Private sector lender Yes Bank, has entered into a co-lending partnership with Newtap Finance to provide personalised financing solutions to creditworthy individuals on CRED.
Dreamplug Technologies Private Limited (DTPL), which operates CRED, will serve as the Lending Service Provider (LSP) for Yes Bank and Newtap Finance in this partnership.
“The collaboration with Newtap Finance and CRED aligns perfectly with our strategy of leveraging fintech partnerships to drive quality growth,” said Rajan Pental, Executive Director, Yes Bank. “With this collaboration, we are poised to deliver unparalleled value to our customers, particularly in the affluent and emerging affluent segments. This partnership is not just a testament the Bank’s digital prowess, but also a step forward in enhancing our personal loan portfolio with a robust and efficient low Opex model.”
The companies said that the collaboration will align Yes Bank’s financing expertise with CRED’s affluent member base. CRED members are expected to benefit from competitive rates and a superior, digital-first experience, designed to be intuitive and frictionless.
“CRED members have demonstrated financial prudence, which enables our partners to offer frictionless access to credit at competitive interest rates,” said Kunal Shah, Founder, CRED. “This collaboration is a recognition of members’ creditworthiness by institutions of Yes Bank’s stature, and we look forward to more such partnerships with them.”
Yes Bank said that the collaboration will be key in advancing its aspiration of having right-quality growth through strategic digital fintech partnerships. The lender’s majority customer base comprises of affluent and emerging affluent segments, it said.
The partnership will be a steppingstone towards creating a roadmap for digital strategic alliances—a new digital channel for sourcing and revenue generation for the Bank, as per the lender.
