Cred to acquire CreditVidya

A lending-as-a-service company called CreditVidya will be purchased by fintech unicorn CRED in a deal that includes both cash and stock.

Over businessline's inquiries regarding the magnitude of the deal, CRED made no comments. The terms of the acquisition of CreditVidya by CRED have been agreed upon by the two parties, and the transaction and completion of the acquisition are now pending the necessary approvals. Through its full-stack platform, CreditVidya, businesses can incorporate customised credit solutions (Application Programming Interface).
Following the acquisition, CRED and CreditVidya will carry on as separate businesses. More than 200 employees of CreditVidya will be eligible for all the perks offered to CRED team members, including its ESOP programme.

The founder of CRED, Kunal Shah, commented on the development by saying, "Improving access to credit is a critical driver for economic development. The unique technology stack of CreditVidya identifies trust signals among underserved demographics. We are looking forward to helping them power a diverse credit ecosystem.

Co-founder and CEO of CreditVidya, Abhishek Agarwal, stated: "We've invested in building category-defining solutions that offer financial services to credit under-served Indians through our partners, revolutionising how risk is assessed and trust is measured to drive financial inclusion. We are eager to pick up tips from the CRED team as we go into the next stage of our growth, strengthen our brand, and expand our distribution.

"Over the past few years, we have expanded loan availability by utilising the power of technology. I would like to congratulate our staff and partners for their continuous belief in our purpose as we move into a new phase of growth with CRED, said Rajiv Raj, co-founder and director of CreditVidya.