CRED plans to speculate about $10 million in its lending accomplice LiquiLoans because the Indian fintech startup broadens its possession in monetary providers, TechCrunch has realized and confirmed.
The Bengaluru-headquartered startup’s funding in Mumbai-headquartered LiquiLoans will increase the lender’s valuation to shut to $200 million, the companies stated in a press release.
CRED partnered with LiquiLoans final yr to launch CRED Mint, a service that enables CRED clients to lend to 1 one other at an rate of interest of as much as 9% yearly. “Their work has helped broaden entry to credit score, and we stay up for partnering with them of their subsequent section of development and innovation,” stated Kunal Shah, founder and chief government of CRED, in a press release.
The funding will assist LiquiLoans, which runs a worthwhile enterprise, “strengthen its know-how capabilities and take part within the ecosystem of belief that CRED allows,” the startup stated in a press release.
“Our purpose has been to construct a trusted and credible P2P lending platform. To this finish, we now have partnered and can proceed to accomplice strategically with entities that share an analogous ethos,” stated Achal Mittal, co-founder of LiquiLoans, in a press release. “Our long-term relationship with CRED and this funding will speed up our purpose of making efficiencies for seamless borrowing and investments.”
Peer-to-peer lending has made inroads in India in recent times, however some startups are starting to wrestle to keep up the service.
LiquiLoans would be the newest in a collection of investments that CRED has made up to now one yr. The startup, which provides customers the flexibility to handle and pay their bank card and scores of different payments on time in addition to entry to D2C manufacturers and loans, invested in lender CredAvenue earlier this yr and expense administration platform HapPay in December.
CRED, backed by Tiger International, Sequoia India, Alpha Wave Ventures and Dragoneer and valued at $6.4 billion, additionally engaged with Amazon-backed Smallcase earlier this yr, initially to discover an funding and later for a majority acquisition, TechCrunch reported earlier. The talks didn’t materialize right into a deal due to disagreements over valuation, in line with three individuals acquainted with the matter.
