Delhi-based Digital Credit Card Startup Olly Credit Raises Funding from China's Jade Value

Delhi-based Millennial Card Technologies Pvt. Ltd, which operates digital credit card provider Olly Credit, has raised an undisclosed amount of funding led by Jade Value, the investment arm of Chinese unicorn CashBUS, and India’s Lead Angels Network, reported VC Circle.

Before Olly Credit, Jade Value had recently participated in USD 1 million pre-series A funding round of Mumbai-based CoutLoot, a C2C fashion re-commerce platform, April this year.

Earlier in 2017, Olly-Credit has raised an undisclosed amount from Japan’s Incubate Fund along with participation ofy Sandesh Kirkire, Former CEO of Kotak Mahindra Asset Management Company and Yogesh Chaudhary, Director, Jaipur Rugs.

Founded in 2015 by Anand Kumar, Ashwin Bhambri and Ringaile Noq, Olly Credit offers mobile-first digital micro credit card on the VISA and Rupay networks with a dynamic credit limit of upto Rs 20,000. The company, which follows a B2B2C user-acquisition model, has collaborated with DCB Bank and targets employees of hospitality and healthcare sector with a starting salary of Rs. 11,000 to extend essential credit through micro credit-cards. Additionally, the startup is also in the process of adding non-banking finance companies as lending partners going ahead.

With this round of funding, the startup intends to utilize a part of capital to issue expense cards for students at the Maharana Pratap Group of Institutions. It has also tied up with over 40 corporate entities to offer the micro-credit card to employees including ShopKirana and Big Brewsky.

Besides India, the startup has come full-circle in Egypt extending the product offering to the youth market here and its been well received by the Egyptian student audience.

According to the startup's Linkedin page, "India’s working class population is in dire need of a credit product that is a purchasing utility for their day-to-day expenses and essential needs. Most individuals feel the crunch in the last quarter of every month and require small denomination credit to buy groceries, pay bills and other essential expenses."

"India is today has transcended to be the most innovative financial services market and the mobile wallet industry (mostly PayTM) revolutionized the payments and transactions space. Now its time for the CONSUMER CREDIT revolution and we (at Olly) have ambitions to be the BEST in this domain."

Also Read - Digital Payment Solutions Adoption To Rise Further in Asia-Pacific - Study

In a statement to VCCircle.com, Ashwin Bhambri said, “We will be increasing our user base and will address the Tier 2 and 3 markets with this round of capital. We start with a credit limit of Rs 5,000 which can go up to Rs 20,000. The users have to have a bank account in order to repay the loan through the app."

Speaking on the investment,Johan Uddman, general manager at Jade Value Fintech, said, "We were impressed by the founders and the landing space in India excites us. We will be working closely with Olly Credit and help them build on a state-of-the-art digital underwriting system."

JadeValue is a Fintech Investor & Incubator located in the heart of the China's financial center in Shanghai, Lujiazui. It provide promising Fintech and InsurTech startups with the capital as well as network. JadeValue invests between $150 000 to $750 000 for equity in Fintech and Insurtech startups, mainly in Seed to Pre-A stage.

Companies especially startup ventures are increasing focussing their strategy towards digital credit cards targeting huge population of middle-class and youngsters in India. In May this year, Mumbai-based fintech startup ePayLater and IDFC Bank together launched instant digital credit to individuals transacting online and offline, using BHIM UPI using ePayLater’s ‘Buy Now, Pay Later’ thereby aiding small businesses and merchants alike.

Prior to this, in January, IndusInd Bank and Dynamics Inc. together launched India`s first battery-powered, interactive payment cards. It was announced at the 2018 Consumer Electronics Show (“CES”).

Delhi-based Digital Credit Card Startup Olly Credit Raises Funding from China's Jade Value

Delhi-based Millennial Card Technologies Pvt. Ltd, which operates digital credit card provider Olly Credit, has raised an undisclosed amount of funding led by Jade Value, the investment arm of Chinese unicorn CashBUS, and India’s Lead Angels Network, reported VC Circle.

Before Olly Credit, Jade Value had recently participated in USD 1 million pre-series A funding round of Mumbai-based CoutLoot, a C2C fashion re-commerce platform, April this year.

Earlier in 2017, Olly-Credit has raised an undisclosed amount from Japan’s Incubate Fund along with participation ofy Sandesh Kirkire, Former CEO of Kotak Mahindra Asset Management Company and Yogesh Chaudhary, Director, Jaipur Rugs.

