The Digital Lender KreditBee is contributing to the Indian financial inclusion imperative by extending credit to the underserved population
By Saptak Bardhan •
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The fintech sector has grown by leaps and bounds in the last three years. Fintech has formed an umbrella under which the BFSI sector operates. Insurtech, digital lending, buy-now-pay-later, etc. are some of the segments that fall under the umbrella of the Fintech sector.
KreditBee is contributing to the Indian financial inclusion imperative by extending credit to the underserved population. The company utilizes a full-stack digital lending platform enabling its consumers to avail loans from their smartphones directly into their bank account without at any point of time without any paperwork. All the processes are carried out online and lending data is analysed which helps the company disburse to young professionals, part-time workers and self-employed people.
The digital lending stack has been the key differentiator for KreditBee in an extremely competitive space. The use and constant upgrade of AI, ML and analytics helps the company boost the efficacy of its digitized loan process. KreditBeeutilizes an effective integration of robotics, automation, and other technological facets, moving away from traditional agent calls. The organizational culture of KreditBee emphasises on innovation and constant improvisation. "It is essential that the team members possess a good understanding to build a company from ground up while also addressing the adverse conditions encountered during the journey," said Madhusudan Ekamabaram, CEO and co-founder, KreditBee.
The sector is rapidly evolving and given the sector's dynamic nature and rapidly increasing adoption rates, regulating the sector has become pertinent. The prominence of digital lending has been growing tremendously, owing to innovative, customized and effective products with an enhanced degree of convenience and speed in service delivery. KreditBee has been advocating the creation of a self-regulatory organization, having high agility and consumer-centricity and bringing in the understanding of finance, digital & technology sectors, consumer grievance redressal, risk management, and a neutral yet powerful ability to identify and correct the inappropriate practices in the ecosystem.
KreditBee currently has a user base of more than 40 million with over 6 million credit customers whereas the company is working to extend credit to over 180 Million New-to-Credit customers who lacked access to formal credit. The company crossed a million issuances in February 2022 owing to its wallet based prepaid instrument.
According to Ekambaram, the experience while building a fintech enterprise when the concept was in its nascent stage has been enriching and has taught Ekambaram and the team many things. Ekambaram believes that one needs to define a pragmatic vision and stay committed to it that helps in maintaining focus and streamlining the efforts towards its achievement. There has been rapid advancement in the sector.KreditBee has been leveraging technology to cater to the evolving needs and preferences of customers. Due to the pandemic in 2020, the company witnessed a major disruption.
"We looked at the slack period during the pandemic as a moment of introspection to make the necessary changes in order to bounce back effectively and create value for all our stakeholders," said Madhusudan Ekambaram, CEO and co-founder, KreditBee.
Kreditbee looks to diversify its services with check-out finance, vehicle loans, affordable housing loans, etc. The company while being aaSeries C funded company is looking to raise funds for its Series D funding round.
