German digital lender Kreditech gets RBI license to operate as NBFC

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Kreditech has been licensed by the RBI to operate as an NBFC with the first-of-its-kind licence in Indian financial history for digital lending business and app-based financing, the Germany-based company said in a release. Kreditech’s product suite for India will offer 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, it added.

“With a market potential of roughly US$1 trillion in revenue for the next five years, India clearly is the most promising emerging market for Kreditech. Our proprietary credit scoring technology can assess an applicant’s credit-worthiness in seconds and with higher precision than traditional credit-bureau based systems can,” said David Chan, CEO, Kreditech.

“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,” said Ashish Kohli MD & CEO, India operations.

Founded in 2012 and headquartered in Hamburg, Germany, Kreditech operates in India, Poland, Russia and Spain. Kreditech is backed by leading international fintech investors including PayU, J C Flowers, Varde Partners, and World Bank’s IFC, among others.

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