India’s Olyv Secures $23 Million Series B to Scale Financial Inclusion Platform; SMBC Asia Rising Fund Joins Round
Olyv, the tech-driven FinTech platform formerly known as SmartCoin, has successfully closed a USD 23 million Series B funding round. The investment was led by The Fundamentum Partnership, with significant participation from the Singapore-based SMBC Asia Rising Fund, the corporate venture capital arm of Sumitomo Mitsui Banking Corporation.
The capital injection comes as Olyv continues to consolidate its position in the "Emerging India" segment, targeting young, mobile-first consumers who have historically been underserved by traditional financial institutions.
Founded in 2016, Olyv has distinguished itself in a crowded market through a focus on sustainable unit economics and disciplined growth. According to company disclosures, the platform has recorded 11 consecutive quarters of profitability—a notable metric in the current FinTech landscape where investors are increasingly prioritizing fiscal health over growth at all costs.
"As personal lending scales in India, one of the biggest challenges is enabling responsible access to credit for consumers new to the formal system," said a representative from SMBC Asia Rising Fund. "Olyv has demonstrated strong risk discipline and compliance, consistently showing responsible growth in a cautious lending environment."
The company currently reports over 50 million app downloads and serves users across more than 19,000 pin codes. By leveraging alternative data points and AI-driven underwriting models to assess creditworthiness, Olyv claims to have achieved a customer repeat usage rate of approximately 70%, identifying lower-risk borrowers within a demographic often viewed as high-risk by legacy banks.
The fresh funding will be deployed to expand Olyv’s suite of financial products, which currently includes personal loans, credit score management, digital gold savings, and insurance. The company also plans to strengthen its technology stack and deepen strategic partnerships across the region.
For SMBC Asia Rising Fund, the investment aligns with a broader mandate to foster sustainable regional growth by backing high-potential startups in India and Southeast Asia. The deal underscores continued institutional confidence in India's digital public infrastructure and the scalability of platforms addressing financial inclusion.
Norbert Gehrke
