Fintech player Kissht raised $80 million in a funding round led by Vertex Growth and Brunei Investment Agency as the company plans to grow and expand its product offering, it said in a statement on Wednesday.
The round also saw participation from its existing investors Endiya Partners and Vertex Ventures SE Asia and India. Part of the expansion marks its foray into credit-backed cards and launch of a millennial -focussed brand called Ring.
Customers can use Ring for e-commerce transactions, pay to merchants, self or to a friend. Users can also avail a line of credit of up to Rs 30,000 and pay for all expenses in one billing cycle at no interest cost. The company aims to become the leading card issuer for the millennial customers in India and has over 100,000 merchants.
“There are over 150 million people, of which the majority are young millennials, who are either underserved or unserved on transaction credit. The transaction usage of millennial consumers is constantly evolving and they always look for ease and convenience. We are offering a one-stop credit and payment solution, which can be used ‘any and everywhere’ and change the way people use credit. With these transactions, we want to create a bond with the customer to help them across other banking needs” said Ranvir Singh, founder and chief executive officer, Kissht.