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Poonawalla Fincorp enters digital consumption loans space

Poonawalla Fincorp (formerly Magma Fincorp), has entered the digital consumption loans space through a tie-up with KrazyBee, an NBFC. This initiative is a step towards building a strong partnership with partners who have demonstrated distribution at scale, risk management capabilities along with technology prowess. 

The partnership provides complete end-to-end digital consumer loans across the country. The credit underwriting for these loans is done through a scorecard which enables right customer selection at scale, while the complete digital process helps democratize the process of taking loans. 

The collaboration has seen a lot of traction within a month of its launch and the company intends to do more than Rs10 billion of disbursement in the current FY under this partnership.

CA Abhay Bhutada, Managing Director, Poonawalla Fincorp said, “We are a digital-first, technology-led lender, and this partnership with KrazyBee is a natural fit to our business strategy. The partnership brings together two lenders who are obsessed with customer satisfaction and want to offer the best of customer experience to all their customers by leveraging technology.”

Madhusudan E, CEO, KrazyBee commented, “Our technology strength empowers our partners to provide seamless disbursement services. Partnering with Poonawalla Fincorp enables us to meet the ever-growing demand for digitally enabled loans.”

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