SoftBank-backed Creditas has landed $255 million in its latest funding round. The firm plans to utilise the funds raised to finance expansion globally and to augment loan book growth.
With valuation of $1.75 billion, the lending firm’s fifth financing round was led by LGT Lightstone, Tarsadia Capital, e.ventures, Wellington Management, and Sunley House Capital along with existing investors SoftBank, VEF, Kaszek and Amadeus Capital Partners.
Creditas is a FinTech company that uses machine learning and technology to help financial institutions find better ways to reach and interact with their customers.
It is a provider of Customer Engagement Solutions to the financial institutions in India. It claims that it’s solutions help creditors to engage customers online and assist them towards a wide spectrum of transactions. These transactions enable creditors to optimise a variety of outcomes such as Customer Acquisition, Cross-Sell, Delinquency Detection, Financial Literacy and finally Debt Recovery.
Creditas also provides free credit reports to consumers through its platform www.clearmydues.com. Driving this transaction engine is a state of the art Data and Communication Layer that uses machine learning.
-AK
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.