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Mumbai-based credit score startup CreditVidya has raised $2m of Series A financing, led by Kalaari Capital. The company's platform aggregates non-financial data to generate credit scores for individuals with no financial history. CreditVidya's target customers are the 800 million Indians with little or no access to the banking system.
CreditVidya claims to collect and analyze over 10,000 data points, from the way people top up their phones to what they do on social networks. The other part of its pitch is that not all of those without credit scores are unreliable. In fact, some are even like Abhishek. Although he’s worked and studied across the globe, he had trouble taking out a loan when he returned to India. “I had a near perfect credit score while in the United States,” he says matter-of-factly, “but when I got to India and wanted to buy a phone on monthly installments, my loan got rejected.” Of course, Abhishek is not CreditVidya’s target customer – it’s the 800 million Indians that still can’t use banks.
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