Proptech firm Square Yards
Proptech firm Square Yards, fintech arm, Urban Money, which currently operates in over 250 cities, is aiming to facilitate mortgage disbursements of over INR 30,000 Cr in FY24, establishing itself firmly as India's largest real estate & mortgage ecosystem. Urban Money facilitated the disbursal totaling INR 15,370 crore in the last fiscal year through various channels including banks, housing finance companies, and non-banking financial companies (NBFCs). This nimble mortgage platform was incubated as a fintech solution within the Square Yards proptech ecosystem to capture the captive home loan business originating from Square Yards’ real estate transactions. Over time, Urban Money made steady strides and eventually evolved into one of India’s largest loan originators, independently sourcing loan products through a comprehensive distribution network.
“In India, nearly 65% of a homebuyer’s savings are allocated to the pursuit of homeownership. Housing finance dominates the retail lending landscape and most of the fintech action in India is centred around this unsecured space. Facilitating a home loan mortgage transaction involves navigating complex valuation decisions, extensive documentation, and stringent regulations, besides having deep expertise in the real estate value chain. We identified this fundamental gap in 2019 and cracked this space in last four years emerging as the largest mortgage marketplace in the country” said Tanuj Shori, Founder and CEO, Square Yards.
Solving Customer Pain-Points through Tech & Channel Partner Program Urban Money offers a streamlined home loan experience through its tech platform, digitizing the entire mortgage process, including AI-based credit assessments and e- signatures. Partnering with NSDL and credit bureaus, it integrates with bank LOS systems for quick loan disbursals. Collaborations with 100+ banks and NBFCs ensure compliance, with offline teams managing client documentation and loan disbursement.
“Urban Money is not merely revolutionizing the financial landscape; it’s empowering homebuyers with the keys to seamless homeownership. Through our innovative tech platform, we are digitizing the loan process, simplifying complexities, and making loans accessible to everyone. With record disbursements Y-o-Y, we are proud to bridge the financial gap in non-metros and rewrite the traditional lending playbook,” said Amit Prakash, Co-Founder and CBO, Urban Money.
Urban Money is also expanding its presence in Tier II and III cities through the Urban Money Business Partner Program, strengthening its 200,000 offline channel partner network. The Urban Money partner app, with 15,000 signups till date, offers channel partners digital access to exclusive offers, streamlined bank logins, real-time credit checks, and improved visibility into loan details. In FY23, a total of INR 9,900 Cr was disbursed through the app, with plans to achieve INR 19,928 Cr in FY24. The fintech major is also integrating its tech suite with eight top lenders, with plans to add twenty more by FY24 for enhanced credit distribution in the digital lending space.
