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Pune-based Poonawalla Fincorp (Formerly Magma Fincorp) has entered the digital consumption loans space through a tie-up with KrazyBee.
Through the partnership, Poonawalla Fincorp will offer small ticket personal loans to individuals. The company focuses on consumer and small business finance as a part of its stated strategy.
The company in its issued statement said, “This partnership is a step towards building a strong partnership with partners who have demonstrated distribution at scale, risk management capabilities along with their technical prowess.”
The partnership provides complete end-to-end digital consumer loans across the country. The credit underwriting for these loans is done through a scorecard which enables the right customer selection at scale, while the complete digital process helps democratize the process of taking a loan.
“The partnership has seen a lot of traction within a month of its launch and the company intends to do more than 1000 crores of disbursement under this partnership in the current financial year,” the statement added.
Speaking on the partnership, CA Abhay Bhutada, Managing Director, Poonawalla Fincorp said, “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 for our business strategy. The partnership brings together two leaders who are obsessed with customer satisfaction and want to offer the best of customer experience to all their customers by leveraging technology.”
Further adding to the statement, Madhusudan E, CEO of KrazyBee said, “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.”