Olyv Secures $23m to scale multi-product FinTech platform

By Vriti Gothi

Bengaluru-based FinTech platform Olyv has secured $23 million in a Series B funding round led by The Fundamentum Partnership, the investment firm founded by Nandan Nilekani. The round also included participation from SMBC Asia Rising Fund, the corporate venture capital arm of Sumitomo Mitsui Banking Corporation (SMBC), one of Japan’s largest banking groups.

The investment will support Olyv’s next phase of expansion, as the company broadens its product portfolio beyond digital lending. Plans include the introduction of insurance products, UPI-based services and business loans, alongside further investments in technology infrastructure, customer engagement and brand development.

Founded in 2016 by Rohit Garg, Amit Chandel, Vinay Singh and Jayant Upadhyay, Olyv, formerly known as SmartCoin, began as an app-based digital lending platform. The company partners with RBI-registered lenders to provide unsecured personal loans to salaried and self-employed customers. Over time, it has diversified into adjacent financial products such as gold savings and credit health management tools.

Onlyv reports more than 50 million app downloads and nearly 2 million monthly active users across over 19,000 pin codes in India. According to the company, it has disbursed more than 7 million loans, facilitating cumulative transactions exceeding $1.10 million. It also stated that it has achieved profitability at the profit-after-tax (PAT) level for 11 consecutive quarters and employs over 500 professionals.

The funding comes at a time when India’s digital lending sector is navigating tighter regulatory oversight and heightened competition. Olyv operates alongside players such as KreditBee, MoneyTap, EarlySalary, CASHe and Navi in a market increasingly focused on sustainable underwriting models, compliance alignment and diversified revenue streams.

The company said it intends to strengthen its presence among middle-income households, particularly in Tier-II and Tier-III cities, where formal credit penetration remains relatively low. By expanding into payments and insurance, Olyv appears to be positioning itself as a broader digital financial services platform rather than a single-product lender.

The transaction marks the 11th and final investment from Fundamentum’s Fund II, launched in 2022, and its fourth FinTech-focused deployment from the fund. Unitus Capital acted as the exclusive financial advisor to Olyv on the deal.

Since inception, Olyv has raised approximately USD 25 million in equity and around USD 100 million in debt from domestic and international FinTech-focused investors.