Digital Finance Platform Olyv Raises $23M
Olyv, a digital financial platform, has raised $23 million in a Series B funding round. The new capital is aimed at expanding the company's offerings in digital banking and embedded finance, signaling investor confidence in its product-market fit and readiness to scale.
This Series B round was led by The Fundamentum Partnership, co-founded by Nandan Nilekani, a key architect of India's Aadhaar digital identity system. The round also included the SMBC Asia Rising Fund, the venture arm of Japan's Sumitomo Mitsui Banking Corporation. Formerly known as SmartCoin, the Bengaluru-based company was founded in 2016 and has since evolved from a pure digital lending app to a broader financial platform. Its offerings now include credit health management, digital gold savings, and soon, insurance and UPI-based services. Olyv is targeting India's emerging middle class, particularly in Tier-2 and Tier-3 cities, and currently serves nearly 2 million monthly active users across more than 19,000 pin codes. The company has recorded over 50 million app downloads and has disbursed more than 7 million loans. Financially, the company has been profitable on a profit-after-tax basis for 11 consecutive quarters. For the fiscal year 2025, Olyv reported ₹340 crore in revenue and ₹26 crore in profit. At its core, Olyv uses AI-driven models and alternative data to assess creditworthiness for underserved customers who have limited formal credit histories. This tech-first approach allows it to partner with RBI-registered lenders to provide unsecured personal loans. The company operates in a competitive digital lending space alongside players like KreditBee, MoneyTap, EarlySalary, and Navi. With the new funding, Olyv plans to expand its product suite to include business loans and further invest in its technology infrastructure. The company has ambitious goals, aiming to reach 100 million users and surpass US$1 billion in assets under management by the 2029 fiscal year.
