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Fintech unicorn CRED acquires SaaS startup CreditVidya

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  • CRED said it will acquire SaaS startup Credit Vidya in a stock and cash deal.
  • The two organizations will operate independently, but CRED will provide benefits, including stock options, to CreditVidya team members.
  • Earlier in 2021, CRED also acquired the beverage delivery app HipBar and the expense management platform Happay.

Fintech from Bengaluru unicorn CRED said on Tuesday it will acquire CreditVidya, a Hyderabad-based SaaS company, in cash and stock. The companies have not disclosed the value of the transaction.

“We have invested in building category-defining products that provide financial services to underserved Indians through our partners, transforming the way risk is assessed and trust measured to drive financial inclusion,” said Abhishek Agarwal, co-founder and CEO, CreditVidya.

The closure of the acquisition is subject to required approvals.

CreditVidya offers a lending-as-a-service platform and is valued at
about $30 million post money. It allows lenders to assess the creditworthiness of loan applicants. Many of the applicants it processes are new borrowers.

Founded in 2018, CRED, which went viral for its turnkey advertising, stated that the two organizations will continue to operate independently. It will also offer its ESOP program and other benefits to CreditVidya’s more than 200 team members.

“Expanding access to credit is an important driver of financial progress. CreditVidya’s proprietary tech stack reveals signals of trust among underserved cohorts. We look forward to supporting them in driving an inclusive credit ecosystem,” said Kunal Shah, founder of CRED.

Backed by Tiger Global and Sequoia India, among others, CRED has been engaged in acquisitions since October 2021, when it
acquired beverage delivery app HipBar, followed by expense management platform Happay in December. Earlier this year, it also invested in credit partner LiquiLoans.

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