Fintech firm Kissht bags USD 80 million to enter challenger card space
Author : Pankaj Singh | Published Date : 2022-06-10
Kissht, a fintech organization, has reportedly raised USD 80 million in the latest funding round that was spearheaded by Brunei Investment Agency and Vertex growth. The round also saw participation from existing investors such as Endiya Partners and Vertex Ventures SEA India, now valuing Kissht at USD 500 million.
According to Kissht, the firm intends to use the fresh funds to increase card issuances to 10 million in the coming year and a half, improve product design, and invest in expanding its book size while also upgrading its technological backend.
Kissht also plans to foray into the challenger card market, where it plans to offer “Ring”, buy-now & pay-later cards to clients with a credit line in collaboration with SBM and RBL Bank.
It is worth mentioning here that similar companies like Uni, Jupiter, Slice, and OneCard among others are competing fiercely in the challenger card segment. The Reserve Bank of India (RBI) has been consulting participants to have a better understanding of the operations of modern card-based credit fintech firms, to regulate the field in the coming months.
For those unaware, founded in 2015, Kissht now offers unsecured personal loans and credit lines to users. It has about 3.2 million users on its platform, where half of them log in once a month at least.
Aditya Birla Health Insurance is one of the key partners in the fintech firm, which provides health-related insurance. Despite this, the health insurance vertical continues to account for a minor portion of overall Kissht revenues.
Ranvir Singh, the founder and Chief Executive of Kissht mentioned that the company is focusing on attracting consumers via offline platforms by embedding its credit offers at the point of sale in mid-scale department shops.
The platform disburses USD 74.58 million (Rs 580 crore) in loans every month on average, with an average ticket size of USD 173 (Rs 13,500). The company has a USD 1.305 billion (Rs 900 crore) active loan book.
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Pankaj Singh . .
Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605
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