novio, the consumer credit platform from Credilio Financial Technologies, has announced a strategic partnership with Indian Overseas Bank (IOB) to launch a co-branded RuPay credit card aimed at expanding access to formal credit and rewarding everyday spending among UPI-active customers.
The partnership brings together IOB’s banking infrastructure and reach with novio’s digital-first onboarding, UPI-focused experience and rewards ecosystem. The new card is designed to provide customers with a seamless digital application journey while supporting first-time credit users in building their credit profiles.
The co-branded credit card will be available in two variants—RuPay Select and RuPay Platinum. Both variants will offer a range of benefits, including airport lounge access, instant cashback at merchants such as Amazon, Swiggy and Zepto, and free monthly movie tickets through BookMyShow. Customers will also earn rewards on UPI transactions and other everyday spends.
The card was unveiled by Joydeep Dutta Roy, Executive Director, Indian Overseas Bank, and Aditya Gupta, Founder & CEO, novio, at the Global Fintech Fest at the NPCI Pavilion.
Speaking on the partnership, Aditya Gupta, Founder & CEO, novio, said that access to credit should be simpler and more inclusive, adding that the collaboration with IOB combines novio’s technology, distribution reach and rewards ecosystem with the bank’s strengths to make credit accessible to more consumers.
The partnership is also expected to contribute to greater financial inclusion by offering a digital-first credit experience to customers, including those entering the formal credit ecosystem for the first time.
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The announcement comes shortly after novio raised ₹100 crore in a Series A funding round led by Cornerstone Ventures, with participation from Shepherd’s Hill Private Equity, ESV-Arthya AIF and Roots Ventures. The company also secured venture debt from Innoven Capital and Alteria Capital.
novio plans to use the funding to expand its consumer credit business, with an objective of issuing 50 lakh credit cards over the next three years and extending formal credit access to customers across Tier 5 cities.
