Poonawalla Fincorp Limited (formerly Magma Fincorp Limited), has forayed into the digital consumption lending space through a tie-up with Crazybee. Under this partnership, Poonawalla Fincorp will provide small ticket personal loans to individuals. Poonawalla Fincorp focuses on consumer and small business finance as a part of its stated strategy.
This partnership is a step towards building a stronger partnership with partners who have demonstrated their technical prowess combined with mass distribution and risk management capabilities. This partnership provides complete digital consumer credit across the country. The credit underwriting for these loans is done through a scorecard which largely enables right customer selection, while the entire digital process helps democratize the loan taking process.
Within a month of its launch, this partnership has seen a lot of momentum and the company intends to distribute more than Rs 1000 crore under this partnership in the current financial year.
Speaking on the association, CA Abhay Bhutada, Managing Director, Poonawalla Fincorp said, “We are delighted to partner with Crazybee to open new business opportunities and connect with potential customers through Creditbee’s digital platform. We are a digital-first, technology-led lender, and this partnership with Crazybee is a natural fit for our business strategy. The partnership brings together two lenders who are passionate about customer satisfaction and seek to leverage technology to provide the best possible customer experience for all their customers.”
Madhusudan E, CEO, Crazybee said, “Our technological strength empowers our partners to provide seamless delivery services. Partnering with digital-first partners such as Poonawalla Fincorp allows us to offer our clients a wide range of products and services. and also enables us to meet the growing demand for digitally enabled loans.”
CreditBee and Crazybee are backed by strong equity investors such as Premji Invest, ICICI Bank and Mirae Asset and have also raised debt from multiple partners such as HSBC, Bank of Baroda and Kotak Mahindra.