Non-bank financial corporation IIFL Finances and funding platformentered into a partnership to build a $1 billion loan book value over the next two to three years.
The partnership will allow IIFL Finance to have access to ZestMoney’s clientele through its platform.
According to a press release, the partnership is in line with recently released RBI guidelines on digital lending. As a lending service provider, ZestMoney will also work as a supply and service partner.
IIFL Finance has assets under loan management (AUM) of $6.5 billionand ZestMoney disbursed $1 billion through their platform.
“ZestMoney has built a strong technology platform and captured a strong customer base through deep integration with over 10,000 online merchants and 75,000 physical stores. With 5G and the Indian stack, people in small towns or even rural areas can get credit completely paperless and without any human contact to meet their consumption or working capital needs,” said Nirmal Jain, Founder of the IIFL Group and Managing Director of IIFL Finance. .
The partnership will leverage Zestmoney’s joint technology capabilities, reach and product delivery, as well as IIFL’s large capital pool, strong financials and digital underwriting expertise.
“We have seen strong demand from our online and offline partners and this partnership will help us meet demand and learn from the deep financial expertise and digital underwriting capabilities that the IIFL has built over the years. last three decades,” said Lizzie ChapmanCEO and Co-Founder, ZestMoney.