WeCredit joins ONDC Network to democratise financial services in India

By Gloria Mathias

WeCredit, a startup based in Udaipur, India, has joined the ONDC (Open Network for Digital Commerce) network as a Buyer App. This move aims to democratise financial services across the country.

This integration will enable users, both individuals and businesses, to seamlessly access borrowing and loan services through the ONDC Network, providing a streamlined experience for those seeking financial solutions.

The entry of WeCredit into the ONDC Network marks a shift in the digital finance landscape. WeCredit’s primary objective is to simplify the loan application process and enhance financial accessibility, empowering users to meet their financial goals with greater efficiency.

“We are thrilled to join the ONDC Network and view this as a significant opportunity for investment and growth within our overall business strategy,” said Mukul Devpura, Co-founder of WeCredit. “India is at the cusp of a digital transformation, and we are excited to be part of a movement that aims to make e-commerce more accessible and fairer for everyone, citizens and businesses, no matter their size or location. ONDC is not just about business growth; it’s about contributing to a revolution in how commerce is conducted in India, fostering collaboration, inclusivity, and innovation.”

As part of its phased approach, WeCredit will initially focus on credit products while planning to expand its offerings to include investment opportunities, insurance, and select retail domains in the near future. In addition to serving as a Buyer App, WeCredit will operate as a Technology Service Provider (TSP) on the ONDC Network. This role allows WeCredit to support businesses that wish to engage on the Network without the need for extensive in-house technology infrastructure. By doing so, WeCredit enables companies to thrive in e-commerce, credit, mobility, and other sectors, allowing them to focus on growth and development while relying on WeCredit for their technological backbone.

T Koshy, MD and CEO of ONDC, said, “We are committed to advancing ONDC’s objectives of democratising digital commerce and promoting financial inclusion. With WeCredit’s capabilities, both small and large businesses will be better equipped to navigate the digital financial landscape, opening new opportunities for participation and growth.”