Embedded finance startup Credit Fair raised $10 million in a debt and equity seed extension round it will use to grow its platform to advance financial inclusion across India, develop new technology and improve customer experience at the point of sale (POS). The new monies will also go toward launching its wealth tech platform, Credit Fair Capital.
The fresh infusion of capital was led by LC Nueva’s fund LC Nueva AIF, with Capital A, Sattva Family Office, Nitesh Damani of Khel Group, Nikhil Chandra Gupta, Anand Ladsariya, Neeraj Goenka, and Alok Agarwal participating in the equity round, Inc42.com reported on Wednesday (Aug. 3). InCred Finance, Vivriti Capital and Caspian Impact participated in the debt round.
Headquartered in Mumbai, India, and founded in 2018 by CEO Aditya Damani, Credit Fair aims to provide fair financing by offering customized lending solutions.
“This round will 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 financing solutions and services,” Damani said.
The startup’s new Credit Fair Capital solution gives retail investors the ability to access secured fixed income alternatives that were previously available only to high-net-worth investors, according to the release.
“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,” said Sohil Chand, founding partner and chief investment officer for LC Nueva AIF.
“The behavioral shift has also catalyzed steady adoption of digital channels and omnichannel 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,” Chand said.