IPO-bound Paytm acquires lending startup CreditMate

IPO-bound digital payments firm Paytm acquired a 100% stake in digital lending startup CreditMate for an undisclosed amount.

The creators of CreditMate have sold their stake to Paytm, cofounder and chief commercial officer Mr. Aditya Singh posted it in a LinkedIn post.

“Pleased to announce that we have successfully exited CreditMate. The Paytm Group will now become 100% beneficial owners of the business. As a cofounder, I am privileged to have handled all the functions at CreditMate during this journey and led the company over the past few months of transition,” Mr. Singh stated.

“Honoured to have helped build a remarkable business in the collections technology space and I wish the team the very best for the future. I have no doubt that CreditMate is ready for great heights,” he added.

In the LinkedIn post, Mr. Singh also indicated that he will now be concentrating on building a new startup.

Founded by Mr. Jonathan Bill, Mr. Ashish Doshi, Ms. Swati Lad and Mr. Aditya Singh in 2016, the Mumbai-based startup is a collection platform which helps lenders to gather overdue payments from borrowers. According to the details available on its website, the startup is permitted to collect for over 30 lenders including Paytm, True Balance, MoneyTap, Zest, Capital Float, Cars24, among others.

In November 2017, Paytm invested an undisclosed sum in the startup. Before this, the Mumbai-based startup had raised US$ 500,000 from India Quotient, Economic Times reported in October 2016.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.