Partnership with Newtap Finance is to Offer Personalised Financing Solutions for Affluent Individuals on CRED
Rajan Pental, Executive Director, YES BANK
FinTech BizNews Service
Mumbai, August 27, 2024: YES BANK, India’s sixth largest private sector Bank, has entered into a co-lending partnership with Newtap Finance Private Limited to provide personalised financing solutions to creditworthy individuals on CRED, the most rewarding payments platform for the affluent.
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.
This collaboration seamlessly aligns YES BANK’s financing expertise with CRED's affluent member base. In recognition of their demonstrated financial responsibility, CRED members will benefit from competitive rates and a superior, digital-first experience, designed to be intuitive and frictionless.
On the partnership, Mr. Rajan Pental, Executive Director, YES BANK, said, “Our collaboration with Newtap Finance and CRED aligns perfectly with YES BANK’s strategy of leveraging fintech partnerships to drive quality growth. This partnership is a true reflection of YES BANK’s ethos of innovation, customer-centricity, and operational excellence. 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.”
Mr. Kunal Shah, Founder, CRED said, “CRED is aimed at catalysing financial progress for the trustworthy. CRED members have demonstrated financial prudence, which enables our partners to offer frictionless access to credit at competitive interest rates. 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.”
The collaboration is a key step towards advancing YES BANK’s aspiration of having right-quality growth through strategic digital fintech partnerships. The tie-up is particularly beneficial, as YES BANK’s majority customer base comprises of affluent and emerging affluent segments.
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. YES BANK's track record in the fintech space is characterised by strategic tie-ups and initiatives that have fueled the growth of start-ups by empowering them to thrive on the back of best-in-class banking products. This partnership testifies to YES BANK's digital expertise and its commitment to supporting business success in the digital era.
