Journalism of Courage
This is an archive article published on April 19, 2022
Poonawalla Fincorp partners with KrazyBee to enter digital consumption loans space
Poonawalla Fincorp said that this partnership is a step towards building strong partnership with partners who have demonstrated distribution at scale, risk management capabilities along with their technology prowess. It provides complete end to end digital consumer loans across the country.
Poonawalla Fincorp Limited (Formerly known as Magma Fincorp Limited) is a Cyrus Poonawalla group promoted non-deposit taking systemically important non-banking finance company (ND-SI-NBFC), registered with the Reserve Bank of India (RBI).
Cyrus Poonawalla group-promoted Poonawalla Fincorp on Tuesday said that its has partnered with KrazyBee to enter into the digital consumption loans space. Under this alliance, Poonawalla Fincorp will be offering small ticket personal loans to individuals. The company focusses on consumer and small business finance as a part of its stated strategy.
In a statement, Poonawalla Fincorp said that this partnership is a step towards building strong partnership with partners who have demonstrated distribution at scale, risk management capabilities along with their technology prowess. It provides complete end to end digital consumer loans across the country.
“The credit underwriting for these loans is done through a scorecard which enables right customer selection at scale, while the complete digital process helps democratize the process of taking loan,” Poonawalla Fincorp’s statement said.
The company said that the partnership has seen a lot of traction within a month of its launch and the company intends to do more than Rs 1,000 crore of disbursement under this partnership in the current financial year.
KrazyBee Services Pvt Ltd is a Reserve Bank of India (RBI)-registered non-deposit taking non-banking finance company (NBFC). KreditBee and KrazyBee are supported by equity investors such as Premji Invest, ICICI Bank and Mirae Asset and has also raised debt from multiple partners such as HSBC, Bank of Baroda and Kotak Mahindra.
“We are glad to partner with KrazyBee for new business opportunities and connecting with prospective customers through KreditBee’s digital platform. We are a digital-first, technology-led lender, and this partnership with KrazyBee is a natural fit to our business strategy. The partnership brings together two lenders who are obsessed with customer satisfaction and want to offer the best of customer experience to all their customers by leveraging technology,” Poonawalla Fincorp MD CA Abhay Bhutada said.
KrazyBee CEO Madhusudan E commented, “Our technology strength empowers our partners to provide seamless disbursement services. Partnering with a Digital first partner like Poonawalla Fincorp helps us offer a wider range of products and services to our customers and also enables us to meet the ever-growing demand for digitally enabled loans.”
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