech lending platform focused on providing financial inclusion in India via digital lending solutions in the form of Personal Loans. The platform looks to expand its lending portfolio by introducing financial services like BNPL (Buy-Now-Pay-Later) and Insurance, among others.

SIDBI backed India SME Investments focuses on investing in early-growth companies, primarily based out of/operating in Tier 2/3 cities, targeting the lower/middle-class segment and benefiting from changing consumer preferences. Its other investments include Citykart (largest value-retailer in UP and Bihar), Kushal’s (India’s largest fashion jewellery brand), and snacking company Priniti. India SME has been associated with KreditBee for more than 24 months and believes that the team has deep rooted understanding of the fintech space, wherein it has scaled its business by more than 5x on the back of seasoned credit analytics, optimal control on CAC, and prudent product selection.

Re-opening of one time restructuring quote by KreditBee, FACE co-founder Mr. Madhusudan Ekambaram on RBI’s announcement

The RBI’s announcement of re-opening one-time restructuring for individuals and MSMEs till September 30, comes as a great relief. Further in cases where, individual borrowers and small businesses who have availed restructuring of their loans under Resolution Framework 1.0, lending institutions will be allowed to use the permitted 2 years window to modify such plans to the extent of increasing the period of moratorium and/or extending the residual tenor up to a total of 2 years. This welcoming move was the need of the hour, since individuals and businesses have been gravely affected by the pandemic’s second wave and lockdown-like situations, resulting in an acute economic stress on states. The RBI’s decision will provide the necessary headroom to the financial institutions to effectively re-evaluate their working capital and will work towards positively impacting the general sentiment in the economy