Fintech startup Credilio raises $4 mn pre-Series A funding round

FPJ Web DeskUpdated: Wednesday, March 23, 2022, 01:04 PM IST
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The pre-Series A funding round has been led by a clutch of investors./ Team Credilio: (L-R) Anand Kapadia, Aditya Gupta, and Sandeep Ghule | Credilio

Fintech startup Credilio has announced that it has raised $4 million (Rs 30 crores) in a pre-series A funding round with a clutch of investors that include Cornerstone Venture Partners Fund (CSVP Fund), Exfinity Venture Partners and Param Capital founder Mukul Agarwal in his personal capacity.

What does Credilio do?

Credilio says it helps any financial advisor educate customers and recommend products that are best suited to meet their personal credit requirements, and also facilitate digital onboarding of credit cards and loans seamlessly.

The company has created digital rails for distribution of personal finance products by leveraging open Banking APIs of leading Banks & NBFCs. It provides a simple mobile app and a customized recommendation tool that empowers financial advisors to be truly digital and future-ready, it said.

What will funds raised by used for?

The capital raised will power Credilio’s ambitious plans to meet an ARR of 100 crore by March 2023 and serve 25 million customers in the next 3 years, it said in a statement.

The fresh round of funds will be deployed towards strengthening Credilio’s lending product penetration by enhancing technology capabilities and harnessing the potential of evolving API stacks of Banks / NBFCs.

The capital will also be directed to kickstart the implementation of sophisticated analytical tools and credit bureau information to accurately find the best-suited product portfolio that meets the consumers’ requirements.

The start-up also plans to scale its presence with a stronger focus on tier 2-3 cities and introducing platform access in 7 regional languages.

Credilio is the brainchild of second-time entrepreneurial trio Aditya Gupta, Sandeep Ghule and Anand Kapadia. Their first venture TranServ solved for digital payments in the B2B segment, leading to a successful exit in March 2019 with Indiabulls Consumer Finance acquiring the startup.

Targets to onboard 1 mn financial advisors in 24 months

Speaking on the fundraise, Aditya Gupta, Co-Founder and CEO, Credilio, said, “India currently has over 6 million individuals engaged in selling financial products such as loans, cards, insurance and investment products manually. The traditional personal finance (Credit cards & Loans) market is largely dependent on intermediaries and riddled with manual processes and that’s the challenge Credilio aims to solve by creating India’s first advisor-led technology platform for distribution of personal finance products. With this raise, we aim to not only strengthen our core offerings but also scale the platform to expand our footprint effectively deeper into the country. Our investors bring together a perfect blend of experience in backing early stage companies that can go on to become listed enterprises. Our target is to onboard 1 million Financial Advisors for loans and cards over the next 24 months.”

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