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<ul><li>It only took 60 days for the digital lending startup <keyword id="6557529" type="General" weightage="20" keywordseo="kreditbee" source="Orion">KreditBee</keyword> to issue 100,000 credit-based payments cards.</li><li>The company claims that its $2 billion loan book of 5.5 million users has set the pace of this growth.</li><li>KreditBee claims that the trigger for this card has been the consumption habits of its users.</li></ul>Credit-based payment cards are getting quite an uptick as people’s consumption habits have taken a turn towards all things digital. As more and more users are getting comfortable spending online, the lack of payment solutions is not helping in any way. <br /><br />This has pushed many Indian brands to roll out credit-based digital payment offering for customers to directly transact with the merchants. Over the last three months, PayU co-founder Nitin Gupta's Uni startup and Motilal Oswal-backed digital lending platform KreditBee have been trying to do just that.<br /><br />It only took 60 days for the digital lending startup KreditBee to issue 100,000 credit-based payments cards. Impressed by the short timeline of this milestone, the fintech startup is now aiming to issue a million such cards by the end of March 2022. It claims to be well within the pace to achieve this target. <br /><br />The company claims that they are adding about 5,000 users on a daily basis at the moment and that is the basis of the latest target.<br /><br />Madhusudan Ekambaram, co-founder and chief executive of KreditBee, told Business Insider that the company will issue another 120,000 such credit-based payment cards in the month of October.<br /><br />This will take the total tally to 220,000 since the launch of the card in August 2021. <br /><br />The card offers a limit of ₹10,000 and increases up to ₹1,00,000 based on know-your-customer (KYC). The customer has to repay the amount in 45 days.<br /><br />KreditBee — founded by Ekambaram and Karthikeyan K in May 2018 — is an instant personal loan platform for self-employed and salaried professionals. The company is backed by Mirae Asset-Naver Asia Growth Fund, PremjiInvest and others.<br /><br />Target audience for KreditBee<br /><table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Criteria<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">What do they do?<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Set 1<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Self-employed and salaried individuals from Tier II and III cities. Employees of micro, small and medium enterprises (MSMEs).<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Set 2<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">People from metro cities who don’t have a banking history and are looking for convenience. <br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Set 3<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New age gig workers — delivery persons of ecommerce companies or food aggregatory businesses whose salary majorly consists of incentives.<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody><tr id="last-child" class="last-child"><td contenteditable="false" colspan="3">Edit</td></tr></tbody></table>The company offers flexi-loans as well as personal loans starting from ₹1,000 to ₹2,00,000 to individuals and hosts several licensed non-banking financial companies (NBFC) to facilitate these.<br /><br />Ekambaram claims that KreditBee has given out loans ₹15,000 crore ($2 billion) in the short span of three years and has over 5.5 million credit users on their platform. The launch of these credit-based payment cards has been on the basis of consumption habits of these individuals. <br /><br />Therefore, the target audience for its lending business will be a target audience for these cards as well.<br /><br />KreditBee had found that most of its users were getting loans in order to buy consumer durables like a mobile phone, laptop, earphone and more. This pushed the fintech startup to test out a digital card that will allow its customers to directly buy products online.<br /><br />In addition, the card also allows KreditBee to interact with merchants directly and expand its data bank further. <br />                                                                          <div type="image" title="kreitbee revenue" msid="87161182" hostid="261"></div><br />The company’s profitability took a hit in the financial year 2021 due to COVID-19 pandemic, but it is back on track to report another profitable year, Ekambaram said.<br /><br /><cmsannotation type="cmsannotation" annotationid="Who else does KreditBee need to watch out for?" text="Who else does KreditBee need to watch out for?"><span data-til="noop">Who else does KreditBee need to watch out for?</span></cmsannotation><br /><br />Uni, which too offers digital credit-based payments cards, has issued over <a href="https://www.businessinsider.in/business/startups/news/only-3-in-100-indians-have-a-credit-card-this-former-payu-india-cofounder-is-hoping-to-change-that/articleshow/86089396.cms">50,000 customers to date and is adding over 1,000 new additions</a> on a daily basis. The company — launched last year and started operations in June 2021 — issues a special Visa 1/3 card, in partnership with RBL Bank and Mauritius-based SBM Bank, to its customers. <br /><br />This offering works pretty much like a credit card, but divides all of the customers transactions into three installments that have to be repaid over a period of three months without any interest. The recently launched company aims to issue a million cards by the end of March 2022. It will be looking to launch physcial credit card by November 2021.<br /><br />Fintech startup One Card has also recently partnered with Federal Bank to launch its mobile phone-based credit card. Meanwhile, Mastercard is <a href="https://www.nytimes.com/2021/09/28/business/mastercard-buy-now-pay-later.html">experimenting</a> with the buy now, pay later option to allow shoppers to style their payments in four installments. <br /><strong><br />SEE ALSO</strong><br /><a href="https://www.businessinsider.in/tech/enterprise/news/facebook-plans-to-rebrand-itself-to-a-metaverse-company-with-a-new-name/articleshow/87150303.cms">Facebook plans to rebrand itself to a metaverse company with a new name</a><br /><br /><a href="https://www.businessinsider.in/stock-market/news/ril-jubilant-foodworks-bajaj-auto-and-other-stocks-to-watch-out-for-on-october-20/slidelist/87148904.cms">RIL, Jubilant Foodworks, Bajaj Auto and other stocks to watch out for on October 20</a><br />

This Motilal Oswal-backed startup is planning to issue a million credit-based cards in the next 150 days relying on the $2 billion worth loans it disbursed

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This Motilal Oswal-backed startup is planning to issue a million credit-based cards in the next 150 days relying on the $2 billion worth loans it disbursed

Kritti Bhalla

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