Indian fintech KreditBee has raised an additional $100 million in a funding round, it said, as the lender looks to scale its business in the South Asian market.

KreditBee, which also counts Mirae Asset Venture Investments, Premiji Invest and Mitsubishi UFJ Financial Group among its backers, offers instant micro loans starting at as low as $12 to new-to-credit customers and credit of over $3,500 to salaried professionals. The company says its hope is to serve the 400 million new-to-credit customers in India.

India’s credit bureau data book is thin, making it difficult for banks and other financial institutions to build confidence to extend credit to the vast majority of the population in the South Asian market.

KreditBee works with 10 banks and non-banking financial companies (NBFCs) to finance the loans, it said.

“We are delighted to welcome a long-term financial and strategic partner in Advent. This reinforces the confidence in our profitable business model and the long-term sustainability of it. The latest round will help us to achieve our vision of serving over 400 million middle income population in the country,” said Madhusudan Ekambaram, co-founder and chief executive of KreditBee, in a statement.

The startup said it is on track to bulk its asset under management to over $1 billion in the next six to nine months.

“KreditBee has witnessed several credit cycles and has come out stronger each time reflecting adaptability and resilience of its business model. With this investment, we are strengthening our commitment to back KreditBee’s vision,” said Ashish Dave, chief executive of Mirae Asset Venture Investments in India, in a statement.

Indian fintech KreditBee nears $700 million valuation in new funding by Manish Singh originally published on TechCrunch