KreditBee, which claims to be one of India’s “leading” Fintech platforms, recently announced the launch of ‘KreditBee 24K Gold’, a digital gold investment product.
Clients may “securely” purchase digital gold “with 99.5% purity at live market rates with a single tap on the KreditBee app.”
At present, the offering is available for “a select set of customers wherein they can start with a minimum investment value of as low as ₹1 and up to ₹3 lakhs.”
Soon, the option will be “available for the larger customer base.”
For the offering, the company has teamed up with SafeGold, a digital platform “building an ecosystem that enables consumers to transact in gold digitally.”
The partnership will “allow customers to buy, sell, and receive vaulted gold around the clock for ticket sizes as low as ₹1, with the tap of a button.”
KreditBee has “started this service to let customers invest in gold instantly, securely, and in real-time.”
The purchased gold can also be “converted into physical coins or bars and stored in a vault.”
In case the customer requires their physical gold in person, they can “request delivery of the same at their doorstep across the country.”
The quantity for delivery “can be as low as 0.5 gm, secured by free transit insurance from SafeGold.”
Madhusudan Ekambaram, Co-Founder & CEO, KreditBee said:
“We are elated to partner with SafeGold and launch our distinctive offering ‘KreditBee 24K Gold’, which will make buying gold affordable and highly convenient for customers. It will further encourage savings by providing them with a long-term investment option while eliminating the costs of storage. Gold has always held a special place in India and is one of the most valued universal commodities. The launch of this service also aids our business diversification goal, to engage with our customers effectively and cater to their varied financial needs.”
Gaurav Mathur, Founder & MD, SafeGold, remarked:
“Gold is an essential part of almost every Indian’s investment portfolio. We aim to empower Indians, with access to a simple, convenient and secure way to save in gold while giving them assurance on quality, purity, and price. We are honored to partner with KreditBee to enable their 24K Gold offering. This partnership will help simplify digital gold investment for millions of KreditBee users and enable them to buy gold in a few clicks.”
Notable benefits of ‘KreditBee 24K Gold’ (according to the update shared with CI):
- Quality: Guaranteed 24K Gold (99.5% purity) will be available for the customer to buy/sell
- Minimum quantity: Customer can buy gold for as low as ₹1 and up to ₹3 lakhs
- Security: Gold is stored in secure vaults that are 100% insured
- Doorstep delivery: The customer can avail delivery of gold at their doorstep or they can also get it converted to physical gold through merchant partners
- Easy Buy back: The customer can resell the stored digital gold on SafeGold at the current market price
Steps to start investing in ‘KreditBee 24K Gold’:
- Sign in to the KreditBee app
- Click on the ‘KreditBee 24K Gold’ section to begin investing in digital gold
KreditBee currently “offers multiple types of personal loans and a credit-line backed prepaid card.”
The company further plans “to diversify its product offering by venturing into digitally-enabled secured loans, home loans and credit lines, which involves expanding its lending portfolio by introducing financial services like insurance, credit score report, merchant-side offers, among others.”
As covered, KreditBee is a Fintech Platform that “facilitates instant personal loans to professionals where they can avail loans up to ₹3 lakhs as per their requirements.
With a strong focus on online tech-based and data-centric KYC, KreditBee “envisions solving the financial inclusion gap in the varied demographic segments of the country.”
The platform is “backed by various lenders, including a Systemically Important NBFC Krazybee Services Private Limited, registered with RBI since May 2017, as well as various debt & platform partners.”
KreditBee is “a brand of Finnovation Tech Solutions Pvt Ltd and is currently a Series-C funded entity with a cumulative fundraise of over $200 million.”
It is backed “by some key VC funds, family offices and financial institutions like Azim Premji’s Premji Invest, Motilal Oswal Private Equity, TPG-backed NewQuest, South Korea’s Mirae Asset Venture, and US-based Alpine Capital.”
Some other marquee investors “include ICICI Bank, Arkam Ventures and SIDBI’s investment arm IndiaSME Investments.”
Currently, it “has 6 million loan customers, out of which over 2 million are active loan customers.”
Established in 2018, SafeGold claims to be “a leading homegrown digital currency platform, accelerating the digital gold ecosystem in India.”
Empowering Indians with access to “a simple, convenient & secure way to save in gold while having assurances on quality, purity and price. ”
SafeGold claims that it “takes an innovative approach to deploying technology in the gold sector, which has remained for decades without technological transformation.”
The platform “has 50+ partners globally, 15+ million customers, and has completed over 50 million transactions.”
With SafeGold, you can “store 24K physical gold online in a Brinks vault, with a globally regulated Trustee- Vistra.”
The gold fraction can be “bought and sold from the digital vault 24*7 with the tap of a button through the website or various partner platforms, like Axis Bank, Mobikwik, PhonePe, Amazon Pay, etc.”
Customers can also exchange their digital gold “for real gold via partner jewelers like Tanishq, Caratlane, Kalyan, and more.”