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Fintech unicorn CRED is going to acquire CreditVidya, a lending-as-a-service platform, in a mix of cash and stock deal.
CRED did not comment on businessline’s queries about the deal size. Both companies have agreed on terms for an acquisition of CreditVidya by CRED and now the transaction and closure of the acquisition is subject to requisite approvals. CreditVidya’s full-stack platform enables businesses to embed customised credit products through APIs (Application Programming Interface).
After the acquisition, CRED and CreditVidya will continue to operate independently. CreditVidya’s more than 200 team members will get all the benefits extended to CRED team members, including its ESOP programme.
Commenting on the development, Kunal Shah, founder, CRED, said, “Expanding access to credit is a key driver for financial progress. CreditVidya’s patented tech stack uncovers signals of trust among underserved cohorts. We look forward to supporting them in powering an inclusive credit ecosystem.”
Abhishek Agarwal, co-founder and CEO, CreditVidya, said, “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. In the next phase of our growth, as we build brand and scale distribution, we are excited to learn from the CRED team.”
“In the last few years, we have leveraged the power of technology to expand access to credit. As we step forward into a new era of growth with CRED, I would like to thank our team and partners for their continued faith in our mission,” added Rajiv Raj, co-founder & Director, CreditVidya.
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