Spice Digital, a subsidiary of BSE-listed Spice Mobility, on Saturday said it has entered into an agreement to invest up to Rs 25 crore in Luharia Technologies that runs the peer-to-peer lending platform AnyTimeLoan.in (ATL).
Spice Mobility runs Spice Money, a fintech business offering financial services.
"As part of the digital strategy, fintech will be one of our core areas of growth. Given the lack of access of formal credit to a significant part of the population, we believe that new age digital platforms can help bridge this gap, bringing a larger population base into the formal financial economy," Dilip Modi, chairman of Spice Mobility, said in a statement.
Strategic partnership with ATL will enable Spice to offer loan products tailor-made for its customer segment, said Saket Agarwal, CEO, Spice Money.
ATL has already disbursed loans worth Rs 47 crore. It offers personal and business loans to borrowers using alternative data like digital social profiles, facial recognition, psychometric testing which has enabled it to keep default rates substantially low.
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