RedCarpetUp is a fintech company focused on issuing credit cards to individuals in India who are typically overlooked by traditional banks, particularly those with little or no credit history. RedCarpetUp addresses the gap in India's consumer finance market by providing alternative credit solutions to the country's large underbanked population.
Currently, India has over 800 million people with bank accounts, but less than 40 million active credit cards. RedCarpetUp is working to bridge this gap by offering accessible credit lines and cards to new-to-credit customers, making them one of the largest issuers in this underserved segment.
The company has developed a comprehensive SDK for card issuance and underwriting, as well as managing capital and collections operations. Their aim is to build an integrated platform reminiscent of Capital One's model, but tailored to the unique needs and regulatory environment of the Indian market. By controlling the full stack—from customer onboarding to risk management—RedCarpetUp can offer credit products where mainstream banks often cannot.
What technology enables RedCarpetUp's credit card offering?
RedCarpetUp leverages a proprietary fullstack SDK that handles:
- Card issuance and integration with major payment networks
- Alternative underwriting for individuals with no traditional credit score
- Capital management and collections operations
Their technology allows them to onboard customers who lack a credit history, using alternative data and in-house risk models to assess creditworthiness. This approach makes credit more accessible for students, gig workers, and others who are often bypassed by banks relying on conventional credit checks.
Who uses RedCarpetUp?
RedCarpetUp primarily serves new-to-credit and underbanked individuals across India. Their customers include:
- Young adults and students
- Gig economy workers
- Individuals with no formal credit history
- People in regions underserved by major banks
This focus allows RedCarpetUp to tap into a massive segment of the population, offering them their first experience with formal credit and helping build their financial profiles.
Who are RedCarpetUp's competitors?
RedCarpetUp operates in the rapidly growing alternative credit and fintech space in India. Key competitors and similar platforms include:
- Kotak Mahindra Bank – Offers credit cards with flexible eligibility for those with limited credit history.
- Airtel – Provides strategies and products for individuals and students to access credit cards without traditional income proofs or credit history.
- HDFC Bank – Features entry-level credit cards designed for first-time borrowers.
- OneCard – Offers prepaid and unsecured credit cards aimed at new-to-credit users.
- Axis Bank – Issues secured credit cards and add-on cards for customers without a credit score.
- Sutton Bank (via Grow Credit Mastercard) – In the US, issues cards targeting individuals with no or poor credit (see NerdWallet’s review).
Unlike many incumbents, RedCarpetUp controls the entire technology and operational stack, focusing specifically on those outside the reach of conventional lenders.
Use PromptLoop to Uncover Company Data
Looking for more company insights like this? PromptLoop helps you go deeper, providing unique data points and analysis on companies like RedCarpetUp and many others. Automate your research and find the information that matters most. Discover how PromptLoop can accelerate your market intelligence. Get A Free Demo to learn more.