What’s poppin’ — CredAvenue, which runs an online lending marketplace for SMBs, picked up a $137 million check last-night from Insight Partners, B Capital, and others, at a $1 billion valuation!
Founded barely 18 months ago, CredAvenue basically runs a platform that connects lenders (banks, lending companies, high-net worth folks) with small and medium businesses looking for quick loans to finance their operation.
Business lending is an extremely fragmented, behind-closed-doors kinda activity. By digitizing these transactions, CredAvenue gives businesses a way to capture data, seek transparent terms, get better rates, and smoothly manage capital-raising ops.
Meanwhile, the banks get access to deal-flow, latest financials, and other info to better assess state of the these businesses in real time. CredAvenue is on its way to top ₹900 crores in revenues by the end of this financial year, with almost 72,000 transactions processed everyday!