Credit Fair, an embedded credit fintech startup, has raised $10 million in debt and equity as a part of its Seed extension round. The fresh investment round was led by LC Nueva Investment Partners through their early-stage venture capital fund, LC Nueva Alternative Investment Fund (AIF). The round also witnessed participation from Capital A, Sattva Family Office, Nitesh Damani of Khel Group and Nikhil Chandra Gupta, along with the existing investors such as Anand Ladsariya, Neeraj Goenka and Alok Agarwal. Credit Fair plans to utilize the fund to augment technology and deliver a superior customer experience at the point-of-sale.
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"This round will further strengthen our mission to extend credit to underserved Indians. 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 financial solutions and services," said Aditya Damani, founder and CEO, Credit Fair.
The company aims to build a credit ladder for 550 million underserved Indians and reach 5000 active merchant partners and grow disbursements to a $360 million annual run rate, claimed by the company in a statement.
"The revival of the economic activities after the pandemic-led disruptions has resurrected the consumer sentiment and reinvigorated the credit demand across business and consumer segments. 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," said Sohil Chand, founding partner and CIO, LC Nueva AIF.
Founded in 2018, Credit Fair is a B2B2C lending focused fintech startup which offers lending solutions and unsecured loan options at the point-of-sale to business and consumers at no-cost or low-cost.