Fintech startup Credilio has raised $4 million (Rs 30 crore) in its pre-Series A round from Cornerstone Venture Partners Fund (CSVP Fund), Exfinity Venture Partners and Param Capital founder Mukul Agarwal in his personal capacity.
The capital raised will power Credilio’s ambitious plans to meet an ARR of 100 crore by March 2023 and serve 25 million customers in the next three years.
The funds will be deployed towards strengthening Credilio’s lending product penetration by enhancing technology capabilities and harnessing the potential of evolving API stacks of Banks and NBFCs, the company said in a press release.
The startup also plans to scale its presence with a stronger focus on tier II-III cities and introducing platform access in seven regional languages.
Founded by Aditya Gupta, Sandeep Ghule and Anand Kapadia, Credilio helps financial advisors educate customers and recommend products that are best suited to meet their personal credit requirements, and also facilitate digital onboarding of credit cards and loans seamlessly. It provides a simple mobile app and a customized recommendation tool that empowers financial advisors to be truly digital and future-ready.
The company has created digital rails for distribution of personal finance products by leveraging open Banking APIs of leading Banks and NBFCs.
Credilio has over 10,000 active Financial Advisors pan-India and more than 5 lakh customer applications processed digitally for over 20 leading Banks and NBFCs such as HDFC Bank, ICICI Bank, Axis Bank, IDFC First Bank, SBI Cards, Citibank, Standard Chartered, Bajaj Finance, Tata Capitaland others.
