Credit Saison Invests $47 million in Indian Arm CS India

Credit Saison, Japan’s leading consumer finance major and credit card issuer, has put $47 million into its Indian non-bank arm, Kisetsu Saison Finance India (CS India), according to the company statement.

The fresh capital that takes the total infusion into CS India to $150 million presently. The new fund would be used to expand its loan book in India and partner with new-age fintech firms into the lending business, the company states in a statement.

Presha Paragash, CEO, CS India says, “Taking into account the Covid-19 situation and the corresponding setback this has brought to the lending space, on a forward-looking basis, we are bullish on our growth plans and we are targeting to have an AUM (assets under management) of $1 billion over the upcoming years.”

He further adds, “While aggressive, we are confident of getting there with the ability to further leverage our parents’ balance sheet and also having a diversified lender base that will be commensurate with our credit rating.”

CS India began its lending business towards the end of 2019 after receiving its Non-Banking Financial Services licence. The firm has a wholesale lending vertical in India alongwith a co-lending arm which focuses on fintech partnerships for consumer as well as small business loans.

CS India associates with 30 NBFCs across asset classes such as consumer, auto and gold loans. The firm is now onboarding entities for agriculture finance as well as microfinance forays, reads the statement. Furthermore, Credit Saison is listed on the Tokyo Stock Exchange and has a group balance sheet of $32 billion.

Kosuke Mori, head of Credit Saison Global Business Division says, “As a group, we are looking to become a leading Neo-Finance company in Asia. We have actively ventured out and have built many successful ventures outside of Japan and continue to invest heavily towards geographical expansion specifically in the emerging markets.”

He continues, “India is one of the most important markets for us which benefit not only from our financial support but also our global expertise. We look forward to our India team building the book to $1 billion in the upcoming years.”

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