Fintech Startup Kissht Raises $80 Million, To Foray Into Challenger Card Segment
Kissht, a consumer lending fintech startup, has raised $80 million as part of a fresh funding round led by Vertex Growth and Brunei Investment Agency.
The funding round also saw participation from existing investors Vertex Ventures SEA India and Endiya Partners.
As per the startup, the raised funds would be used to enhance its product design, scale-up card issuances to 10 million in the next 12-18 months and invest towards increasing its book size while improving its technology backend.
Kissht | Instant EMI Without Credit Card
Founded in 2015, Kissht is a fintech platform that enables instant, seamless credit for consumers to make purchases at digital points of sale (online and offline). Its plug and play gateway APIs can be easily integrated into any merchant checkout page or retail POS to provide access to quick loans.
Speaking about the development, Ranvir Singh, founder and chief executive of Kissht, said,
“We have been strongly focussed on credit and thought payments were a natural extension to our offerings. The idea behind launching a card was so that customers can use the credit in a seamless manner for all services, products and even small ticket offline transactions such as groceries.”
The fintech startup currently provides a credit line to consumers as well as unsecured personal loans. Kissht has close to 3.2 million consumers on its platform, of which more than 50% are active monthly.
The consumer lending fintech startup stated that it would foray into the challenger card segment. It will issue its buy-now-pay-later cards called Ring in association with RBL and SBM Bank to customers linked with a credit line. These cards will be issued through its non-banking finance company (NBFC) arm.
With an active loan book of Rs 900 crore, the platform disburses Rs 580 crore in loans each month on an average, with average ticket sizes standing at Rs 13,500.
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