Fintech Olyv raises $23 million in Series B funding to fuel expansion

Digital financial platform Olyv has secured $23 million (approximately Rs 208 crore) in a Series B funding round, marking a significant milestone for the fintech company focused on serving India's emerging middle-income and underbanked population. The round was led by The Fundamentum Partnership, an investment firm founded by Infosys co-founder Nandan Nilekani, with participation from SMBC Asia Rising Fund, the corporate venture capital arm of Japan's Sumitomo Mitsui Banking Corporation (SMBC). 

This investment underscores growing confidence in profitable, scalable fintech models targeting tier-2 and tier-3 cities and beyond. Olyv, formerly known as SmartCoin and founded in 2016 by Rohit Garg (CEO), Amit Chandel (CTO), Vinay Singh (CPO), and Jayant Upadhyay (COO), has established itself as a credit-first digital lending platform. The company now serves over 50 million users across India, has disbursed more than Rs 10,000 crore in loans since inception, and achieved 11 consecutive quarters of profitability. 

This strong track record of responsible scaling and positive unit economics has positioned Olyv as a leader in financial inclusion for segments historically overlooked by traditional lenders. The fresh capital will support Olyv's next growth phase, including deepening customer engagement, scaling its core lending business, and expanding its product suite. 

Key initiatives include new offerings in insurance, UPI payments, and business loans, aiming to transform Olyv into a full-stack financial platform for emerging India. Co-founder and CEO Rohit Garg emphasized the strategic timing of the raise. "With profitability and very strong product-market fit, this funding allows us to invest in the long term—expanding our product suite beyond just lending into areas like insurance, UPI payments, as well as business loans," he said. 

Garg highlighted the company's focus on using credit data and trust built with users to create a one-stop platform addressing all financial needs. Looking ahead, Olyv has set ambitious targets: crossing $1 billion in assets under management (AUM) and reaching 100 million users over the next three years. Garg pointed to the massive opportunity in digitizing the next half-billion users in India, particularly in tier-2, tier-3, and rural areas, where smartphone penetration, UPI adoption, and digital literacy have surged.