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DataMNCAugust, 2021

Financial Statements and Sustainable Performance

The company’s Co-founder and CEO Madhusudan Ekambaram said that in the next three to five years the company hopes to grow its customer base to 10 percent of India’s population. KreditBee will soon foray into the Buy Now Pay Later (BNPL) segment, he added.

“Where we are heading is to really become a leading neo bank. For that, we have multiple services we are working on, one is the current personal loan business. We will also be entering the Buy Now Pay Later (BNPL) space this year, we are integrating with multiple partners for the same,” he said. The BNPL space has gained widespread traction over the past few months with multiple financial services companies vying to grow in the segment.

The company also entered the card segment through a RuPay pre-paid card in partnership with RBL Bank. With a focus on Tier-II and Tier-III cities, the card allows customers to avail credit limit up to Rs 10,000 that can be repaid within a single billing cycle not going beyond 45 days.

Ekambaram said that the company hopes to issue one million of these cards by the end of FY22. “Credit card penetration in India is only two to three percent.

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