Kissht raises $80 million to enter the challenger card market
- ByStartupStory | June 8, 2022
Kissht, a consumer loan fintech company, has secured $80 million in a new round of investment headed by Vertex Growth and the Brunei Investment Agency. The financing included existing investors Vertex Ventures SEA India and Endiya Partners. The fintech startup is now valued at roughly $500 million in the newest round.
Along with the funding, the business said that it will enter the challenger card market, where it will offer Ring buy-now-pay-later cards to clients with a credit line in collaboration with RBL and SBM Bank. The funds will be used to improve product design, scale-up card issuances to 10 million in the next 12-18 months, and invest in expanding its book size while upgrading its technological backend.
Kissht, which was founded in 2015, now offers users a credit line as well as unsecured personal loans. It has about 3.2 million users on its platform, with more than half of them logging in at least once a month. Aditya Birla Health Insurance is a partner in the corporation, which provides health-related insurance. The vertical, though, continues to account for a minor portion of overall sales.
Ranvir Singh, the founder and CEO of Kissht said that the company has been concentrating on credit and saw payments as a logical extension of our services. The goal of establishing a card was to allow consumers to utilise their credit for all services, goods, and even small-ticket offline purchases like groceries. Instead of a one-time personal loan, which is quite episodic, this allows clients to use the credit for recurrent transactions and enhances engagement.
James Lee, the managing partner of Vertex Growth stated that Kissht’s founders have a unique grasp of the demands of India’s new-to-credit population. The multiservice credit and payments offering will revolutionise the way millennials and other new borrowers use and think about credit.
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