Bank of Baroda, India’s leading public sector bank, has announced tie-ups with 7 FinTech startups. The partnerships would enable the bank to launch new products, acquire new customers, and serve the existing customers better.
The selected startups include:
CreditMantri offers alternate data-based proprietary algorithmic credit assessment services to financial institutions by carrying out an in-depth credit analysis to ascertain the borrower’s creditworthiness. Bank of Baroda will work with CreditMantri for co-developing data-based algorithms for SME credit underwriting.
FundsTiger is a partner to provide loans and other ancillary products to MSMEs. The partnership will improve small business’ access to capital and leverage technology to lower the cost of loan application processing. The cloud SaaS technology-enabled SME financing will open new financing avenues for the MSME borrower.
Probe42 is an ‘Information-As-A-Service’ cloud-based technology platform that collates information on over a million companies, public and private, listed and unlisted from a number of sources, including the ROC, defaulter’s lists, public filing, etc. It also adds a layer of analysis and makes it available on demand to customers. In this partnership, the bank would leverage information about small, medium and large corporates for lending and banking purposes.
Power2SME is India’s first ‘buying club’ for SMEs, helping them procure raw materials at the most economical price points in varied categories. The bank, along with Power2SMEs tech-enabled platform, will not only have access to creditworthy SMEs who have cleared a stringent accreditation test but will also have access to the complete transaction history of the SMEs. This partnership will help strengthen the SMEs and make them sustainable and vibrant across the nation.
IndiaLends is a credit underwriting, analytics and lending marketplace for consumer loans. It collects and analyzes customer data and behavior by offering consumers a range of products including cheaper and quicker loans, free credit reports, personal finance management tools and interactive content. This partnership will help the bank expand the consumer lending market.
KredXis an invoice discounting platform where SMEs can raise working capital by selling their invoices raised against blue chip companies to the bank. This partnership provides companies an alternate way to fund their operation without taking loans on their books.
Fisdom provides a personal wealth management app for a bank’s customers. Fisdom blends cutting edge technology with personalized financial advice. This technology changes the investment advisory industry by making it more accessible, understandable and quick. This unique proposition alters the nature of investment advice, making it transparent, objective, secure and personal for the Bank’s customers.