Paytm has acquired a stake in CreditMate, a Mumbai-based startup in the lending space which is focused on enabling its dealer partners to seamlessly assess, approve, process and distribute two wheeler loans to customers with no formal credit history. As a part of this investment, Paytm will leverage CreditMate’s proprietary credit and asset valuation technology to create a loan management system in collaboration with its lending partner for our customers.
Madhur Deora, SVP & CFO-Paytm said, “We intend to change the course of the Indian financial ecosystem by enabling hundreds of millions of deserving consumers to avail long-term credit based on a proprietary loan management system that will cover small scale entrepreneurs and self-employed individuals. We believe that CreditMate will be a valuable and long-term partner towards our efforts of catering to the unorganized sector to bring inclusive financial services for the masses.”
About 65% of Creditmate customers are already Paytm users, which speaks of the ubiquity of Paytm usage and the unique opportunities we have to expand availability of credit in our country. Over time, Paytm will use Creditmate’s platforms to make credit available both offline and online to their users.