Credit Fair, Fintech Startup Raises $15 Million in Seed Funding by Two Investors
Credit Fair, a consumer-lending fintech startup, has raised $15million as part of a seeding round led by two angel investors Alok Agarwal and Anand Ladsariya. The two investors have backed other startups in the past, including Ola, Myntra, Wow Momo, Uniphore, and Oyo.
The funds will enhance underwriting models, build a better technology team and expand into Tier II and III cities to help the startup scale its assets under management.
Credit Fair was founded in 2018 and offers credit solutions to both private individuals and businesses at a low cost. It aims to empower Indians financially in remote areas or those without a credit score. They have tickets ranging from Rs 10,000 to Rs 20 lakh and tenure from three months to three years.
“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 crucial for improving India’s social infrastructure, especially in these Covid times. We have secured the support of seasoned angels 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” Aditya Damani, Founder – Credit Fair.
The company has also emerged as the most trusted financial partner for over 1000 merchants, including brand giants like Nova IVF, Design Cafe, Asian Paints, upGrad, Arrivae, Ampere by Greaves, and Hero Electric.
To expand its growth, the company will target growing active merchants by 5 times in 1 year and 15 times in 2 years with a focus disbursement rate of $ 10 million in two years. If the vision is achieved, Credit Fair will be a leading lending company in India and has expressed an interest in going global.