Snapdeal, online marketplace has announced its foray into financial services with the acquisition of a majority stake in RupeePower, leading digital financial products distribution platform.
Snapdeal will now offer consumers a financial services marketplace – a first of its kind initiative in the e-commerce industry. Through this marketplace, Snapdeal and RupeePower will endeavor to digitally organize the fragmented financial services market by integrating these services onto the Snapdeal platform.
RupeePower is a digital distribution platform for loans, credit cards and other personal finance products. With its credit comparison, matching and processing infrastructure and strong affiliation with banks and NBFCs, RupeePower will now join forces with Snapdeal in building a collaborative ecosystem to provide customers with a host of financial products.
Kunal Bahl, Co-Founder & CEO, Snapdeal said, “Realizing the various difficulties that consumers face while deciding and purchasing financial products/services and the challenges that companies face whilst reaching out to the ‘right’ audience, we have brought RupeePower into our family, to help solve the distribution challenges of the financial services ecosystem and make it more inclusive. The same way Snapdeal has democratised retail in India, now we aspire to democratise access to credit.”
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