Founded in 2015 by Anand Kumar, Ashwin Bhambri and Ringaile Noq, Olly Credit offers mobile-first digital micro credit card on the VISA and Rupay networks with a dynamic credit limit of upto Rs 20,000. The company, which follows a B2B2C user-acquisition model, has collaborated with DCB Bank and targets employees of hospitality and healthcare sector with a starting salary of Rs. 11,000 to extend essential credit through micro credit-cards. Additionally, the startup is also in the process of adding non-banking finance companies as lending partners going ahead.

With this round of funding, the startup intends to utilize a part of capital to issue expense cards for students at the Maharana Pratap Group of Institutions. It has also tied up with over 40 corporate entities to offer the micro-credit card to employees including ShopKirana and Big Brewsky.

Besides India, the startup has come full-circle in Egypt extending the product offering to the youth market here and its been well received by the Egyptian student audience.

According to the startup's Linkedin page, "India’s working class population is in dire need of a credit product that is a purchasing utility for their day-to-day expenses and essential needs. Most individuals feel the crunch in the last quarter of every month and require small denomination credit to buy groceries, pay bills and other essential expenses."

"India is today has transcended to be the most innovative financial services market and the mobile wallet industry (mostly PayTM) revolutionized the payments and transactions space. Now its time for the CONSUMER CREDIT revolution and we (at Olly) have ambitions to be the BEST in this domain."

Also Read - Digital Payment Solutions Adoption To Rise Further in Asia-Pacific - Study

In a statement to VCCircle.com, Ashwin Bhambri said, “We will be increasing our user base and will address the Tier 2 and 3 markets with this round of capital. We start with a credit limit of Rs 5,000 which can go up to Rs 20,000. The users have to have a bank account in order to repay the loan through the app."

Speaking on the investment,Johan Uddman, general manager at Jade Value Fintech, said, "We were impressed by the founders and the landing space in India excites us. We will be working closely with Olly Credit and help them build on a state-of-the-art digital underwriting system."

JadeValue is a Fintech Investor & Incubator located in the heart of the China's financial center in Shanghai, Lujiazui. It provide promising Fintech and InsurTech startups with the capital as well as network. JadeValue invests between $150 000 to $750 000 for equity in Fintech and Insurtech startups, mainly in Seed to Pre-A stage.

Companies especially startup ventures are increasing focussing their strategy towards digital credit cards targeting huge population of middle-class and youngsters in India. In May this year, Mumbai-based fintech startup ePayLater and IDFC Bank together launched instant digital credit to individuals transacting online and offline, using BHIM UPI using ePayLater’s ‘Buy Now, Pay Later’ thereby aiding small businesses and merchants alike.

Prior to this, in January, IndusInd Bank and Dynamics Inc. together launched India`s first battery-powered, interactive payment cards. It was announced at the 2018 Consumer Electronics Show (“CES”).

Mumbai Startup and IDFC Bank Partner to Bring India's First UPI-Based Digital Credit Card

Mumbai-based fintech startup ePayLater has partnered with IDFC Bank to bring instant digital credit to individuals transacting online and offline, using BHIM UPI using ePayLater’s ‘Buy Now, Pay Later’ thereby aiding small businesses and merchants alike.

ePayLater, provider of innovative digital credit solutions, has partnered with IDFC Bank to bring instant digital credit to individuals transacting online and offline, using BHIM UPI. ePayLater’s ‘Buy Now, Pay Later’ credit facility works like a credit card without the hassles associated with a long application process or friction at payment checkout. For the first time, digital credit is made possible using the BHIM UPI railroad, the instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. Individuals, merchants and small businesses can now opt for real-time credit, in addition to other prepaid modes of payment, for their purchases using BHIM UPI.

ePayLater’s ‘Buy Now, Pay Later’ facility allows users to avail credit and transact, with a 14-day interest-free period from the date of purchase, to settle outstanding bills. This is the smoothest possible checkout experience, as users no longer have to pull out their card to complete a transaction. To gain access to the credit facility, users need to download the ePayLater application. It uses advanced machine learning techniques for a real-time credit assessment using data such as buying patterns, digital footprint, social media information, and device information. The user is then provided a credit limit in real-time, which can be used to pay for products and services at both online and offline stores. Here is how you can set up ‘Buy Now, Pay Later’. The app is now available on Google Playstore and will be released on Apple Store shortly. The process to understand how to create ePayLater UPI and use it to make payments is simple as well.



