Fintech platform CRED on Tuesday said it would be acquiring CreditVidya, a company that offers lending-as-a-service. The acquisition would be a mix of stock and cash. A full stack platform, CreditVidya enables businesses to embed customised credit products via easy to integrate application programme interfaces (APIs), CRED said in a statement.
Both, CRED and CreditVidya would continue operating independently. The latter's 200-plus team members would get all the benefits extended to the team members from CRED, including its employee stock ownership programme (ESOP) programme.
CRED's founder Kunal Shah believes that 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,” he said.
CreditVidya's co-founder and director Rajiv Raj said that in the last few years they have leveraged the power of technology to expand access to credit.
"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," the company's other co-founder and CEO Abhishek Agarwal said, adding that his company too is excited to learn from CRED as it enters the next phase of growth to build brand and scale distribution.
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