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Credit Fair, a credit fintech start-up, on Wednesday has raised $10 million in debt and equity as part of its seed extension round, led by LC Nueva Investment Partners through their leading early-stage venture capital fund, LC Nueva Alternative Investment Fund (AIF).
The investment round also saw participation from venture capital fund Capital A, Sattva Family Office, Nitesh Damani of Khel Group and Nikhil Chandra Gupta, apart from existing investors such as Anand Ladsariya, Neeraj Goenka and Alok Agarwal. InCred Finance, Vivriti Capital and Caspian Impact have provided debt capital.
According to Credit Fair, the start-up will utilise the funds to augment technology and deliver a superior customer experience at the point-of-sale. The Mumbai-based company will also leverage the capital infusion to launch its wealth-tech platform, Credit Fair Capital, which will enable retail investors to access secured fixed income alternatives that were previously available only to High-Net-Worth Investors.
Founded in 2018, the company aims to drive financial inclusion by offering customised lending solutions to under-served business and consumer segments.
Aditya Damani, founder and CEO of the fintech, said, “Credit Fair has emerged as a cutting-edge and fast-growing lending platform with faster disbursal and low interest rates. The capital infusion and guidance from the marquee group of investors will
help us accelerate our journey towards creating a financial inclusive future and effectively diversifying our financing solutions and services.”
Talking about the revival of economic activities, Sohil Chand, founding partner and chief investment officer for LC Nueva AIF, said the consumer sentiment has been raised, and reinvigorated the credit demand across business and consumer segments. The behavioural shift has also catalysed steady adoption of digital channels and omni-channel platforms to go for business or consumer finance solutions, he added.
“Credit Fair has the potential to emerge as the platform of choice for consumers and businesses searching for convenient credit solutions. We are excited to play our part in its growth journey,” said Ankit Kedia, founder, Capital A.
First Published: Wed, August 03 2022. 22:28 IST