The Chennai-based online credit management venture CreditMantri is close to closing a $7.6 million Series B round from its existing investors.
Accion’s investment is through its Frontier Inclusion Fund, reflecting CreditMantri’s graduation from Accion’s Venture Lab, which helped seed the company’s $2.5 million raise in 2015.
Elevar Equity, IDG Ventures India and Newid Capital also participated.
CreditMantri’s online platform was launched in 2012 to help new borrowers understand credit scoring and borrowing decisions.
Millions of first-time customers gaining access to financial services require lending support and financial literacy.
Photo credit: Accion