KarmaLife partners with LenDenClub to provide loans for Gig Workers
By Leandra Monteiro
KarmaLife, a real-time credit solutions provider for Gig Workers partners with LenDenClub to provide loans to the Gig economy.
With this association, KarmaLife will be able to use LenDenClub’s automated credit disbursal platform that will provide loans in less than 15 minutes to workers on their platform. The liquidity need of the Gig workers are short-lived and requires a real-time simplistic approach to cater scalably. KarmaLife has been at the forefront of technology with its Artificial Intelligent systems able to compute risk in seconds and works with financial partners that can help scale its business. LenDenClub and KarmaLife will together be able to offer customized lines of credit products for the workers.
Commenting on the alliance, Rohit Rathi, Co-founder & CEO KarmaLife said, “We are glad to partner with LenDenClub to scale our platform and aim to drive lending transactions of 5000 crores in next 3 years to Gig and blue-collar workers in India. We saw an alignment with technological strength and the vision to become the enabler of credit for the unserved Gig worker market in India. This would also help LenDenClub to reach this new market with our simple user experience and deployment model with employer partnerships.”
“We are excited to partner with KarmaLife as it is complementary to our business model and this partnership is intended to add value to both platforms. Our core technological strength empowers our partners to provide seamless digital lending and disbursement services. Owing to our superior-tech solutions in our D2C and B2B2C businesses, LenDenClub has now become the market leader in the P2P lending industry. We look forward to serving sustainable credit solutions to the lower strata of the salaried segment, which are otherwise deprived of credit availability,” said Bhavin Patel, Founder & CEO LenDenClub.
IBSi Daily News Analysis
June 06, 2023
Despite better banking oversight, fraud remains a real threat to the futureRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage