Indian fintech KreditBee has raised an additional $100 million in a funding round, it said, as the lender looks to scale its business in the South Asian market.

The new cash infusion is part of the larger Series D funding, which KreditBee said has now closed at $200 million. The new funding, led by Advent International, values the Bengaluru-headquartered startup at about $680 million, according to a source familiar with the matter.

KreditBee, which also counts Mirae Asset Venture Investments, Premiji Invest and Mitsubishi UFJ Financial Group among its backers, offers instant micro-loans starting at as low as $12 to new-to-credit customers and credit of over $3,500 to salaried professionals.

India’s credit bureau data book is thin, making most individuals in the South Asian market unworthy of credit. Fintechs use modern-age underwriting systems to lend to customers and a maze of regulatory arbitrage — increasingly getting closed — to operate.

The platform works with banks and non-banking financial companies (NBFCs) and banks to finance loans.

“We are delighted to welcome a long-term financial and strategic partner in Advent. This reinforces the confidence in our profitable business model and its long-term sustainability of it. The latest round will help us to achieve our vision of serving over 400 million middle-income population in the country,” said Madhusudan Ekambaram, co-founder and chief executive of KreditBee, in a statement.

The startup said it is on track to bulk its asset under management to over $1 billion in the next six to nine months.

Its new funding comes at a time when the deal-flow activity has slowed down dramatically in India as investors grow cautious of writing new checks and evaluating their underwriting models after valuations of publicly listed firms take a tumble.

“KreditBee has witnessed several credit cycles and has come out stronger each time reflecting the adaptability and resilience of its business model. With this investment, we are strengthening our commitment to back KreditBee’s vision,” said Ashish Dave, chief executive of Mirae Asset Venture Investments in India.