CreditVidya, a financial technology start-up focused on providing credit scores for unscored individuals, has raised $2 million in Series A funding from Kalaari Capital. This fresh fund will be used to double the size of its technology team and launch additional products on its platform.
Founded in 2013, CreditVidya is engaged with various kinds of financial institutions providing risk assessment capability which are based on its technology platform using capabilities such as artificial intelligence and data science.
Abhishek Agarwal, co-founder and CEO of CreditVidya, said the newly raised funds would be primarily used to hire and retain talent like data scientists along with developing newer technological capability. The start-up currently has a 35 member technology team and will double this number by the end of this financial year.
CreditVidya has the ability to scan through various kinds of data which are largely online in what is called as digital footprint and through its technology it is able to build the risk profile of the individual.
“Our big data platform leverages over 10,000+ such unique digital data points to assess the creditworthiness of a potential borrower. We work very closely with our lending partners to develop customized scorecards for their product offering so that they can approve more creditworthy customers,” Agarwal said.