back Back

IIFL Finance and ZestMoney partner to drive financial inclusion

By Leandra Monteiro

October 20, 2022

  • Collaboration
  • Credit Score
  • Digital Lending

ZestMoney, IIFL Finance IIFL Finance, one of India’s largest non-banking financial companies and ZestMoney, a fast-growing digital EMI/checkout financing platform announced that they have entered a partnership to offer credit to customers.

Through this partnership, IIFL Finance as a partner will get access to a new customer base on the ZestMoney platform and play a crucial role in driving financial inclusion for a large section of people in the country.

Commenting on the partnership, Nirmal Jain, Founder, IIFL Group and Managing Director, IIFL Finance said, “We are excited to announce this partnership with ZestMoney as this will help IIFL deliver credit to customers either inaccessible to or ineligible for bank credit. ZestMoney has built a solid technology platform and captured a strong customer base through deep integration with more than 10,000 online merchant and 75,000 physical stores. With 5G and India stack, people in small towns or even rural areas can get credit in a completely paperless and without any human contact to meet their consumption or working capital requirements.”

IIFL Finance has a loan AUM of $6.5 billion and ZestMoney has disbursed $1 billion through their platform so far. Both companies expect that business through this partnership can be scaled up rapidly.

The partnership complies with the recently released RBI guidelines on digital lending. ZestMoney as a lending service provider will also work as a sourcing and servicing partner throughout the customer journey. The partnership will leverage the joint technology capabilities, Zestmoney’s reach, product delivery and IIFL’s deep capital pool, solid financial and digital underwriting expertise.

Talking about the partnership, Lizzie Chapman, CEO and Co-founder, ZestMoney said, “We are truly excited to partner with IIFL Finance Limited, one of the largest players in financial services to address the massive demand we are seeing for digital EMIs across the country.  We have always believed that for a market like India, collaboration between fintechs and financial institutions is the best way to build and this landmark partnership is a testimony to that. We have been seeing a solid demand across our online and offline partners and this partnership will help us service demand and learn from the deep financial expertise and Digital Underwriting Capabilities that IIFL has built over the last three decades.”

Previous Article

October 20, 2022

NatWest to launch £120m BaaS business in UK with Vodeno

Read More
Next Article

October 20, 2022

4 FinTechs transforming the financial sector in Argentina

Read More

IBSi Daily News Analysis

Data privacy

July 16, 2024


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


4 Lending platforms making loans more accessible for Indian SMEs

Read More


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

Read More

July 16, 2024

Paycorp expands embedded business funding service to the UK

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!
Get your copy now! IBSi Sales League Table 2024