In a bid to ensure better consumer lending, MoneyTap has announced its strategic partnership with Aditya Birla Finance Limited (ABFL).
With this partnership users of MoneyTap, India’s first app-based credit line will be able to avail credit from ABFL. This joint venture will help the brand to target the middle-income consumer segment in 20 cities across India.
“Our focus is to continually improve access to credit for customers across India. Aditya Birla Finance Limited is one of India’s leading NBFCs with an outstanding track record and one of India’s most trusted brands with a deep capital base. The partnership serves as a good example of disrupting a traditional banking process and leveraging technology to make the experience significantly better for customers,” said Bala Parthasarathy, CEO & Co-founder, MoneyTap.
Aditya Birla Finance Limited (ABFL), a subsidiary of Aditya Birla Capital Limited.
As per the brand, the ‘Credit Line’ will help the customers in availing a credit limit of up to Rs 5 lakhs, without any security or extra interest rates.
This partnership will assist ABFL in leveraging MoneyTap’s technology and data platform to assess and issue credit to the customers and ensure the best customer experience.
“We are delighted to partner with MoneyTap as we share the same vision of enabling customers to pursue ambitious growth strategies and execute value-creating transactions. Our partnership is aimed at ensuring hassle-free access to credit to address the growing needs of consumer credit. Given ABFL’s rich expertise of SME underwriting and MoneyTap’s innovative solution, this synergy allows us the opportunity to stay ahead of the industry curve while providing a world-class experience to the customers,” said Rakesh Singh, CEO – Aditya Birla Finance Limited.
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