PhonePe, the leading digital payments unicorn, has announced the launch of secured lending products on its platform.
This significant move comes in partnership with several banks, non-banking financial companies (NBFCs), and fintech firms.
According to the company, it has over 535 million registered users, PhonePe seeks to leverage this customer base by offering credit products in categories such as mutual funds, gold, bike, car, home loans, loans against property, and education loans.
To deliver these services, PhonePe has collaborated with 15 prominent NBFCs and fintechs, such as Tata Capital, L&T Finance, Hero FinCorp, Muthoot Fincorp, DMI Housing Finance, Home First Finance, Rupyy, Volt Money, and Gradright, among others.
The company plans to increase its number of partners to 25 by the next quarter, enhancing its ability to provide diverse financial solutions to its users.
Hemant Gala, CEO of PhonePe Lending, emphasized the strategic importance of this launch, highlighting how it bridges lenders and millions of customers on a single platform to meet their financial needs.
The initiative aligns with PhonePe’s ongoing efforts to digitize secured loan processes and cater to the rapidly evolving digital preferences of customers.
The introduction of secured lending products is part of PhonePe’s broader strategy to diversify its offerings.
The company has made significant strides in various financial sectors, including merchant lending, insurance distribution in partnership with Acko and others, and entering the stock broking market with the launch of Share.Market under PhonePe Wealth Broking.
PhonePe is also extending its UPI services internationally, with partnerships in countries such as Sri Lanka, UAE, and Singapore.
This global expansion aims to internationalize India’s homegrown payment infrastructure, further solidifying PhonePe’s position as a versatile and innovative financial platform.
Overall, the launch of secured lending products marks a pivotal development in PhonePe’s journey, demonstrating its commitment to providing comprehensive financial solutions and maintaining its competitive edge in the fintech industry.
