PhonePe introduces new secured lending platform in collaboration with banks and fintech companies | Finance News

PhonePe, a fintech firm owned by Walmart, has recently announced the launch of secured lending products on its platform in partnership with banks, non-banking financial companies (NBFCs), and other fintech firms. With over 535 million registered users, PhonePe aims to provide a seamless user experience in the secured loans category.

Customers can now access lending solutions in six major categories including mutual funds, gold, bike, car, home loans, loans against property, and education loans through the PhonePe app. Hemant Gala, the CEO of PhonePe Lending, highlighted the opportunity to connect lenders with millions of customers across the country on a single platform to meet their financial needs.

PhonePe has partnered with leading financial institutions such as Tata Capital, L&T Finance, Hero FinCorp, and Muthoot Fincorp for secured lending, with plans to add more lenders in the coming weeks. The platform currently has 15 active partners and aims to scale up to 25 partners by the next quarter.

Sudipta Roy, MD, and CEO of L&T Finance, emphasized the collaboration’s goal to empower individuals and families to achieve their homeownership and mobility aspirations. Vivek Chopra, COO of Retail Finance at Tata Capital, highlighted the partnership’s efforts to boost credit penetration in India.

Bharat Lamba, co-founder, and CBO of Volt Money, expressed excitement about leveraging PhonePe’s extensive reach for their financial offerings. Aman Singh, co-founder of Gradright, praised PhonePe for expanding their services to millions of students.

The launch of secured lending products on the PhonePe platform is set to revolutionize the digital lending landscape in India, offering users a convenient and simplified loan application process within the familiar PhonePe app environment.