New Delhi: KarmaLife, a real-time credit solution provider for gig workers, has tied up with LendenClub to enable wage access for workers.
LendenClub is a peer-to-peer lending platform that provides an alternative investment opportunity to investors or lenders who are looking for high returns along with creditworthy borrowers seeking short-term personal loans.
Post collaboration, KarmaLife will be able to use LendenClub’s automated credit disbursal platform which claims to provide loans in less than 3 minutes. Gig workers typically require immediate liquidity and a simple, real-time interface to address this, KarmaLife said in a press release.
KarmaLife deploys worker risk-assessment technologies based on artificial intelligence, which allows it to calculate risk scores. It leverages this technology to connect both financial institutions and gig worker platforms. LendenClub and Karmalife will jointly offer customized credit line products for this liquidity crunch working class.
Rohit Rathi, Co-Founder and CEO, KarmaLife, said, “We are delighted to partner with LendenClub to grow our platform. We would like to proceed lending transactions 5,000 crore to Indian gig and blue-collar workers over the next 3 years… This will also help LendenClub to reach a new market through our best-in-class user experience and B2B2C deployment model.”
Bhavin Patel, Founder and CEO, LendenClub said, “LendenClub’s core strength is to build a B2B2C ecosystem for its partners with its technology expertise and expertise to process and disburse multiple loans.”
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