Fintech unicorn CRED confirmed it will acquire Hyderabad-based SaaS company CreditVidya in a cash and stock deal. The company didn’t disclose the value of the transaction. This acquisition is subject to requisite approvals.
CreditVidya will continue to operate independently and CreditVidya employees will get CRED’s employee stock program and other benefits.
“Expanding access to credit is a key driver for financial progress. CreditVidya’s patented tech stack uncovers signals of trust among under-served cohorts. We look forward to supporting them in powering an inclusive credit ecosystem,” said CRED founder and chief executive Kunal Shah in a statement.
CreditVidya was founded back in 2012 by Abhishek Agarwal and RAJIV RAJ. The company is backed by Navroz Udwadia, Kalaari Capital, and Matrix Partners. It raised $10 million in the previous funding round when the company was valued at about $30 million post-money.
The company offers a lending-as-a-service platform. The SDK can e integrated into any platform to get the credit risk of the applicants. The company claims to have served over 25 million individuals.
“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,” said Abhishek Agarwal, co-founder & CEO, CreditVidya.
CRED is a popular FinTech platform founded in 2018. The company is backed by Tiger Global, Sequoia India, Alpha Wave Ventures, and Dragoneer. It was valued at $6.4 Billion in the last funding round when it raised $140 million.
CRED previously acquired the liquor delivery app Hipbar in October 2021 and the expense management platform Happay in 2021.
