InCred Management & Technology Services Pvt. Ltd., a subsidiary of InCred Financial Services Limited has acquired Qbera, a fintech platform, from Ant Creditex Technologies Pvt. Ltd., for an undisclosed amount, according to an official communiqué from the firm.
Qbera has developed a lending platform for personal loans which caters to middle income salaried individuals whose demands remain underserved by incumbent banks and NBFCs on account of their employment with a vast range of smaller employers.
These loans were provided in association with several leading financial institutions namely IndusInd Bank, RBL Bank and Fullerton, helping the platform to ensure best-in-class pricing to customers, along with better customer experience, stated the communiqué.
In its loan business, InCred has developed capabilities across risk, analytics, technology and collections. InCred’s focuses on process and risk management has permits the company to ensure a high-quality loan book with superior risk-reward ratios – something the institution is sharply focused on growing in the coming years.
Bhupinder Singh, Founder & CEO of InCred said,“The Qbera acquisition importantly marks the launch of InCred’s platform business – a first of its kind for an NBFC of our size in India. We have built best-in-class risk management, technology and analytics capabilities across different asset classes like education, MSME and Consumer loans. We look to leverage them in strong partnerships with leading financial institutions in India, and abroad. We are confident of the significant value that the Qbera platform will generate as a part of the InCred Group.”
Aditya Kumar, Founder & CEO of Qbera said, “Being a part of InCred provides Qbera critical cross-functional expertise that are essential in taking the Qbera platform to new heights. Having access to superior risk and technology capabilities will play a vital role in scaling the business, especially in a post-Covid world. We strive to achieve our common vision of building the best platform business in the coming years.”