Digital lending leader Lendingkart partners with Yubi to co-lend business loans to MSMEs
Lendingkart 2gthr and Yubi Co.lend platforms will power the E2E lending fulfillment journey, from origination to disbursal
Lendingkart, India’s largest retail lending marketplace today announced a strategic partnership with Yubi, the world’s first unified credit platform for corporates and lenders to collaborate and in the process, empower the priority sector by simplifying access to finance. Through this strategic partnership, Yubi Co.Lend will be leveraged by Lendingkart’s SaaS platform, 2gthr and its NBFC, Lendingkart Finance for co-lending to the priority sector.
The strategic partnership will enable additional disbursement of loans and help cater to the increasing demand from MSMEs in the eco-system. The partnership will enable last-mile finance and drive financial inclusion with swift and collateral-free loans to eligible MSMEs with disbursals. This will in turn help deepen the debt market by allowing banks and financial institutions to diversify their existing loan book through co-lending.
Commenting on the partnership, Harshvardhan Lunia, Founder and CEO at Lendingkart said, “Our objective has been to enhance credit penetration and with this partnership and integration of Lendingkart 2gthr & Yubi Co.Lend, we strongly believe our combined capabilities in leveraging technology and data will truly make a difference in providing access to finance to those who need it the most. We have always believed that a collaborative approach will enable us to better serve the unbanked and drive greater efficiencies and opportunities.”
Adding to this, Gaurav Kumar, Founder and CEO at Yubi, said, “The Reserve Bank of India’s innovation in payments with UPI has been incredible. Similarly, one of its most notable innovations in lending has been co-lending, which has resulted in a notable shift in the ecosystem. To fully leverage this model, it’s essential to address the issue of credit access for MSMEs. The solution to this problem lies in making debt accessible to all businesses through technology. It brings me great pleasure to collaborate with Lendingkart, as our combined scale and technological capabilities have the potential to unlock ₹1000 crore worth of credit over the next year. This collaboration will make a significant contribution in bridging the credit gap faced by Indian MSMEs today.”
Lendingkart 2gthr provides enhanced loan management capabilities, credit underwriting model and flexibility to configure co-lender specific policy rules to support all stages from origination to disbursal.
It not only provides access to MSMEs across India, but also drives business efficiencies by leveraging the recent increased adoption of technologies via digital mediums (mobile app/ website), e-KYC, and power capabilities such as OCR, real-time fraud triggers, verification to support the origination and loan delivery, especially in the post lockdown new normal, where the contactless delivery has become the preferential approach.
Yubi Co.Lend, India’s largest co-lending platform, recorded a 2.5x growth in partnerships in FY23 by joining hands with more than 100 partners in this financial year. Some of the major names include State Bank of India, Karnataka Bank, Axis Bank, Kinara Capital and more. With 15+ asset classes, Yubi Co.Lend enables leading banks, NBFCs, and fintech companies to discover each other, partner and drive co-lending adoption, accelerating financial inclusion in the country. In FY24, Yubi aims to scale its co-lending platform further to support larger volumes of transactions and provide access to multiple lenders and partners through a single integration approach.
Founded in 2014 by Harshvardhan Lunia, Lendingkart has offices in Ahmedabad, Bengaluru, Mumbai, Gurugram, and has service reach across India. The group is financed by reputed international investors like Fullerton Financial Holding (FFH) (100% subsidiary of Singapore Sovereign Fund Temasek Holdings), Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, India Quotient, and others and has raised around ₹ 1050 Crores of equity till date.
Lendingkart Group is a fintech startup in the working capital space. The Company has developed technology tools based on big data analysis and machine learning algorithms which facilitate lenders to evaluate borrower’s creditworthiness and provide other related services.
Lendingkart Group is on a mission to make credit available to MSMEs pan-India using technology and alternate data-first approaches. The company has built a proprietary platform to solve for the basic building blocks of MSME financing like distribution, origination, underwriting, engagement, and collections, and by democratizing access to this platform by providing open access to APIs across the funnel.
Since its inception, Lendingkart Group has evaluated over 1.6 million applications, disbursing over 11,500 crore loans to more than 1.6 lakh MSMEs in 4000+ cities and towns across all states and union territories of India, making it an NBFC having the largest geographical footprint in the country. To date, Lendingkart has disbursed over a billion USD worth of loans.
Established in 2020 by Founder and CEO Gaurav Kumar, Yubi is the world’s first unified credit platform powering the discovery, execution and fulfillment of credit. The platform comprises a digital debt marketplace and a sophisticated technology stack, seamlessly powering the end-to-end debt lifecycle from origination to collections. Its one-of-a-kind product suite (Yubi Loans, Yubi Co.Lend, Yubi Invest, Yubi Flow, Yubi Pools, and Yubi Build) offers loans, co-lending, corporate bond issuance, supply chain financing, asset-backed securitisation and RE & Infra financing to build a holistic digital credit ecosystem. Additionally, Yubi acquired its collections arm, spocto, a global risk mitigation platform and pioneer in AI-enabled recovery infrastructure and Corpository, a full-stack corporate credit underwriting company, in 2022 to strengthen its position as the ubiquitous layer that fuels the credit infrastructure of the country. Yubi currently has over 3,000+ Corporates and 750+ Lenders and has facilitated debt volumes of over ₹100,000 Crores. Yubi’s mission is to transform the debt markets globally, starting with India, by accelerating access to capital to further the GoI’s $5 Trillion economy goal. To know more, visit www.go-yubi.com