Fintech startup Credilio raises $4 million in pre-Series A

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Fintech startup Credilio has announced that it has raised $4 million (Rs 30 crore) in a pre-Series A funding round with a group of investors including Cornerstone Venture Partners Fund (CSVP Fund ), Exfinity Venture Partners and Param Capital Founder Mukul Agarwal in his personal capacity.

What does Credilio do?

Credilio says it helps any financial advisor educate customers and recommend the best products to meet their personal credit needs, and also facilitates the digital integration of credit cards and loans seamlessly.

The company has created digital rails for the distribution of personal finance products by leveraging open banking APIs from major banks and NBFCs. It provides a simple mobile app and personalized recommendation tool that empowers financial advisors to be truly digital and future-ready, he said.

What will the funds raised be used for?

The capital raised will fuel Credilio’s ambitious plans to reach an ARR of 100 crore by March 2023 and serve 25 million customers over the next 3 years, it said in a statement.

The new round of funds will be deployed to strengthen the penetration of Credilio’s lending products by enhancing technology capabilities and leveraging the potential of scalable bank/NBFC API stacks.

Capital will also be responsible for initiating the implementation of sophisticated analytical tools and credit bureau information to accurately find the best-fit product portfolio that meets consumer demands.

The start-up also plans to expand its presence with a greater focus on Tier 2-3 cities and introducing access to the platform in 7 regional languages.

Credilio is the brainchild of second-time entrepreneur trio Aditya Gupta, Sandeep Ghule and Anand Kapadia. Their first venture, TranServ, solved digital payments in the B2B segment, leading to a successful exit in March 2019 with the startup’s acquisition by Indiabulls Consumer Finance.

Goals to onboard 1 million financial advisors in 24 months

Speaking on fundraising, Aditya Gupta, Co-Founder and CEO of Credilio, said, “India currently has over 6 million people engaged in manual selling of financial products such as loans, cards , insurance and investment products. The traditional market for personal finance (credit cards and loans) is largely dependent on intermediaries and is riddled with manual processes. This is the challenge that Credilio aims to solve by creating India’s first advisor-led technology platform for the distribution of personal finance products. With this increase, we aim to not only strengthen our core offerings, but also scale the platform to effectively expand our footprint deeper into the country. Our investors bring together the perfect mix of experience in supporting early-stage companies that can become publicly traded companies. Our goal is to onboard 1 million financial advisors for loans and cards within the next 24 months.

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Posted: Wednesday March 23rd 2022, 1:04 PM IST

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