Fintech lending firm Olyv has raised $23 million in funding from Nandan Nilekani’s The Fundamentum Partnership and Japan’s SMBC Asia Rising Fund, the corporate venture capital arm of Sumitomo Mitsui Banking Corporation (SMBC).

The Bengaluru-based firm, which focuses on credit disbursements in tier 2 cities and beyond, is looking to expand into other financial services, such as insurance distribution, UPI payments, and business loans, with the Series B funding.

Olyv has more than 1 crore app downloads and 20 lakh monthly active customers and follows a fully-digital lending practice with ticket sizes ranging from Rs 5,000. The company has disbursed over 70 lakh loans and facilitated over Rs 10,000 crore in cumulative loan value.

“We are democratising access to credit for the underserved and fostering financial inclusion. This round will help us scale the business, strengthen our liability partnerships, and expand our product offerings,” said Rohit Garg, co-founder of Olyv, adding that the company aims to become a full-stack financial partner for underbanked Indians entering the formal credit ecosystem.