Credit Fair, a credit fintech start-up, raised $10 million in debt and equity as part of its seed extension round. The fresh investment round was 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 the debt capital.
Credit Fair will utilise the funds to augment technology and deliver a superior customer experience at the point-of-sale. The Mumbai-based start-up 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 (HNIs).
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 & CEO, Credit Fair 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.”
Sohil Chand, Founding Partner and Chief Investment Officer for LC Nueva AIF said, “The revival of economic activities after the pandemic-led disruptions has resurrected the consumer sentiment 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. We are delighted to collaborate with Credit Fair at this critical juncture and support their mission to deepen financial inclusivity by simplifying access to credit.”
“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 the growth journey of one of the most promising teams under the leadership of Aditya, and help them create innumerable success stories of financial inclusivity. This is in line with our long-term objective of helping the larger ecosystem, and we wish them all the best.” said Ankit Kedia, Founder, Capital A.