ABFL Partners with MoneyTap To Ease Consumer Lending
MoneyTap, India’s first app-based credit line, announced a strategic partnership with Aditya Birla Finance Ltd (ABFL), a subsidiary of Aditya Birla Capital Ltd. The partnership will allow MoneyTap users to avail credit from ABFL and is targeted at the middle-income consumer segment in 20 cities across India.
‘Credit Line’ means that the customer will be issued a credit limit of up to INR 5 lakhs, without any collateral or charging any interest. The new partnership enables ABFL to leverage MoneyTap’s technology and data platform to evaluate and issue credit to the customers and provide the best customer experience.
The partnership is in line with ABFL’s commitment to provide easy financing to customers through digital channels. Currently, the company supports over 5,000 daily online applications in the MSME and personal finance categories with an all-cloud hosted technology stack. Built with an open architecture that allows for seamless API integration with third-party originators, the focus of ABFL’s digital business has been on analytic driven capability creation.
Since its launch in September 2016, India’s first app-based consumer credit line has attracted over one million users. The company also aims to offer INR 300 crores worth of credit by March 2018 and plans to partner with five other banks and NBFCs in the next six months. To keep up with its rapid expansion plans, MoneyTap is increasing its employee count, and plans to add 50 new team members in tech, data, product, marketing and ops in the next six months.
