Suryoday Small Finance Bank & Tarrakki to offer digital fixed deposits

By Gloria Mathias

New-age FinTech platform Tarrakki has partnered with Suryoday Small Finance Bank to develop and offer digital fixed deposits. Through this partnership, Tarrakki will help build tech products that outperform legacy systems, enabling SSFB to onboard new customers efficiently and offer digital fixed deposit products.

This collaboration will involve Software Development Kits (SDKs) and white-labelled offerings. Suryoday Small Finance Bank is one of the new-age digital banks in India and is committed to digital offerings that enhance customer centricity. This next-gen platform, powered by Tarrakki, will minimise the cost and time needed for product launches by the bank and its partners. It comes with no-code mobile and web apps and secure SDKs.

“Our tie-up with Suryoday Small Finance Bank is an important milestone in our journey in digital finance. We are confident that Suryoday Small Finance Bank will pave the path for India’s banking revolution. We are working on many plans to introduce industry-first products,” Saumya Shah, Co-Founder of Tarrakki, said. Tarrakki’s partners have been able to save over 80% of costs and go to market 8-10x quicker by using the Tarrakki stack.

For Suryoday Small Finance Bank, this partnership is a significant step in becoming a digital-first bank. “We believe that the launch of our neo-banking stack, in association with Tarrakki, will help build operational efficiencies and achieve the next level of scale. The aim is to tap the market faster with a solid digital portfolio,” shared Vishal Singh, Chief Information Officer & Head of Digital Banking of Suryoday Small Finance Bank.

The partnership is a win-win for both companies. Suryoday is looking to go digital for its next phase of deposit growth, and Tarrakki’s tech ability can help it in this journey. Tarrakki aggregates and offers various products, such as mutual funds, fixed deposits from banks and NBFCs and more, under one roof. The tie-up would also help the bank expand its reach through digital partnerships.