Fintech unicorn Yubi on Thursday said it has bought a 100% stake in digital credit analytics company FinFort Infotech LLP, marking its third acquisition in over a year.
However, the company did not disclose the financial details of the transactions.
Yubi’s latest bet comes after it had acquired majority stakes in Corpository at a valuation of Rs 100 crore and Spocto Solutions for Rs 400 crore, last year.
FinFort provides tech infrastructure and data analytics for private data to banks and NBFCs (non-banking financial companies).
With this acquisition, Yubi has solidified its position in the credit industry, while expanding its product suite.
As part of the acquisition, FinFort will collaborate with Yubi's subsidiary, Corpository, a SaaS-based credit analytics platform for corporate lending. Corpository’ chief executive officer Aniket Shah will assume leadership of FinFort while Gaurav Kumar, founder and CEO of Yubi, will join the company as a designated partner.
“FinFort's deep knowledge of digital credit analytics, coupled with Corpository's strengths, will enable us to provide comprehensive solutions and services to our customers, enhancing their credit experience. This strategic move brings us closer to building an end-to-end credit stack that fuels India's credit landscape," Kumar said.
Yubi, formerly CredAvenue, was founded in 2020 by Kumar. The company operates a credit marketplace, and claims to have facilitated debt volumes of over Rs 1,40,000 crore, with more than 17000 enterprises and 6200+ investors and lenders on its platform. It rebranded to Yubi in June last year ahead of its expansion into international markets and widen its product portfolio.
In March last year, the company raised $137 million led by New York-based global private equity and venture capital firm Insight Partners, B Capital Group, and Dragoneer, with participation from existing investors. The round helped the company enter the famed unicorn club of startups. Prior to this, Yubi had bagged $90 million in a funding round led by Sequoia Capital in September 2021 in its Series A funding round.
