MoneyTap enters into strategic partnership with Aditya Birla

MoneyTap has recently entered into a strategic partnership with Aditya Birla Finance Limited (ABFL). This partnership arrangement will allow MoneyTap users to avail credit from ABFL and is targeted at the middle-income consumer segment in twenty cities across India.

The partnership is in line with ABFL’s commitment to provide easy financing to customers through digital channels. Currently, the company supports over 5,000 daily online applications in the MSME and personal finance categories with an all-cloud hosted technology stack.

Since its launch in September 2016, India’s first app-based consumer credit line has attracted over one million users. The company also aims to offer Rs.300 crore worth of credit by March 2018 and plans to partner with five other banks and NBFCs in the next six months. To keep up with its rapid expansion plans, MoneyTap is increasing its employee count and plans to add 50 new team members in Tech, Data, Product, Marketing and Ops in the next six months.

MoneyTap is available on Android Playstore and is targeted at salaried individuals and self-employed professionals earning more than Rs.10,000 per month. Using the credit line, consumers can choose to borrow as little as Rs.3,000 or as much as Rs.5 lakh, given their maximum eligibility limit.

The app also allows customers to decide their EMI plans and provides flexible payback periods ranging from 2 months to 3 years. The app also allows for the credit line to be replenished once all existent EMIs are paid back. All financial transactions such as billing and repayment are directly dealt with the respective bank or NBFC, using secure APIs, thus ensuring 100% secure transactions.

Speaking on the same, Rakesh Singh, CEO, Aditya Birla Finance Limited, says, “We are delighted to partner with MoneyTap as we share the same vision of enabling customers to pursue ambitious growth strategies and execute value-creating transactions. Our partnership is aimed at ensuring hassle-free access to credit to address the growing needs of consumer credit.”

MoneyTap CEO Bala Parthasarathy says, “Our focus is to continually improve access to credit for customers across India. Aditya Birla Finance Limited is one of India’s leading NBFCs with an outstanding track record and one of India’s most-trusted brands with a deep capital base. The partnership serves as a good example of disrupting a traditional banking process and leveraging technology to make the experience significantly better for customers.”

Tags: MoneyTap, strategic partnership, Aditya Birla, Aditya Birla Finance Limited, abfl, Android Playstore, Rakesh Singh CEO Aditya Birla Finance Limited, MoneyTap CEO Bala Parthasarathy, varindia