Bengaluru | February 15, 2022: KreditBee, one of India’s leading digital lending platforms, today announced that it has crossed the milestone of issuing one million ‘KreditBee Card’. In the process, it has emerged to be one of the fastest cards to cross this milestone, since its launch in August 2021.

Further, the company has also announced the launch of the physical variant of ‘KreditBee Card’ that will be initially available for a select set of customers and later will be rolled out to a wider set of customers in near future. This will assist the company in achieving its goal of issuing 10 million cards by mid-2023.

The card provides the unserved and underserved banking customers with quick as well as secured access to short-term liquidity and multiple repayment options, eliminating the need to avail of a separate loan. It also offers versatility and flexibility in terms of ticket size and repayment options. The physical card will be accepted at more than 99.5% POS terminals across India and can be used for seamless purchases at zero interest and zero additional fees. Available across the nation, this card enables customers to complete their transactions by simply swiping or waving at a POS terminal.

The card-holder can make multiple withdrawals or purchases (within the credit limit) while paying lesser charges (no hidden charges). This physical card will not only help the customers to perform their day-to-day transactions but also enable them to build their credit history, thus promoting financial inclusion in a convenient manner.

Speaking on the launch, Madhusudan E, Co-Founder & CEO, KreditBee, said, “We are elated to cross the milestone of issuing 1 million ‘KreditBee Card’ since its launch in August 2021. Additionally, we have launched the physical version of the card, which now expands the coverage of our offerings and widens our reach. An aspirational and effective credit tool like this has still been under-penetrated in India. By introducing distinctive products like ‘KreditBee Card’, it is our constant bid to emerge as a 360-degree fintech service provider extending convenient and hassle-free products to the underserved segments of the country. With ‘KreditBee Card’, we aim to issue over 10 million cards by mid-2023.” 

KreditBee is looking to cover the Indian masses who don’t have access to cards as such and are not able to have such a credit facility at their disposal. The card can be used to avail of exclusive offers at partner brands and earn cashback on specific transactions. Customers can apply for the physical card on the KreditBee app. The company has already partnered with Mswipe to offer a fully digital mode of payment ‘Cardless EMI’, to expand its reach in the offline space by enabling customers to shop by converting transactions into digital EMIs.

Key benefits of ‘KreditBee Card’:

• End-to-end use: An instant virtual card will be generated on the app and the physical card will be shipped to customers, customers can use both the virtual as well as the physical card
• Fast Access: The underwriting process is AI-driven and generates a card instantly
• Quick Credit Upgrade: Customers’ credit limit can be upgraded post the first billing cycle
• Safe & Secure: The card can be generated and secured through the KreditBee app & is M-PIN Protected
• No Hidden Charges: A 100% transparent product with absolutely no extra fees & charges

Steps to avail the Physical ‘KreditBee Card’

• Sign in to the KreditBee app >> Click on the ‘KreditBee Card’ section >> Select ‘Check Eligibility’
• To activate the card, click on ‘Activate Card’ on the KreditBee App >> Provide your bank account details & sign the agreement >> request for the physical card >> Use Card to make payments on all online platforms or any POS terminal

About KreditBee

KreditBee is a FinTech platform that facilitates instant personal loans to professionals, where they can avail loans up to ₹2 lakhs as per their requirement. With a strong focus on online tech-based and data-centric KYC, KreditBee envisions solving the financial inclusion gap in the varied demographic segments of the country.

The platform is backed by various lenders, including a Systemically Important NBFC, Krazybee Services Private Limited, registered with RBI since May 2017, as well as various debt & platform partners. KreditBee is a brand of Finnovation Tech Solutions Pvt Ltd and is currently a Series-C funded entity with a cumulative fundraise of over USD 200 Million. It is backed by some key VC funds, family offices, and financial institutions like Azim Premji’s Premji Invest, Motilal Oswal Private Equity, TPG-backed NewQuest, South Korea’s Mirae Asset Venture, and US-based Alpine Capital. Some other marquee investors include ICICI Bank, Arkam Ventures, and SIDBI’s investment arm IndiaSME Investments. Currently, it has 5 million loan customers, out of which over 2 million are active loan customers.

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