Fintech startup CreditVidya has raised $2 million in Series A funding from Kalaari Capital.
The investment will help the company enhance its technology platform and launch additional products, minimize fraud rates and accelerate verification processes of potential customers.
Abhishek Agarwal, Co-founder and CEO of CreditVidya said, “Non-traditional internet and mobile data sources provide a rich source of social, behavioural and transactional data which when combined with advanced analytics is fuelling a new wave of credit risk assessment. Our big data platform leverages over 10,000+ such unique digital data points to assess the creditworthiness of a potential borrower. We work very closely with our lending partners to develop customized scorecards for their product offering so that
they can approve more creditworthy customers. The goal to drive financial inclusion by enabling access to credit through our technology platform is what motivates us!”
The company’s current clients include banks and non-banking financial institutions such as Fullerton India, Bajaj Finserv, IDFC Bank, Tata Capital and Shriram Housing Finance. It has also garnered interest from other verticals such as insurance companies, e-commerce companies and e-wallets.
CreditVidya earlier received angel funding from Siddharth Parekh from Paragon Partners and Silicon Valley-based angel investor Munish Mehta.