Credit Fair is a consumer lending fintech startup from India. It was founded in 2018 by Aditya Damani. The company is based in Mumbai, Maharashtra, and is funded by the K.M. Global Group, which has over 30 years of experience in the financial services industry[2][3][5).
Credit Fair's vision is to provide fair finance to everyone. The company aims to offer the right amount of credit at the right time and the right cost. This vision is crucial for serving the underserved population in India who often lack access to traditional credit options[1][3][5>.
In its early days, Credit Fair focused on creating a platform that could provide unsecured installment loans at the point of sale. This approach helped businesses and consumers get credit easily and at low or no cost. The company started by offering loans in key sectors such as education, healthcare, solar, home improvement, and electric vehicles[1][2][3>.
Aditya Damani is the founder of Credit Fair. He has a strong background in the financial services sector, which helped him understand the needs of the Indian market. The founding team's experience and vision have been key to the company's growth and success[2][3][5).
The team at Credit Fair is committed to making credit accessible to everyone. With RBI approval for NBFC registration, the company has been able to expand its services and reach more customers across India[2][3).
Credit Fair has come a long way since its inception in 2018. The company has evolved significantly, expanding its services and reaching more customers. Here’s how it has grown over the years.
Initially, Credit Fair focused on providing installment loans in specific sectors. Over time, the company has expanded its services to include more sectors and has partnered with other financial institutions to enhance its offerings. For example, it has collaborated with Avanse Financial Services to provide education financing solutions[2][3).
Today, Credit Fair serves over 10,000 customers across more than 80 cities in India. It has partnered with over 1,000 businesses to provide credit solutions at the point of sale. The company aims to disburse over $360 million annually[1][3][5).
Credit Fair has achieved several key milestones. In 2021, it received $15 million in debt and equity funding from Northern Arc and veteran angel investors. This funding helped the company improve its technology and deliver better credit decisioning and turnaround times[2][3).
The company has also seen significant growth in its user base and partnerships. It has integrated Decentro’s CKYC APIs to enhance user verification and streamline its onboarding process. This integration has resulted in over 1.4 lakh CKYC searches and validations, improving operational efficiency and customer experience[1).
Credit Fair’s product portfolio has expanded to include various types of loans. The company offers 0% or low-cost, short-term, unsecured installment loans at the point of sale. These loans are available in sectors such as education, healthcare, home improvement, and electric vehicles[1][3][5).
The loan ticket size ranges from $150 to $25,000, with tenures ranging from three months to three years. This flexibility helps customers choose loans that fit their needs and financial capabilities. Additionally, the company provides hyper-personalized education financing solutions through its partnership with Avanse Financial Services[2][3).
Credit Fair’s technology infrastructure is a key component of its success. The company uses advanced technology to provide seamless and efficient credit solutions.
Credit Fair’s platform is designed to be user-friendly and efficient. It leverages Decentro’s CKYC APIs for user verification, which simplifies the onboarding process and enhances operational efficiency. This architecture allows for quick turnaround times and high approval rates[1]).
The platform also integrates with various financial institutions such as CERSAI, NSDL, and UIDAI. This integration enables Credit Fair to collect and validate user information seamlessly, ensuring that the creditworthiness of individuals is accurately assessed[1]).
Credit Fair prioritizes security and compliance. With RBI approval for NBFC registration, the company adheres to strict regulatory standards. The integration of Decentro’s CKYC APIs ensures that user data is secure and compliant with regulatory requirements[1][2]).
The company’s focus on security and compliance helps build trust with its customers and partners. This is crucial for maintaining a strong reputation in the fintech industry[3]).
Credit Fair is innovative in its approach to lending. The company uses technology to democratize credit for the underserved population. Its unique credit assessment process and quick turnaround times have set it apart from traditional lenders[1][3]).
The partnership with Decentro has enabled Credit Fair to achieve 10X faster integration timelines and provide 24×7 multi-channel customer support. This innovation has enhanced the customer experience and made credit more accessible[1]).
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Credit Fair, a consumer lending fintech startup from India, has made a significant impact on the market since its founding in 2018. Here’s how it has grown and expanded its reach.
Credit Fair has seen substantial growth in its user base. The company has over 10,000 customers and has partnered with more than 1,000 businesses across 80-plus cities in India. This widespread presence indicates a strong acceptance and demand for their services[6][8][5>.
The user base growth is attributed to the company's focus on providing convenient credit solutions. Credit Fair offers unsecured installment loans at the point of sale, which is particularly beneficial for those in need of immediate financial assistance. This approach has helped the company to serve the underserved population effectively.
The company's user-friendly onboarding process, powered by Decentro’s CKYC APIs, has also contributed to its growth. This technology enables seamless user verification, enhancing operational efficiency and customer experience. Over 1.4 lakh CKYC searches and validations have been performed, showcasing the scale of their operations[1>.
