PhonePe launches Secured Lending Platform with marquee partners

National, May 30th, 2024: PhonePe, today expanded its loan distribution offerings with the launch of secured lending products on its platform. Partnering with a network of trusted banks, non-banking financial companies (NBFCs) and fintechs, PhonePe armed with its unmatched distribution strength of 535+ Million registered users, aims to create a powerful and seamless user experience in the secured loans category. Customers can gain access to the lending solutions directly within the PhonePe app across six major categories – Mutual Fund Loan, Gold Loan, Bike Loan, Car Loan, Home Loan/Loan against Property and Education Loan.

PhonePe has partnered with a carefully curated selection of top lenders such as Tata Capital, L&T Finance, Hero FinCorp, Muthoot Fincorp, DMI Housing Finance, Home First Finance, rupyy, Volt Money, Gradright, with more lenders to be added in the coming weeks. The platform currently has 15 active partners and aims to scale to 25 by the next quarter. Users can avail the loan facility under the existing ‘Loan’ section on their PhonePe app, select their desired loan category, and choose from a list of lenders. The loan application journey is initiated within PhonePe’s familiar app environment, eliminating the need to navigate multiple applications, and simplifying the process for the user.

Speaking on the launch, Hemant Gala, CEO, PhonePe Lending said, “We are excited to announce the launch of our Secured lending platform across all major categories with top Banks and NBFCs. This provides us with the opportunity to connect lenders and millions of our customers across the country on a single platform to meet their financial needs. Lenders are investing heavily in digitising the secured loan journeys and customers are adapting to the digitisation at a rapid pace. We believe it’s a great time to revolutionise secured lending product experience for the customers working with the lending ecosystem.”

Speaking on the partnership, Sudipta Roy, MD & CEO at L&T Finance said, “By harnessing the combined expertise and resources of both companies, we are poised to provide best-in-class solutions tailored to meet the varied needs of customers seeking Housing and Two-wheeler Financing. This collaboration underscores our dedication to empowering individuals and families to realize their homeownership and mobility aspirations. Customers can anticipate streamlined processes, competitive rates, and personalized services that prioritize their financial well-being. Both companies are committed to delivering value and nurturing long-term relationships founded on integrity, transparency, and trust.”

Vivek Chopra, COO – Retail Finance at Tata Capital said, “Our partnership with PhonePe aims to broaden the accessibility of our lending services to their user base. This partnership not only reinforces our digital-first approach but also highlights our effort to boost credit penetration across India.”

Bharat Lamba, Co-Founder & Chief Business Officer, Volt Money said, “We are excited to join forces with PhonePe to redefine the borrowing experience for millions of individuals across India. Through this partnership, we are leveraging PhonePe’s extensive reach and Volt Money’s unique & seamless financial offerings to empower mutual fund investors with a convenient way to access funds at low cost for various purposes, such as personal needs, working capital, or emergencies, while still creating long-term wealth by staying invested in mutual funds.”

Aman Singh, Co-Founder, Gradright said, “Our collaboration with PhonePe is perfectly aligned to our mission to democratize the access to education finance for students from lower and middle income students, in every corner of Bharat. PhonePe changes the game by changing our service opportunity from a few thousands to millions of students. Our technology-first approach offers us a unique advantage to match the speed and reliability of PhonePe and serve its customers who wish to avail education loans.”

About PhonePe Group:

PhonePe Group is India’s leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in Aug 2016. In just 7 years, the company has scaled rapidly to become India’s leading consumer payments app with 535+ million registered users and a digital payments acceptance network of 39+ million merchants. PhonePe also processes over 255 million daily transactions with an annualized Total Payment Value (TPV) of USD 1.5+ Trillion.

On the back of its leadership in digital payments, PhonePe Group has expanded into financial services (Insurance, Lending, Wealth) as well as new consumer tech businesses (Pincode – hyperlocal e-commerce and Indus App Store – India’s first localized App Store). PhonePe Group is an India headquartered technology company with a portfolio of businesses aligned with the company’s vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.

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