Fintech startup CredCred has formed a partnership with non-banking financial company (NBFC) L&T Finance to provide unsecured personal loans to customers.
The non-banking financial company (NBFC) division of the construction conglomerate announced that the loans will be distributed via the “CRED Cash” service. The upcoming product will be launched in collaboration with CRED’s non-banking financial company (NBFC) NewTap Finance and L&T Finance.
The partnership will utilize the combined strengths of L&T Finance’s expertise in the financial services sector and the fintech major’s extensive customer base. In addition, L&T Finance stated that NewTap will contribute its proficiency in digital financing and risk evaluation.
The cooperation also signifies L&T Finance’s entry into the co-lending sector.
The development occurs during a period when CRED has been actively launching multiple products. The fintech upstart recently introduced a new feature that enables its customers to see a consolidated overview of their bank account balances, receive reminders for recurring payments, and utilize a tool for analyzing their expenses.
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In addition, over the past few years, it has implemented several new value-added services including CRED UPI (integration with the UPI platform for secure transactions through UPI codes generation), Tap to Pay (instant payment using NFC technology by tapping a smartphone on a merchant’s PoS device), and CRED RentPay, which allows for automatic payment setup.
In recent months, the business has also introduced two new products: Garages, a vehicle management platform, and Escapes, a product focused on vacation.
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