Mumbai, Dec 2 (PTI) Fintech player Kreditbee on Friday said it has raised USD 80 million (about Rs 651 crore) as part of its ongoing funding round.

The Series-D funding round saw participation from Japanese financial major MUFG Bank and existing investors like Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures.

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In February 2021, the Bengaluru-based startup had raised USD 75 million in Series-C round led by Azim Premji family office PremjiInvest and a few China-based investors, including Xiaomi, Shunwei Capital and Kunlun.

The platform is also backed by the US-based Alpine Capital apart from ICICI Bank, Arkam Ventures, and Sidbi's investment arm India SME Investments.

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With this, the company has so far raised over USD 280 million.

Kreditbee's parent firm Finnov, in a statement on Friday, said the funds will be used to diversify its product portfolio and strengthen tech stack to serve its 400 million customers and over 6 million loan customers.

Madhusudan E, Co-founder and Chief Executive of Kreditbee, expects the platform will cross an AUM of USD 1 billion over the next two-three quarters.

The company offers multiple types of personal loans, online/offline checkout finance, and digital gold.

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