Credilio provides Fixed Deposit‑backed RuPay credit cards under its Novio brand, allowing users in India to obtain a credit card without a credit score or income proof by placing a minimum ₹2,000 FD as collateral. The cards integrate with UPI to earn 5%‑10% “novio coins” on each transaction, which can be redeemed for up to 18% discounts, while payment activity is reported to credit bureaus to help users build their credit history.
Funding
$4M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many Indian consumers lack access to credit cards because traditional issuers require a formal credit history, proof of income, and high minimum deposits, excluding first‑time users and those with limited documentation. This results in reliance on cash or costly alternative financing, limiting financial inclusion and the ability to earn rewards on everyday spending.
Solution
Novio, a brand of Credilio, offers Fixed Deposit (FD) backed RuPay credit cards that require no credit score or income proof. Users can open an account with a minimum FD of ₹2,000, receive an instant virtual credit card, and start transacting immediately. The cards integrate with UPI, delivering 5%–10% “novio coins” on payments, which can be redeemed for discounts of up to 18% on partner merchants. Rewards are automatically applied, and the FD acts as collateral, helping users build a credit history while enjoying cash‑back‑style benefits. The platform also provides guidance to improve credit scores, enabling customers to qualify for larger loans and lower EMIs over time.
Target Audience
First‑time credit card seekers such as students, salaried professionals, and small‑business owners in India who lack a formal credit history or sufficient income documentation.
Features
- Instant virtual RuPay credit card issued upon placement of a ₹2,000 fixed deposit
- No credit‑score or income‑proof requirement for eligibility
- Integrated UPI payments with 5%–10% “novio coins” earned on each transaction
- Redemption engine offering up to 18% discounts across partner brands and categories
- Automatic reward calculation and application via the Novio mobile app
- FD‑backed collateral that reports payment behavior to credit bureaus for score building
- Optional credit‑score improvement advisory service for higher‑value loan access