Online debt marketplace CredAvenue has rebranded itself to Yubi. According to a press release from the company, the new name represents the company's long-term objective of commanding the debt ecosystem and acting as a seamless infrastructure layer that supports credit and enables frictionless access to credit globally.
The company announced that through a makeover of its website, social media accounts, and current product lines, the new brand will be reflected in every client touchpoint. In keeping with its commitment to assisting its clients to "Go Get Great," Yubi will provide a richer, more consistent brand experience, the company claimed.
In the last six months, the firm has made two significant acquisitions (Spocto and Corpository). It was established in August of 2020, and since March of this year, when a Series B round of funding was secured, its valuation has increased to $1.3 billion, making it one of India's fastest-growing fintech platforms.
In addition to supplying a full range of debt solutions to its client, the company also offers portfolio administration and monitoring services as a SaaS product to both its lenders and borrowers. Yubi has facilitated loan volumes of over Rs 90,000 crore and claims to have over 3,000 corporate clients and 750 lenders as of presently.
Commenting on the development, Gaurav Kumar, founder and CEO of Yubi, said, “This is an exciting transformation and a solid foundation for the constantly evolving nature of our business. Yubi represents the beginning of our global ambitions as we prepare to launch our first international office in UAE, successfully debuting in the MENA region. Another reason for the brand identity change stems from our conversations with customers and other stakeholders on how technological integration because of data security concerns around financial information remains one of the key deterrents in the advancement of digital finance. We aim to bridge this trust deficit, and in this effort of humanising the brand, we’re confident of further building our platform, which thrives on new opportunities for people and businesses alike.”
Yubi collaborated with the international branding agency venturethree to develop a disruptive brand that is ready for the new era of lending and other marketplace opportunities.
Philip Orwell, Chief Executive Office of venturethree, commented on the development, saying, “Yubi’s ambition is to redefine how people, from all backgrounds, can access capital within the Indian market and help drive business growth without the barriers we’ve seen in the past. Working closely with the Yubi team, we developed a brand that focussed on the power of connection, bringing much-needed warmth and humanity to the market.”
According to the company's news release, Yubi may eventually look for ways to extend beyond credit. The firm asserted that by adopting the name Yubi and the revised brand, which is aligned with its strategic goals, it would be able to leverage the power of a well-known and worldwide name to achieve its future aspirations.
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