IIFL and ZestMoney come into a Joint Venture to build a $1 Bn loan book.
IIFL Finance, a non-banking financing company, and ZestMoney, a fintech startup come into a joint venture to build a $1 Bn loan book over a few years. 51:49 will be the composition between IIFL and ZestMoney.
This partnership between the two companies will cater to the financial needs of its customers. It will offer credit to the customers.
“We are excited to announce this partnership with ZestMoney as this will help IIFL deliver credit to customers either inaccessible to or ineligible for bank credit. ZestMoney has built a solid technology platform and captured a strong customer base through deep integration with more than 10,000 online merchants and 75,000 physical stores. With 5G and India stack, people in small towns or even rural areas can get credit in a completely paperless and without any human contact to meet their consumption or working capital requirements.” said, Nirmal Jain, Founder, IIFL Group and Managing Director, IIFL Finance.
IIFL Finance is a non-banking financing company that has loan asset under management(AUM) of $6.5 Bn and ZestMoney, India’s largest and fastest-growing consumer lending fintech platform has disbursed $1 Bn through its platform.
With over 10,000 online merchants and 75,000 physical stores, ZestMoney has a strong consumer base. IIFL finance, as a new partner, will get access to the consumer base of ZestMoney. This joint venture will play an important role in the providing credit facilities for consumers.
Founded in 2017, IIFL finance offers products related to home loans, gold and business loans, including MSME financing. It also provides capital market finance to both retail and corporate finances.
Zest Money is a digital lending platform, launched in 2016. It uses mobile technology, digital banking, and artificial intelligence for connecting banks and NBFCs to customers. Along with this new addition, Aditya Birla Finance, Tata Capital, Piramal Finance, and CSB Bank are some of the other lending partners.
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