Credit Fair Raises $15 Mn Seed Funding
The platform will offer no-cost and easy EMIs for four key sectors: education, healthcare, home improvement, and electric vehicles
Indian consumer lending fintech startup Credit Fair on Wednesday informed to have raised $15 million as part of its seed round led by seasoned angels investors Anand Ladsariya and Alok Agarwal who have previously backed leading start-ups including Oyo, Ola, Myntra, Healthkart, WowMomos, Uniphore and 1mg.
Founded in 2018, the company aims to create an inclusive financial world for every Indian.
Credit Fair will leverage the capital infusion to augment its technology team, enhance underwriting models and expand into Tier 2 and Tier 3 cities to scale its Assets Under Management and progress further in its mission of delivering financial inclusion. The start-up envisions enabling every Indian to move up the credit ladder by providing access to the right amount of credit at the right cost at the right time.
"Our venture aims to financially empower Indians from remote areas or those without a credit score who traditionally comprise some of the most unbanked and underserved segments across the country. To this end, we are extending credit across key sectors that are crucial for improving India's social infrastructure, especially in these Covid times. We are delighted to secure the support of seasoned angels like Siddharth and Alok, who believe in our vision. We will utilize the funding to accelerate our advance towards creating a financially inclusive future for Bharat," commented Aditya Damani, founder, Credit Fair.
Credit will be extended for enhancing employability of young Indians by financing upskilling courses, making the best healthcare affordable and accessible, including elective surgeries, IVF, fertility treatments, enabling a growing number of Indians to become homeowners with our down payment assistance programs and interiors financing and building a greener India by making electric two-wheelers and three-wheelers affordable.
"India is among the fastest-growing fintech markets in the world while boasting of the highest fintech adoption rate globally. The rise of new-age fintech companies such as Credit Fair is contributing to this trend. We are confident in Credit Fair's vision and the dedication of its strong founding team as they work towards making India a more financially inclusive country. On our part, we will continue to support and guide the team at every step of their growth journey. We wish them continued success" added angel investor Anand Ladsariya.
The funding will be utilized to scale by expanding merchant partnerships. The specific targets include: grow active merchants by fivefold in 1 year and fifteen-times in 2 years, to grow disbursement to a $10 million run rate per month in 2 years, focus on consumers with one loan product or no credit instrument and deliver instant disbursements to our merchant partners.