Bengaluru, Nov 29, 2017: Shubh Loans, a mobile first lending platform, and DMI Finance, an India-focused financial services platform, have partnered to strengthen the credit lending reach to the underserved population of India.
Shubh Loans has set its sight on bringing over 10 lacs people into the formal banking system as part of its mission 2020. Through this tie-up, Shubh Loans and DMI Finance are expanding their reach and diversifying their portfolio to meet the personal loan needs of grey & blue collar workers, individuals who are new to credit and many other neglected segments.
Both Shubh Loans and DMI Finance share the vision of creating a financially inclusive environment and believe in the role of financial institutions in impacting the financial rights of communities.
“The growing aspirations of the new to credit and underserved customer segments combined with the government’s thrust for financial inclusion has resulted in rapidly-increasing demand for capital by Indian households. This strategic partnership with Shubh Loans is in keeping with DMI’s objective of being a flexible, innovative and impactful lender in the area of consumption and personal loans,” commented Mr. Shivashish Chatterjee, Co-founder and Joint Managing Director, DMI Finance.
Shubh Loans, the mobile application developed by Datasigns Technologies, is India’s leading vernacular language app which builds a proprietary credit score and report for loan applicants. Shubh Loans’ focus is to not only extend personal loans to the underserved and unserved segments in India but to also help these segments understand their credit standing holistically. What’s interesting to note is that almost 60% of the users on Shubh Loans platform are new to credit.
Speaking on the tie-up, Mr. Monish Anand, CEO and Founder, Datasigns Technologies said, “Given DMI’s deeply experienced team, which is motivated to work at the highest levels of excellence, and best in class digital technology, this is a natural partnership for us. Shubh Loans has seamlessly integrated their tech stack with that of DMI to reach the common goal of democratizing credit for all.”
Datasigns Technologies recently raised $ 1.5 million as pre-series A funding, with Shubh Loans app crossing over 1.5 Lac downloads since its launch.