back Back

Federal Bank & Avanti Finance form co-lending partnership for rural borrowers

By Gloria Mathias

October 27, 2023

  • Avanti Capital
  • co-lending partnership
  • Federal Bank
Share

Federal Bank, SCUBE Capital, Avanti Capital, Financial Inclusion, India News, Co-lending partnership, Rural India, Underserved, Underbanked, Unserved borrowers, India Fintech NewsFederal Bank, an Indian Bank and Avanti Finance, a digital financial inclusion platform, have entered into a co-lending partnership to enable hassle-free, affordable credit access to rural, un/underserved borrowers.

Avanti’s lending platform and expertise in leveraging a diverse on-ground partner network, combined with Federal Bank’s strong balance sheet and mission alignment, will enable this partnership to serve this segment of borrowers in more than 20 states across the country.

The partnership will enable the development of loan products that cater to the specific needs of underserved communities, promoting financial inclusion and supporting livelihood sustainability.

Harsh Dugar, Executive Director, Federal Bank said, “The Avanti partnership blends well with our inclusive banking initiatives as well as our digital focus. Avanti’s unique business model, combining a flexible lending platform with a curated nationwide partner network, provides a great opportunity for us to serve customers across the country with small-ticket loans that will help them enhance their incomes.”

Rahul Gupta, CEO, Avanti Finance said, “The co-lending partnership with Federal Bank is another big step for us in our mission to serve the credit needs of the next 100 million households in India. Federal Bank, with its strong orientation to digital financial products & commitment to financial inclusion, is an ideal partner for us to build a scalable and impactful programme in rural areas. The programme has been launched in Odisha, Maharashtra, and Bihar in the pilot phase with ambitious plans of scaling it pan-India and disbursing INR 500 crores annually, benefiting over 100,000 households.”

The co-lending partnership between Avanti Finance and Federal Bank represents a significant step forward in financial inclusion in India. It leverages the strengths and expertise of both institutions to create a synergy between a digital financial inclusion platform and a bank that will make credit more accessible to underserved and unbanked populations.

Previous Article

October 27, 2023

Nium launches Global FX to solve risk of currency fluctuations & cash flows

Read More
Next Article

October 27, 2023

4 major FinTech fundraises in Europe in October 2023

Read More






IBSi Daily News Analysis

Data privacy

July 16, 2024

Avanti Capital

Rise in sophisticated attacks, state-level threats, and increased ransom DDoS Incidents

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Digital banking glitches drive younger generations away from traditional banks

Read More

Today

4 Lending platforms making loans more accessible for Indian SMEs

Read More

Today

FIS & Lendio launch ‘SMB Digital Lending’ to boost small business loan processes

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024