YES BANK & Newtap Finance to offer personalised financing on CRED

By Gloria Mathias

YES BANK has entered into a co-lending partnership with Newtap Finance to provide personalised financing solutions to creditworthy individuals on CRED, the rewarding payments platform for the affluent.

Dreamplug Technologies Private Limited (DTPL), which operates CRED, will serve as the Lending Service Provider (LSP) for YES BANK and Newtap Finance in this partnership.

This collaboration seamlessly aligns YES BANK’s financing expertise with CRED’s affluent member base. In recognition of their demonstrated financial responsibility, CRED members will benefit from competitive rates and a superior, digital-first experience designed to be intuitive and frictionless.

Rajan Pental, Executive Director of YES BANK, said, “Our collaboration with Newtap Finance and CRED aligns perfectly with YES BANK’s strategy of leveraging FinTech partnerships to drive quality growth. This partnership is a true reflection of YES BANK’s ethos of innovation, customer-centricity, and operational excellence. With this collaboration, we are poised to deliver unparalleled value to our customers, particularly in the affluent and emerging affluent segments. This partnership is not just a testament to the bank’s digital prowess but also a step forward in enhancing our personal loan portfolio with a robust and efficient low-opex model.”

Kunal Shah, Founder of CRED, said, “CRED is aimed at catalysing financial progress for the trustworthy. CRED members have demonstrated financial prudence, which enables our partners to offer frictionless access to credit at competitive interest rates. This collaboration is a recognition of members’ creditworthiness by institutions of YES BANK’s stature, and we look forward to more such partnerships with them.”

The collaboration is a step towards advancing YES BANK’s aspiration for high-quality growth through digital FinTech partnerships. The tie-up is particularly beneficial, as YES BANK’s majority customer base comprises affluent and emerging affluent segments.

The partnership will be a step towards creating a roadmap for digital strategic alliances, a new digital channel for sourcing and revenue generation for the bank. This partnership testifies to YES BANK’s digital expertise and its commitment to supporting business success in the digital era.