Indian fintech company CRED is set to acquire CreditVidya – a SaaS company that offers a lending-as-a-service platform. The transaction is a mix of cash & stock, and closure of the acquisition is subject to requisite approvals.

The two firms will continue to operate independently and CRED will extend its ESOP program and other benefits to the CreditVidya workforce, CRED said in a statement.

Kunal Shah, the founder of CRED, said, “Expanding access to credit is a key driver for financial progress. CreditVidya’s patented tech stack uncovers signals of trust among under-served cohorts. We look forward to supporting them in powering an inclusive credit ecosystem.”

“We’ve invested in building category-defining products that bring financial services to credit under-served Indians through our partners, transforming how risk is assessed and trust measured to drive financial inclusion. In our next phase of our growth, as we build brand and scale distribution, we are excited to learn from the CRED team,” said Abhishek Agarwal, co-founder, and chief executive of CreditVidya, in a statement.

CreditVidya offers services for entire loan life cycles from origination to underwriting to collections of loans. The platform also allows customers to seek loans from its lending partners. The 10-year-old company is headquartered in Hyderabad and is backed by Navroz Udwadia, Kalaari Capital, and Matrix Partners. It raised $10 million in previous financing rounds and was last valued at about $30 million post-money. CreditVidya’s technology has served over 25 million individuals, the startup says on its website.