India-based leading fintech startup, KreditBee has announced that it has issued over 1,00,000 cards, within the 60 days of the launch of its KreditBee Cards.
The startup also announced its plan to expand the portfolio by issuing over 1 million ‘KreditBee Cards’ by March 2022.
“Over 75% of these card customers acquired by the company are from metros and Tier-1 cities like Bengaluru, Mumbai, Hyderabad, Pune, and Thane, among others. Currently, almost 70% of these cardholders are below the age of 30 years,” the statement said.
‘KreditBee Card’ provides the unserved and underserved banking customers, quick and secured access to short-term liquidity with multiple repayment options, eliminating the need to avail a separate loan.
“The customer can avail credit limit up to ₹ 10,000 that can be repaid within a single billing cycle not extending beyond 45 days, and customers can make multiple withdrawals or purchases (within the credit limit),” the statement added.
It will also assist the new credit customers, to build their credit score, which can help them to avail financing in the future, ushering in a healthy credit culture and financial inclusion at the same time.
Speaking on the development, Madhusudan Ekambaram, Co-Founder & CEO, KreditBee, said, “We at KreditBee are proud to have achieved this milestone of crossing 1 lakh KreditBee Cards within a short span of less than 60 days. These growing numbers represent the trust and confidence that customers are showing in us and I would also like to thank our partners.”
“We aim to democratize credit in India by issuing more KreditBee Cards, which will function as virtual cards for responsible borrowers, irrespective of their demographic & income group. Towards the same, we intend to issue over 1 million cards to the customers by March 2022,” Ekambaram added.