RupeePower is a digital distribution platform for loans, credit cards and other personal finance products.
Snapdeal, India’s largest online marketplace has announced its foray into financial services with the acquisition of a majority stake in RupeePower, a leading digital financial products distribution platform.
Snapdeal will now offer consumers a financial services marketplace – a first of its kind initiative in the e-commerce industry. Through this marketplace, Snapdeal and RupeePower will endeavor to digitally organize the fragmented financial services market by integrating these services onto the Snapdeal platform.
RupeePower is a digital distribution platform for loans, credit cards and other personal finance products. With its credit comparison, matching and processing infrastructure and strong affiliation with banks and NBFCs, RupeePower will now join forces with Snapdeal in building a collaborative ecosystem to provide customers with a host of financial products. Snapdeal’ s nationwide reach to consumers, robust technology platform and deep consumer insights, with RupeePower’s deep technical integrations in information systems of the financial services industry will create a powerful combination.
Commenting on this, Kunal Bahl, Co-Founder & CEO, Snapdeal, said, “Our aim is to create life changing experiences for our buyers and sellers and all our efforts at Snapdeal are in line with meeting this objective. Realizing the various difficulties that consumers face while deciding and purchasing financial products/services and the challenges that companies face whilst reaching out to the ‘right’ audience, we have brought RupeePower into our family, to help solve the distribution challenges of the financial services ecosystem and make it more inclusive. The same way Snapdeal has democratised retail in India, now we aspire to democratise access to credit.”
Founded in 2011, RupeePower has enabled Rs 1,500 crores of credit disbursal through its platform in the current financial. “The share of digital origination of credit is poised to grow from today’s 7.5 per cent to 40 per cent over the next 4 years, in an Rs 400,000 crore (USD 67bn) retail credit market growing at 20 per cent annually. With this investment and by partnering with Snapdeal, we aim to become the No.1 originator of financial products over the next couple of years. Our emphasis will be on scaling RupeePower into the top match-making platform between lenders and borrowers, providing consumers with the best targeted offers & a super-simplified loan process, while ensuring lower opex & smarter credit match for lenders.” said Tejasvi Mohanram, Founder & CEO, RupeePower.
RupeePower is a pure digital financial distribution platform and marketplace, matching borrowers and lenders in the retail loans space for loan products like credit cards, personal loans, home loans, auto loans, consumer loans etc. Customers are shown the best loan and card offers for comparison and further matched with the bank’s criteria. The service is free for customers and the company gets paid by the financial institution, upon loan disbursal. The company is not a lender in itself and does not complete with its partner banks and NBFCs in the lending space.
The marketplace will include a wide range of financial services like personal loans, educational loans, credit cards (co-brand – B2B & B2C), auto loans, home loans and extended warranties amongst others.
With this launch, Financial Services companies will now be able to leverage Snapdeal’s nationwide reach across 5000 plus towns and cities. The collaboration between Snapdeal and RupeePower, through the launch of this financial services marketplace, will help them overcome this challenge with a cost and effort efficient marketplace platform. The benefits thus realised by the financial services companies will be re-funneled and offered to customers as exclusive financial products or services offers on Snapdeal.