Matrix Partners India-backed CreditVidya acquired by CRED

5th December 2022. Bengaluru: CRED, India's leading members-only credit card bill payment and fintech platform, recently announced the acquisition of CreditVidya, a Lending-as-a-Service startup.

Established in 2012, CreditVidya had previously raised financing rounds from Kalaari Capital, Bharat Innovation Fund as well as Matrix Partners India.

CreditVidya, started as an AI led, Fintech SaaS player, offering alternate data led credit underwriting services to leading banks and NBFCs in India. Over time, it added new lines of business, including a full stack, Lending-as-a-Service platform for lenders to offer small ticket personal loans to new to credit and self-employed borrowers, sourced via multiple digital platforms. Today Credit Vidya manages over $100Mn in assets on behalf of its lenders and has emerged as the pre-eminent choice for both its demand and supply partners to offer such loans.

Post the acquisition, the two firms will continue to operate independently and CRED will extend its employee stock program and other benefits to CreditVidya's workforce.

"We've invested in building category-defining products that bring financial services to credit under-served Indians through our partners, transforming how risk is assessed and trust measured to drive financial inclusion. In our next phase of our growth, as we build brand and scale distribution, we are excited to join forces with the CRED team. I would also like to thank the investors for supporting us through the journey." said Abhishek Agarwal, co-founder and chief executive of CreditVidya.

"We are privileged to be early backers of CreditVidya and to have a ringside view as they built a highly capital-efficient and scalable fintech company, despite all the headwinds the sector saw over the last few years. Abhishek, Rajiv and the entire CreditVidya team are the epitome of resilience and have constantly pushed the boundary on both technology and business model innovation. We wish them Godspeed for the next leg of their journey and thank them for delivering this exit for us! " commented Rajat Agarwal, Managing Director, Matrix India

"Congratulations to Abhishek Agarwal, Rajiv Raj and the CreditVidya team on achieving this milestone and Godspeed for the next phase of your journey! 🙏 Its been incredible to see your perseverance and grit, as you built India's first fintech AI company, navigated various roadblocks along the way and ended up creating a highly scalable lending-as-a-service company." said Vikram Vaidyanathan, Managing Director, Matrix India

About CreditVidya:
CreditVidya (CV) is a SaaS lending-as-a-service platform (origination to collections). CreditVidya and its products help businesses to build and deploy customized credit products through a simple API integration. Its full stack platform powers the entire customer lifecycle - from origination to underwriting to collections - and access to capital in partnership with leading financial institutions. For more information visit: http://www.creditvidya.com

About Matrix Partners India:
Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. Matrix India has invested in several market leading financial services companies, such as, Five Star Business Finance (NBFC providing secured business loans to micro-entrepreneurs), Razorpay (payments and SME Neobank), Oxyzo (a tech-enabled smart financing solution provider), OneCard (mobile-first credit card), LiquiLoans (P2P lending), Jupiter (consumer neobank), Mswipe (mobile POS) and dezerv. (new-age expert investing platform).

Other marquee investments include Ola (mobility), OfBusiness (B2B Commerce), Dailyhunt (mobile local language platform), Ola Electric (electric vehicles), Stanza Living (tech enabled student housing platform), DealShare (social commerce platform), MoEngage (SaaS), Country Delight (D2C dairy & fresh foods brand), Captain Fresh (seafood marketplace), GoKwik (e-commerce enablement platform), Mosaic Wellness (health and wellness platform), Park+ (super app for car users) and Zupee (leading skill-based gaming app) among others. Matrix India has advisory offices in Bangalore, Delhi and Mumbai. Matrix Partners has a global network of funds investing in the US, China and India, with approximately $5 billion under management. Further information is available at www.matrixpartners.in. To know more about our investment philosophy, check out the #MatrixMoments podcast series.