Tag: KreditBee

KreditBee partners with Mswipe to offer ‘cardless EMI’ at retail stores

Banking & Finance

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Fintech lending platform KreditBee on Thursday announced its partnership with Mswipe to offer fully digital ‘cardless EMI’ at leading retail stores. Through this partnership, KreditBee aims to expand its offline presence and enable purchases of more than ₹5 crore per month.

Under ‘cardless EMI’, KreditBee will provide ‘pay later’ options for purchases of up to ₹100,000, which can be converted into EMI ranging from 3 to 12 months. Customers can shop at over two lakh merchant stores associated with Mswipe. Additionally, KreditBee aims to partner with over five lakh retail stores across India by the end of financial year 2022.

Festive season preparation

The partnership comes ahead of the festive season with Christmas and New Year’s approaching and will significantly benefit Mswipe’s partners too.

Madhusudan Ekambaram, Co-founder and CEO, KreditBee said, “We are delighted to have partnered with Mswipe to offer a distinctive financing option in the form of cardless EMI. We, at KreditBee, continue to strive to address customers’ credit needs by providing effective and convenient financing solutions. Considering the Indian consumers’ increased focus on ease and convenience in services, the idea is to have an integrated 360-degree checkout flow to render their transactions accessible and hassle-free. In our partnership with Mswipe, we plan to jointly extend effective credit solutions to a larger consumer base, including the underserved individuals.”

Ketan Patel, CEO, Mswipe added, “While BNPL offers customers the ability to make instant purchases even when they lack funds at that moment, it is also helping small businesses to increase footfalls which in turn boosts overall sales. EMI transactions on Mswipe terminals are 3x compared to last year, with merchants enjoying services at affordable rates on POS machines and pay by link. We are excited to partner with KreditBee as this partnership will help in improving the checkout process significantly and reduce the time taken to complete the purchase.”

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KreditBee issues over 1 lakh cards within 60 days of launch

Banking & Finance

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Digital lending platform KreditBee has issued over 1 lakh cards within 60 days of its launch.

It aims to expand its portfolio by issuing over 10 lakh ‘KreditBee Cards’ by March 2022, it said in a statement on Monday.

KreditBee has provided these cards to all its customers.

Also see: UPI records 365 crore transactions worth ₹6.54-lakh cr in September

Over 75 per cent of the card customers acquired by the company are from metros and Tier 1 cities like Bengaluru, Mumbai, Hyderabad, Pune and Thane among others.

Almost 70 per cent of these card holders are below the age of 30 years.

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Digital lenders on fund raising spree

Banking & Finance

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Concerns about the sector notwithstanding, the digital lending segment is seeing a boom with increased demand for easy credit from customers and fund raise by many of these firms.

Over the last few months, many of these lenders have raised funds for penetrating deeper into the country and launching new products and more such firms are expected to raise funds in coming weeks.

Digital lenders including IndiaLends, KreditBee and True Balance (for its lending arm -True Credits) have raised funds via equity as well as debt in recent weeks.

Easy credit

Easier availability of credit through these lenders has been a draw for customers, especially with job losses and salary cuts since Covid-19 led crisis. A number of these companies are also looking at offering other products such as virtual credit cards and insurance.

Analysts believe that the sector has shrugged off the liquidity crisis during the Covid-19 pandemic and are set for more growth and tie-ups with banks and NBFCs.

Also read: Digital lending apps continue to see robust demand

A report by Credit Suisse estimates that retail digital lending has delivered about 43 per cent CAGR over the past seven years, reaching $ 110 billion in size by 2019, differentiated mainly by faster disbursements.

“Digital lending is being led by the emergence and growth of many specialised digital lenders like pay day, SME, unsecured retail and BNPL lenders who differentiate mainly through faster disbursements,” said the report, adding that they have gained more than a 40 per cent market share in new personal loans and over 20 per cent in unsecured retail loans. It also noted that they have been the worst impacted by the Covid-19 pandemic.

‘More growth’

According to Monish Shah, Partner, Deloitte India, “We will see digital lending grow exponentially over the next few years on the basis of this data dividend, the unmet needs and increasing digital maturity across the segments. So the sector will require a fair bit of growth capital to drive customer acquisition and servicing.”

Shilpa Mankar Ahluwalia, Partner, Shardul Amarchand Mangaldas noted that the sector has dealt with some negativity over the last few months but this has been triggered mainly because of a few bad actors that misappropriated personal data. “The sector is positioned to grow and once they have created the distribution channel for customers, there is the potential for growth of multiple financial products,” she said.

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