Poonawalla Fincorp Limited (Formerly Magma Fincorp Limited), has entered digital consumption loans space through a tie up with KrazyBee. Under this partnership Poonawalla Fincorp will offer small ticket personal loans to individuals. Poonawalla Fincorp focusses on consumer and small business finance as a part of its stated strategy.
This partnership is a step towards building strong partnership with partners who have demonstrated distribution at scale, risk management capabilities along with their technology 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 right customer selection at scale, while the complete digital process helps democratize the process of taking 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.
KrazyBee Services Private Limited is a non-deposit taking Non-Banking Finance Company (NBFC) registered with the Reserve Bank of India. KrazyBee along with KreditBee which is its technology platform and India’s largest consumption based personal loan platform commands more than 20% market share of NBFC – Fintech disbursement in India.