RupeeRedee moves into B2B software solutions, will help other NBFCs ‘GoDigital’
The company is positioning itself for a post-coronavirus world that is expected to see a spike in demand for digital customer services
May 26, 2020 / 06:15 PM IST
Digital lending platform RupeeRedee has launched a solution for non-banking finance companies (NBFCs), making a foray into business to business software space and eyeing gains as more customers are expected to go digital in a post-coronavirus world.
GoDigital will help NBFCs take their paper processes down the digital route. It would help other lenders create a digital platform that would be easy, simple and provide real-time integration, the Gurugram-based lending company told Moneycontrol.
“Technology has now enabled organisations to offer customers fast loan approvals, provide end-to-end loan services on mobile, expand easily into new lines of business, geographies and manage a large volume of loans cost-effectively,” RupeeRedee managing director Jitin Bhasin said.
It will reduce the turn-around time for customer applications to a few minutes while giving importance to the evaluation of potential risks.
The company said it was trying to get ready for a post-coronavirus world where every player would be looking at digitised services for its consumers and reduce physical contact.
Most banks and NBFCs have turned off their lending taps given the uncertainty in the country due to the coronavirus outbreak.
SME-focussed lenders are having a tough time giving out new loans and ensuring repayments. A software solution for NBFCs may help some companies to expand their scope of revenues.
Having started operations in September 2018, RupeeRedee is a captive NBFC that has given out over a lakh loans across 25 cities in India.
The platform gets around 1.5 million visitors a month. In October 2019, the company said it had received $6 million over several tranches from its Russian parent Digital Finance International, which is a part of the Finstar Financial Group.