Fintech firm partners with online education loan provider to create Neobank for students

0

Summary

Fintech platform Invoid will help online education lending platform Credenc bring India’s first student-only Neobank to market

This Neobank will ensure that deserving students in the country are not deprived of funds to meet their higher education needs

Invoid – a FinTech platform backed by US startup accelerator company Y-Combinator – has collaborated with online education lending platform Credenc to create a Neobank exclusively for students. Neobanks are online banks that do not have a physical branch.

This Neobank will ensure that talented and deserving students in the country are not deprived of funds to meet their higher education needs. Credenc is part of financial firm Capital India and plans to build a loan portfolio of Rs 3,000 crore by 2025.

Founded by Sarthak Goel and Kunwar Raj Sethi, Invoid simplifies customer onboarding and digital KYC with its technology product. The company has simplified and secured user onboarding journeys for more than 50 financial companies.

Invoid will help Credenc bring India’s first student-focused Neobank to market, offering its expertise in remote customer onboarding without compromising security or compliance.

Credenc co-founder Mayank Batheja said, “We are very impressed with the work done by Invoid. The team will play a crucial role in building our onboarding pathways and the Neo Banking product, which will change the way students interact with financial services in India. We are very happy to have the Invoid team join us on our journey forward.

Invoid Co-Founder Sarthak Goel added, “Invoid will help scale and fuel user onboarding for Capital India’s products in the next phase of its hyper growth. Invoid has created products and technologies for fintechs and neo-banks and is delighted to join the Capital India family.

This partnership is central to Credenc’s strategy to build a digital ecosystem that will serve students like never before. It will be a step towards developing an entire student education ecosystem that will help students and parents with credit, accommodation, employability, savings, foreign exchange and investments.

Credenc encourages digital payments and makes financial independence fun and safe for students, having partnerships with over 1,000 colleges across the country. It plans to leverage these longstanding partnerships and offer these cards to students who take out loans from them, as well as to students at these affiliated colleges. It expects its user base to grow at a rate of 200% over the next two years.

Credenc and Invoid are excited to develop a financially inclusive society with simplified access to financial services for Indian students.

Last updated on January 20, 2022

Share.

Comments are closed.