ePayLater aids small businesses and merchants fast-track their growth forging radical partnerships with emerging FinTech companies using BAAP (Bank As A Platform). The procedure to avail either a line of credit, short terms loans, or merchant cash advance is simple and swift. With minimal paperwork, instant approvals and an effective buyer-payer management process in place that allows the settlement of multiple purchase orders online by receiving a payment link on the registered Email ID/mobile number, ePayLater has been harnessing their online platform to help scale small businesses and merchants.

By deploying innovative technology and strategic alliances, ePayLater has been working towards extending its digital credit solution to a wider customer segment. The partnership with IDFC Bank provides ePayLater customised BHIM UPI solution that is required to offer instant credit

Aurko Bhattacharya, Co-Founder, ePayLater, said, “The penetration of credit cards has been abysmally low in our country. Now thanks to 320 million smartphone users and government initiatives in the form of UPI digital payments are gaining traction. Through this initiative, we intend to use the wide network of UPI to empower the common man, by providing credit whenever and wherever they wish to use it. In other words, this would put credit cards in the hands of millions without the need for a physical card or the hassles of a cumbersome application process. We are happy to associate with forward-looking banks like IDFC that make such innovations possible.”

Avtar Monga, Chief Operating Officer (COO), IDFC Bank, said, “New payment railroads have disrupted the way individuals transact and ensured that credit cards are not the only option they have, to make payments. When these new railroads are combined with innovative solutions, they make digital payments fast, simple, secure and available to a wider set of people. IDFC Bank is working towards creating unique use-cases for BHIM UPI in areas where it has never been used before. The Bank has customised BHIM UPI for ePayLater. This technology solution enables ePayLater to offer short-term digital credit using UPI for the first time. It opens up a whole new world of possibilities for users of BHIM UPI.”

IDFC Bank’s association with ePayLater is in tandem with the bank’s strategy of forging radical partnerships with emerging FinTech companies using BAAP (Bank As A Platform). The Bank today has close to 24 partnerships for UPI payments and 4 partnerships for MSME digital lending. A focus on digital technology has resulted in increased convenience while transacting, improved speed and stability, paperless processes and additional security, leading to enhanced customer experience. It allows IDFC Bank to launch innovative products in a very short cycle time.

ePayLater’s innovative feature of the digital solution combined with the ease of payment via UPI, would enable a wider section of the population of avail credit. In a country of 132 crore people, only 3.7 crore people use credit cards. However, the amount transacted on POS through these credit cards is comparable to the amount transacted on the 85.5 crore debit cards in India. This indicates a strong appetite for credit in the Indian economy, which is expected to grow as more Indians opt for digital payments.

Founded in December of 2015 by Aurko Bhattacharya, Prasannaa Murlidharan, Uday Somayajula, Shanmunathan Thiagaraja and Akshat Saxena, ePaylater is a payment solution startup, operated by Mumbai-based Arthashastra Fintech Pvt. Ltd, that aims to separate the experience of shopping from the hassles of payment process. In June 2016, the startup had raised $2 million in a seed round of funding from HNIs who are amongst the leaders in the global financial industry. In May 2017, the startup partnered with IRCTC to offer a quick and completely frictionless payment experience for ticket bookings on IRCTC.

It may be recalled that in January, IndusInd Bank and Dynamics Inc. together launched India`s first battery-powered, interactive payment cards. It was announced at the 2018 Consumer Electronics Show (“CES”).

Via - BusinessWire India

Mumbai Startup and IDFC Bank Partner to Bring India's First UPI-Based Digital Credit Card

Mumbai-based fintech startup ePayLater has partnered with IDFC Bank to bring instant digital credit to individuals transacting online and offline, using BHIM UPI using ePayLater’s ‘Buy Now, Pay Later’ thereby aiding small businesses and merchants alike.

ePayLater, provider of innovative digital credit solutions, has partnered with IDFC Bank to bring instant digital credit to individuals transacting online and offline, using BHIM UPI. ePayLater’s ‘Buy Now, Pay Later’ credit facility works like a credit card without the hassles associated with a long application process or friction at payment checkout. For the first time, digital credit is made possible using the BHIM UPI railroad, the instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. Individuals, merchants and small businesses can now opt for real-time credit, in addition to other prepaid modes of payment, for their purchases using BHIM UPI.

