The digital lender

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The fintech industry has grown by leaps and bounds over the past three years. Fintech has formed an umbrella under which the BFSI sector operates. Insurtech, digital loans, buy it now, pay later, etc. are some of the segments that fall under the Fintech sector.


CreditBee

Madhusudhan Ekamabaram, Co-Founder and CEO, KreditBee

KreditBee contributes to India’s financial inclusion imperative by extending credit to the underserved population. The company uses a comprehensive digital lending platform allowing its consumers to obtain loans from their smartphones directly into their bank account anytime and without any paperwork. All processes are done online and loan data is analyzed, which helps the company disburse for young professionals, part-timers and freelancers.

The digital loan stack has been KreditBee’s main differentiator in a fiercely competitive space. Using and constantly upgrading AI, ML, and analytics helps the company boost the efficiency of its digitized lending process. KreditBee uses effective integration of robotics, automation, and other facets of technology, moving away from traditional agent calls. KreditBee’s organizational culture emphasizes innovation and constant improvisation. “It is essential that team members have a good understanding to build a business from the ground up while dealing with the adverse conditions encountered along the journey,” said Madhusudan Ekamabaram, CEO and co-founder of KreditBee.

The industry is changing rapidly and given the dynamic nature of the industry and rapidly increasing adoption rates, regulation of the industry has become relevant. The importance of digital lending has increased dramatically, thanks to innovative, personalized and efficient products with an increased degree of convenience and speed in service delivery. KreditBee advocated for the creation of a self-regulatory organization, with high agility and consumer centricity and bringing an understanding of the financial, digital and technology sectors, consumer grievance resolution, management risk and a neutral but powerful ability to identify and correct inappropriate practices in the ecosystem.

KreditBee currently has a user base of over 40 million with over 6 million credit customers, while the company is working to extend credit to over 180 million new customers who did not have access to the formal credit. The company crossed one million issues in February 2022 through its prepaid wallet-based instrument.

According to Ekambaram, the experience of building a fintech company when the concept was in its infancy was rewarding and taught Ekambaram and the team a lot. Ekambaram believes in setting a pragmatic vision and staying committed to it, which helps maintain focus and streamline efforts towards achieving it. There has been rapid progress in the sector. KreditBee has leveraged technology to meet changing customer needs and preferences. Due to the pandemic in 2020, the business experienced major disruption.

“We viewed the slow 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 of KreditBee. .

Kreditbee is looking to diversify its services with cash financing, auto loans, affordable home loans, and more. The company, while being a Series C funded company, is looking to raise funds for its Series D funding round.

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