Kissht, a payment and lending fintech, has announced funding round of $80 million led by Vertex Growth and Brunei Investment Agency along with the participation of Vertex Ventures SEA & India and Endiya Partners

The company has raised $125 million in funding till now. With this funding round, Kissht has  announced its foray into credit-backed cards and launch of a millennial focussed brand Ring.This new brand will target young and aspirational millennial users, who have a credit card penetration of sub 2 per cent.

Ring is a digital card and payments app enabling customers to make online and offline payments. Customers can use the Ring for paying various transactions, including ecommerce, among others. Customers can avail a line of credit for up to ₹30,000 and pay for all expenses in one billing cycle at zero interest. Ring also has over 1 lakh+ merchants that are said to help them in acquiring customers at low cost.

The funds will be used to enhance the product offering for millennials and add other relevant financial products. Further, the company plans to build a strong loyalty offering in line with the evolving needs of its target segment. The focus will be on driving higher stickiness by offering rewards on most relevant spend categories (e.g. grocery, travel, lifestyle, etc.).

Commenting on the funding, Ranvir Singh, Founder and CEO, Kissht said “There are over 150 mn people, of which the majority are young millennials, who are either underserved or un-served on transaction credit. The transaction usage of millennial consumers are constantly evolving and they always look for ease and convenience. We are offering a one-stop credit and payment solution, which can be used “any and everywhere” and change the way people use credit. With these transactions, we want to create a bond with the customer to help them across other banking needs. We are excited to partner with VGF and BIA. Majority of the capital will go in further strengthening our product offerings”

Krishnan Vishwanathan, Founder, Executive Director, Kissht, said, “The convenience and seamless experience that the product  provide will be one of a kind in the industry. We are excited for the next phase of growth where we focus not only customer acquisition but also offering a hassle-free experience and increasing customer delight in every transaction that they make using our platform.”

James Lee, Managing Partner of Vertex Growth, said, “The founders of Kissht have a unique understanding of the needs of the new to credit population of India. The multiservice credit and payments offering will revolutionise the way millennials and other new borrowers use and think about credit. We are excited to join this passionate and driven team to deliver credit solutions for the new generation.”