ePayLater’s ‘Buy Now, Pay Later’ facility allows users to avail credit and transact, with a 14-day interest-free period from the date of purchase, to settle outstanding bills. This is the smoothest possible checkout experience, as users no longer have to pull out their card to complete a transaction. To gain access to the credit facility, users need to download the ePayLater application. It uses advanced machine learning techniques for a real-time credit assessment using data such as buying patterns, digital footprint, social media information, and device information. The user is then provided a credit limit in real-time, which can be used to pay for products and services at both online and offline stores. Here is how you can set up ‘Buy Now, Pay Later’. The app is now available on Google Playstore and will be released on Apple Store shortly. The process to understand how to create ePayLater UPI and use it to make payments is simple as well.



ePayLater aids small businesses and merchants fast-track their growth forging radical partnerships with emerging FinTech companies using BAAP (Bank As A Platform). The procedure to avail either a line of credit, short terms loans, or merchant cash advance is simple and swift. With minimal paperwork, instant approvals and an effective buyer-payer management process in place that allows the settlement of multiple purchase orders online by receiving a payment link on the registered Email ID/mobile number, ePayLater has been harnessing their online platform to help scale small businesses and merchants.

By deploying innovative technology and strategic alliances, ePayLater has been working towards extending its digital credit solution to a wider customer segment. The partnership with IDFC Bank provides ePayLater customised BHIM UPI solution that is required to offer instant credit

Aurko Bhattacharya, Co-Founder, ePayLater, said, “The penetration of credit cards has been abysmally low in our country. Now thanks to 320 million smartphone users and government initiatives in the form of UPI digital payments are gaining traction. Through this initiative, we intend to use the wide network of UPI to empower the common man, by providing credit whenever and wherever they wish to use it. In other words, this would put credit cards in the hands of millions without the need for a physical card or the hassles of a cumbersome application process. We are happy to associate with forward-looking banks like IDFC that make such innovations possible.”

Avtar Monga, Chief Operating Officer (COO), IDFC Bank, said, “New payment railroads have disrupted the way individuals transact and ensured that credit cards are not the only option they have, to make payments. When these new railroads are combined with innovative solutions, they make digital payments fast, simple, secure and available to a wider set of people. IDFC Bank is working towards creating unique use-cases for BHIM UPI in areas where it has never been used before. The Bank has customised BHIM UPI for ePayLater. This technology solution enables ePayLater to offer short-term digital credit using UPI for the first time. It opens up a whole new world of possibilities for users of BHIM UPI.”

IDFC Bank’s association with ePayLater is in tandem with the bank’s strategy of forging radical partnerships with emerging FinTech companies using BAAP (Bank As A Platform). The Bank today has close to 24 partnerships for UPI payments and 4 partnerships for MSME digital lending. A focus on digital technology has resulted in increased convenience while transacting, improved speed and stability, paperless processes and additional security, leading to enhanced customer experience. It allows IDFC Bank to launch innovative products in a very short cycle time.

ePayLater’s innovative feature of the digital solution combined with the ease of payment via UPI, would enable a wider section of the population of avail credit. In a country of 132 crore people, only 3.7 crore people use credit cards. However, the amount transacted on POS through these credit cards is comparable to the amount transacted on the 85.5 crore debit cards in India. This indicates a strong appetite for credit in the Indian economy, which is expected to grow as more Indians opt for digital payments.

Founded in December of 2015 by Aurko Bhattacharya, Prasannaa Murlidharan, Uday Somayajula, Shanmunathan Thiagaraja and Akshat Saxena, ePaylater is a payment solution startup, operated by Mumbai-based Arthashastra Fintech Pvt. Ltd, that aims to separate the experience of shopping from the hassles of payment process. In June 2016, the startup had raised $2 million in a seed round of funding from HNIs who are amongst the leaders in the global financial industry. In May 2017, the startup partnered with IRCTC to offer a quick and completely frictionless payment experience for ticket bookings on IRCTC.

It may be recalled that in January, IndusInd Bank and Dynamics Inc. together launched India`s first battery-powered, interactive payment cards. It was announced at the 2018 Consumer Electronics Show (“CES”).

Via - BusinessWire India