Credit Fair is expanding its market share by targeting various sectors such as education, healthcare, home improvement, and electric vehicles. This diversified approach allows the company to cater to a wide range of needs, thereby increasing its market penetration.
In the education sector, Credit Fair has collaborated with Avanse Financial Services to provide financing solutions for up-skilling and re-skilling courses. This partnership aims to support over 6,000 education aspirants across 16 states, further solidifying their presence in the education financing market[2).
The company’s expansion into different sectors is driven by the growing demand for digital lending solutions. With the Indian digital consumer lending market projected to surpass $720 billion by 2030, Credit Fair is well-positioned to capture a significant share of this growing market[1).
Credit Fair’s mission is to democratize credit and make it accessible to all. The company provides no-cost or low-cost unsecured installment loans, which is particularly beneficial for those who are often ignored by traditional lenders.
By offering loans with tenures ranging from three months to three years and ticket sizes from $150 to $25,000, Credit Fair ensures that financial services are inclusive and accessible to a broader audience. This approach helps in building a credit ladder for near-prime and thin-file borrowers, enabling them to access credit from other lenders at fairer rates[8][4).
The company’s financial inclusion initiatives are also supported by its technology-driven credit assessment process. This process allows for quick turnaround times and high approval rates, further enhancing the financial health of the borrowers.
Credit Fair has had a remarkable financial journey since its inception. Here’s a look at its revenue growth, path to profitability, and investment rounds.
Credit Fair has been growing its revenue steadily. The company aims to disburse over $360 million annually, indicating a strong growth trajectory. In the education sector alone, they plan to disburse over INR 75 Cr in FY23 towards up-skilling and re-skilling courses[2).
The revenue growth is driven by the increasing demand for their lending solutions. With a focus on sectors like education, healthcare, and home improvement, Credit Fair is able to generate significant revenue through its loan disbursals.
The company’s financial performance is also reflected in its ability to expand its operations. Credit Fair has been able to serve a large customer base and partner with numerous businesses, contributing to its revenue growth.
Credit Fair’s path to profitability is supported by its efficient operations and strategic partnerships. The company’s use of Decentro’s CKYC APIs has enhanced operational efficiency and customer experience, contributing to its profitability[1).
The collaboration with Avanse Financial Services is another example of how Credit Fair is working towards profitability. This partnership allows the company to provide customized financing solutions, which in turn generates revenue and contributes to profitability[2).
Credit Fair’s focus on providing low-cost lending solutions also helps in maintaining profitability. By offering competitive interest rates and efficient loan processing, the company is able to attract more customers and increase its revenue.
Credit Fair has received significant investments to support its growth. In 2021, the company raised $15 million through a mix of equity and debt from investors like Northern Arc and veteran angel investors Anand Ladsariya and Alok Agarwal[7][3).
In 2022, Credit Fair raised an additional $10 million in a seed extension round led by LC Nueva Investment Partners. These investments have been crucial in helping the company improve its technology and deliver best-in-class credit decisioning and turnaround times[3).
The investments reflect the confidence of investors in Credit Fair’s business model and its potential for growth. The company’s valuation is expected to increase as it continues to expand its market share and improve its financial performance.
Credit Fair has formed several strategic partnerships to enhance its services and reach. Here’s a look at its banking collaborations, merchant partnerships, and technology alliances.
Credit Fair has collaborated with various financial institutions to provide seamless lending solutions. The company has received RBI approval for NBFC registration, which allows it to operate as a non-banking financial company[7][4).
The partnership with Avanse Financial Services is a key example of Credit Fair’s banking collaborations. This collaboration enables the company to provide education financing solutions to a wide range of aspirants across India[2).
Credit Fair’s banking collaborations also include working with institutions like CERSAI, NSDL, and UIDAI. These partnerships are facilitated through Decentro’s CKYC APIs, which simplify the integration process and enhance user verification[1).
Credit Fair has partnered with numerous merchants to offer lending solutions at the point of sale. These partnerships are crucial in expanding the company’s reach and providing convenient credit options to consumers.
The company’s merchant partnerships span across various sectors, including education, healthcare, and home improvement. By partnering with merchants in these sectors, Credit Fair is able to provide tailored financing solutions that meet the specific needs of consumers[6][8]).
For instance, in the education sector, Credit Fair’s partnership with merchants allows it to provide instant loan approvals and same-day payouts to students and professionals seeking up-skilling and re-skilling courses[7]).
Credit Fair has formed significant technology alliances to enhance its lending solutions. The most notable alliance is with Decentro, which provides CKYC APIs to streamline user verification and onboarding processes[6]).
The use of Decentro’s CKYC APIs has allowed Credit Fair to collect and validate user information seamlessly. This technology has enabled the company to determine the creditworthiness of individuals more accurately and efficiently[6]).
Credit Fair’s technology alliances also focus on improving operational efficiency and customer experience. The company’s tech-driven credit assessment process allows for quick turnaround times and high approval rates, making it a leader in the fintech sector[8]).
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