Fintech debt marketplace, CredAvenue has rebranded itself as ‘Yubi’ with an aim to expand into international markets and widen its product portfolio.
“Yubi represents the beginning of our global ambitions as we prepare to launch our first international office in UAE, successfully debuting in the MENA region,” said Gaurav Kumar, founder and chief executive officer, Yubi.
The Chennai-based fintech startup entered the unicorn club in just 18 months after raising around $137 million in its Series B funding.
“Another reason for the brand identity change stems from our conversations with customers and other stakeholders on how technological integration because of data security concerns around financial information remains one of the key deterrents in the advancement of digital finance,” Kumar added.
Founded in 2020, Yubi facilitates debt financing for companies by connecting lenders and investors with borrowers through an online marketplace. Yubi offers a 5-in-1 platform with products focusing on the debt lifecycle. Its offerings include term lending and working capital solutions, co-lending partnerships for banks and NBFCs, bond issuance and investment for institutional and retail participants, trade financing solutions and end-to-end securitisation and portfolio buyouts.
Yubi is also looking to launch a real estate and infrastructure vertical named YubiBuild.
In February, VCCircle reported that CredAvenue had acquired a 75% stake in Mumbai-based Spocto Solutions Pvt. Ltd, a collections solution provider in the debt management space.
In April, it made a second acquisition in software-as-a-service (SaaS)-based credit underwriting company, Corpository for Rs 100 crore.
Soon after the acquisition of Spocto, CredAvenue raised $137 million led by New York-based global private equity and venture capital firm Insight Partners, B Capital Group and Dragoneer along with participation from existing investors. This fundraiser valued the company at $1.3 billion and propelled its entry into the much-desired unicorn club.
Prior to this funding round, CredAvenue racked up $90 million in a funding round led by Sequoia Capital in September last year in the biggest Series A investment for an Indian company at that time.
