back Back

Paytm and Shriram Finance to boost digital loan distribution

By Leandra Monteiro

July 06, 2023

  • Credit Access
  • Digital Financial Services
  • Digital Lending
Share

PaytmOne97 Communications Limited (OCL) which owns the brand Paytm, an Indian payments and financial services company, announced a partnership with a retail NBFC in India, Shriram Finance Limited to offer financial services to its users including loan products.

Vijay Shekhar Sharma, Founder and CEO, Paytm said, “Our commitment to expand credit distribution gets further boost with our new strategic partner Shriram Finance. We are happy that together we will be able to create credit offerings to serve small merchant partners and entrepreneurs of India.”

Shriram Finance’s products will now be made available on Paytm’s platform digitally to further expand access to credit and drive financial inclusion in the country.

This strategic partnership combines Paytm’s wide reach and technology infrastructure with Shriram Finance’s lending expertise as a large retail NBFC in India. Powered by Paytm’s FinTech leadership as a loan service provider (LSP) focussed on compliance and quality of loans, this partnership will integrate Shriram Finance wide geographical presence across the country especially rural areas.

To start with, merchants on the Paytm network will get a chance to avail loans from Shriram Finance and then it will be extended to consumers loans.

Umesh Revankar, Executive Vice Chairman – Shriram Finance Ltd said, “India is witnessing high growth in retail credit demand, it is only likely to increase with greater participation from rural and semi-urban India. A lot of this demand will come from digitally literate, young generation brought up in mobile telephone proliferation era and those having comfort in having all their transactions through handheld devices. To take advantage of this opportunity while staying true to our ethos of serving the unserved and underserved, and vision of becoming the most preferred financial services destination, Shriram Finance has collaborated with the pioneer of mobile payments, Paytm, across the country.”

Bhavesh Gupta, President and COO, Paytm said, “Through digital distribution of credit, we are deepening access to financial services with our wide range of loan products distributed in partnership with marquee lenders. We are happy to onboard Shriram Finance as our latest marquee partner, as we continue to drive growth momentum in the credit distribution business while remaining focussed on digital lending compliance and quality of loans. With Shriram Finance’s strong presence, especially in Southern India, we aim to boost access to credit by empowering users across the country with simplified loans distribution.”

Previous Article

July 06, 2023

Papara acquires Rebellion, emerges as Europe’s latest FinTech unicorn

Read More
Next Article

July 06, 2023

SumUp selects Form3 to enhance business account offerings in UK

Read More






IBSi Daily News Analysis

UK, Bank

July 12, 2024

Credit Access

Global securities lending revenue sees sharp 16% decline to $2.53bn in Q2 2024, study shows

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

Fair4All Finance and ClearScore partner on debt consolidation technology

Read More

July 10, 2024

Islamic FinTech Offa launches buy-to-let finance service

Read More

July 09, 2024

Uncia wins Best in Retail Lending & enters the IBSi’s Sales League Table 2024

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 2024
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