IPO-bound Paytm acquires lending startup CreditMate

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

The founders of CreditMate have sold their stake to Paytm, cofounder and chief commercial officer Aditya Singh said in a LinkedIn post.

"Happy 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 fortunate to have managed all the functions at CreditMate during this journey and led the company over the past few months of transition," Singh said.


"Proud to have helped build a formidable business in the collections technology space and I wish the team the very best for the future. I have no doubt that CreditMate is poised for great heights, he added.

In the LinkedIn post, Singh also hinted that he will now be focusing on building a new startup.

Founded by Jonathan Bill, Ashish Doshi, Swati Lad and Aditya Singh in 2016, the Mumbai-based startup is a collection platform that helps lenders to collect overdue payments from borrowers. According to the details available on its website, the startup is authorised 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 $500,000 from India Quotient, ET reported in October 2016.