CreditVidya, a Mumbai-based financial technology startup, announced that it had raised $2 million in Series A funding from Kalaari Capital. The company will use the capital influx to upgrade technology and launch additional products.
“Non-traditional internet and mobile data sources provide a rich source of social, behavioural and transactional data which when combined with advanced analytics is fuelling a new wave of credit risk assessment. Our big data platform leverages over 10,000+ such unique digital data points to assess the creditworthiness of a potential borrower. We work very closely with our lending partners to develop customized scorecards for their product offering so that they can approve more creditworthy customers,” said Abhishek Agarwal, co-founder and CEO, CreditVidya.
The company’s current clientele includes banks and non-banking financial institutions such as Fullerton India, Bajaj Finserv, IDFC Bank, Tata Capital and Shriram Housing Finance.
“Credit scoring is a major bottleneck in India inhibiting social and economic growth. Credit Vidya has built unique technology that enables lenders to assess credit risk,” said Bala Srinivasa, partner at Kalaari Capital.
