CASHe, a digital lending company for young salaried millennials, promoted by serial entrepreneur and private equity investor V. Raman Kumar, has entered into a strategic partnership with BankBazaar.com, India’s leading financial services marketplace, to offer its short-term personal loans on its online financial platform. Under the partnership, users of Bankbazaar.com will now have easy access to instant short-term credit facility from CASHe through its multiple loan options ranging from Rs 10,000 to Rs 200,000 payable over 15, 30, 90 days and 180 days.
The fintech company currently processes over 27,000 loan applications in a month and has achieved an overall loan disbursal of Rs 400 crores with 1.8 million app downloads and over 1.5 lakh active users since launch of operations in April 2016. The company is aiming to achieve an overall loan disbursal of Rs 900 crores by March 2019.
Speaking about the partnership, Chairman of Aeries Financial Technologies, V. Raman Kumar, said, “We are excited to partner with BankBazaar.com in this strategic tie up as it allows CASHe to be on BankBazar platform where our potential customers are present and comparing various personal loans from other financial institutions. BankBazaar.com’s customers will now benefit from CASHe’s best-in-class differentiated product suite in the retail loan segment. This partnership also will help us expand our customer base exponentially with this leading neutral online marketplace recording over 90 million visitors in the last quarter of 2018. BankBazaar has been at the forefront in redefining the buying experience when it comes to the purchase of financial services for the Indian consumers. We are confident that this partnership will create a win-win situation for those customers who until now were being dropped off by lending institutions due to inadequate credit rating scores. CASHe with its social behaviour filtering algorithm will allow access to such customers to a wide array of instant short-term personal loans on its lending platform.”
Commenting on the collaboration, Navin Chandani, Chief Business Development Officer, BankBazaar, said, “At BankBazaar.com, our mission is to help our customers access the widest range of financial products on our platform. Partnering with a fintech company like CASHe is a step in this direction. With CASHe’s integration, we are now able to offer short-term personal loans to our customers who otherwise would not qualify for loans by financial institutions that typically offer medium- to long-term loan products. We are very positive about this tie up with an agile and digitally focussed player like CASHe as we see a huge demand for a loan product offering that is instant, hassle-free and convenient.”
CASHe provides hassle-free loans with its app enabled documentation and loan disbursal process. Its target audience is young working professionals in the age group of 23-35 years. It offers loans from Rs 10,000 to Rs 2,00,000 payable over 15 - 180 days.
BankBazaar which raised $110 million through funding from investors such as Amazon.com, Experian, Fidelity Growth Partners, Mousse Partners, Sequoia Capital & Walden International, has recorded 90 million visitors in the final quarter of FY18 and expects 400M visits in FY19.