New Delhi-based fintech startup Olly Credit, that provides a digital credit card for salaried individuals, has raised an undisclosed amount from China-based fintech incubator and investor JadeValue, an investment arm of Chinese microfinance company CashBUS, along with Mumbai-based Lead Angels Network. The funds raised will be used to offer credit loans to students.
The startup had earlier raised an undisclosed amount in its seed funding round led by Japan-based IncubateFund and Professional Angels. This investment also makes it JadeValue’s first in the Indian startups market.
Olly Credit was founded by Anand Kumar, Ashwin Bhambri, Ringaile Noq in 2015. It provides mobile-first credit cards on VISA and Rupay networks with a credit limit of ₹20,000 to low-income individuals with incomes between ₹1.5 lakhs to ₹3.4 lakhs. It also claims to provide instant credit with three minutes, after the submission of documents.
With the latest investment, the startup has also announced its latest product, ‘Student Express Cards’, it will be first introduced for engineering students of Maharana Pratap Group of Institutions in Kanpur.
“We will be increasing our user base and will address the Tier 2 and 3 markets with this round of capital. We start with a credit limit of ₹5,000 which can go up to ₹20,000. The users have to have a bank account in order to repay the loan through the app,” Bhambri said in the statement.
Recently, a consumer finance startup HappyEMI had raised ₹7 crores to expand its footprint.