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Germany's Kreditech gets first-of-its-kind licence for digital lending business in India

Germany's Kreditech gets first-of-its-kind licence for digital lending business in India

Germany's Kreditech gets first-of-its-kind licence for digital lending business in India
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By CNBC-TV18 Oct 15, 2018 7:12 PM IST (Updated)

Germany-based digital lender, Kreditech, has been licensed  by Reserve Bank of India (RBI) to operate as a non banking finance company(NBFC) for digital lending business and app based financing.

Germany-based digital lender, Kreditech, has been licensed  by Reserve Bank of India (RBI) to operate as a non banking finance company(NBFC) for digital lending business and app based financing.

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In India, the company plans to offer online consumer credit products to customers, which includes highly individualised direct-to-consumer loans as well as its lending-as-a-service solution for vendors (LAAS), which allows partners to offer customised credit products to their customers.
"With a market potential of roughly $1 trillion in revenue for the next five years, India clearly is the most promising emerging market for Kreditech," said David Chan, chief executive officer, Kreditech.
Kreditech gives access to better credit and more convenience for digital banking by combining non-traditional data sources and machine learning.
Headquartered in Hamburg, Kreditech operates in India, Poland, Russia and Spain. It's funded by fintech-investors including PayU, JC Flowers, Värde Partners, Blumberg Capital, HPE, World Bank’s IFC, Thiel Capital and Rakuten.
Ashish Kohli, managing director and chief executive officer, Kreditech said, "The consumer lending industry in India is witnessing major disruption through technological innovation such as real-time scoring models on the basis of big data and machine learning algorithms."
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