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CRED Partners L&T Finance To Offer Unsecured Personal Loans
Inc42
·
11m ago
Medial
CRED, the Indian fintech major, has partnered with L&T Finance to launch a new product called CRED Cash. This product will be disbursed through CRED's NBFC arm, NewTap Finance. The partnership aims to leverage the financial services expertise of L&T Finance and CRED's large customer base. The launch of CRED Cash comes as the Reserve Bank of India has taken measures to regulate the rapid growth of unsecured lending in the country.
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Top fintechs dial NBFCs for secured credit partnerships
Economic Times
·
1y ago
Medial
Fintech startups, such as PhonePe, Cred, and Paytm, are expanding into the secured credit market. They are seeking partnerships with non-banking finance companies (NBFCs) to offer secured loans. Lenders are interested in collaborating with these fintech platforms to attract prime customers. Secured loans are different from unsecured loans as they require collateral. This move demonstrates the evolution of fintech companies in the lending space.
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Why Kunal Shah’s Cred is betting on secured loan products
Economic Times
·
1y ago
Medial
Fintech company Cred is planning to offer secured credit disbursals through its platform. The startup, backed by Peak XV Partners, has conducted market research and spoken with lending partners in preparation for launching products such as two-wheeler, four-wheeler, and home loans. The company aims to tap into its base of high-quality customers that have used its unsecured credit offerings successfully.
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Consumer lending to grow 15-20% annually despite headwinds: InCred Finance
Economic Times
·
1y ago
Medial
Non-banking finance company InCred Finance predicts that consumer lending in India will grow by 15% to 20% annually, despite the increasing stress on portfolios. The retail lending balances in India currently stand at Rs 89 lakh crore ($11.9 trillion), with consumer finance outstanding balances exceeding Rs 22 lakh crore ($2.9 trillion) and growing at over 25% per year. While the risk performance of standard personal loans is improving, small ticket personal loans (STPL) have seen a deterioration in risk performance. Concerns about the rapid growth in unsecured loans have led the Reserve Bank of India to increase risk-weights on unsecured credit and bank loans to non-banking finance companies.
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Retail therapy: Inside the business shift at L&T Finance
Livemint
·
1y ago
Medial
Sudipta Roy has been appointed as the CEO of L&T Finance, a subsidiary of Larsen & Toubro, with the task of transforming the company's performance. L&T Finance, although backed by the engineering giant, has struggled to establish itself in the financing sector. The company is planning a five-pillar strategy to raise its brand visibility, enhance customer acquisition, improve credit underwriting, develop a futuristic digital architecture, and build capabilities. Additionally, L&T Finance is leveraging AI and ML technologies through projects like "Cyclops" to assess credit risk and automate decision-making in lending. While it is still early to assess the full impact of these changes, there has been an improvement in the company's numbers, particularly in two-wheeler loans and prime customers.
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ONDC to add banks, fintechs to take credit services to last mile
Economic Times
·
1y ago
Medial
Open Network for Digital Commerce (ONDC) is set to integrate banks such as HDFC Bank, IDFC First Bank, and Karnataka Bank, as well as fintech firms like Fibe, to offer unsecured personal loans and invoice loans targeting small merchants in underserved areas of India. ONDC is also piloting credit disbursals through partnerships with Tata Neu, Paisabazaar, DMI Finance, and Aditya Birla Finance. Additionally, ONDC plans to introduce business-to-business credit services and explore small ticket, short tenure loans based on alternative data. ONDC is also expanding into insurance and investments segments.
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Bottomline: Kunal Shah-controlled Newtap in the red as loan write-offs jump
VCCircle
·
5m ago
Medial
Newtap Finance Pvt Ltd, associated with CRED and controlled by Kunal Shah, reported a significant decline in financial performance due to increased loan write-offs. The company, which provides personal loans to pre-approved CRED users, experienced a 59% drop in net profit. This decline highlights the challenges faced by the non-bank lender, emphasizing the impact of uncollectible loans on its bottom line.
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CreditAccess Grameen, Five Star, L&T Finance shares surged up to 15% today; here's why
Business Today
·
5m ago
Medial
Shares of certain financial companies, including CreditAccess Grameen, Five-Star Business Finance, and L&T Finance, surged up to 15% following the Reserve Bank of India's new notifications. The RBI stated that microfinance loans deemed consumer credit would have a 100% risk weight, and risk weights for NBFCs rated A and above would return to pre-November 2023 levels. These regulatory changes likely boosted investor confidence, contributing to the share price increases.
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Kunal Shah’s CRED and Newtap to lead Rs 550 Cr investment in NBFC arm
Entrackr
·
6m ago
Medial
Non-banking financial company Newtap Finance Private Limited is planning to raise Rs 550 crore (around $64 million) from Newtap Technologies and CRED in the near to medium term. CRED founder Kunal Shah’s Newtap Technologies is the majority shareholder in Newtap Finance (formerly Parfait). According to a press release by India Ratings and Research, during FY22-24, promoters have invested Rs 149 crore in Newtap Finance, with CRED contributing a primary infusion of Rs 35.7 crore to date. Newtap Finance (NFPL) offers personal loans to individuals, with CRED serving as the loan service provider. CRED has a monthly active user base of 12 million and provides a range of services, including credit card payments, UPI transactions, vehicle management, lending, insurance, personal finance management via account aggregator rails, and rewards/deals. Newtap Finance’s loan book lacks seasoning, but CRED pre-approves loans for select users based on their financial behavior. All CRED members qualify with high credit scores, which is a key eligibility criterion for the app. Kunal Shah indirectly owns 76% of Newtap Finance through his fully owned entity, Newtap Technologies, while CRED holds a 23.6% stake. Shah and CRED gained control of Newtap in 2022, but the RBI blocked CRED's bid to raise its stake in 2023. Since then, Newtap has worked to establish itself as an independent NBFC. At the end of December 2024, the total AUM outstanding on Newtap Finance’s platform was Rs 1,141.6 crore, of which Rs 632 crore was on NFPL’s books. NFPL has also partnered with two large lenders—a bank and an NBFC—for co-lending and plans to scale up co-lending in the near term. As of December 2024, CRED had an AUM (assets under management) of Rs 19,000 crore, with an NPA (non-performing asset) of 1.1%, the press release added. During the fiscal year that ended in March 2024, CRED reported a 66% year-on-year growth in its operating revenue to Rs 2,473 crore. Moreover, the operating losses for the Tiger Global-backed company reduced by 41% in the same period.
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Bajaj Finance continues to tighten checks for those with multiple unsecured loans, says Rajeev Jain | Mint
Livemint
·
9m ago
Medial
Bajaj Finance is tightening its underwriting norms for customers with multiple unsecured loans due to a higher probability of default, according to Managing Director Rajeev Jain. The move comes as certain segments in the banking industry are experiencing an increase in defaults, with customers delaying repayments on credit cards and personal loans. Bajaj Finance reported a deterioration in asset quality in Q3, with gross non-performing assets at 1.06% and net non-performing assets at 0.46%. The company's cost of funds increased slightly to 7.97% in the quarter.
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Moneycontrol Pro Panorama | Retail loan parade of non-banks is over
Money Control
·
9m ago
Medial
Bajaj Finance has tightened its underwriting norms for customers with multiple unsecured loans due to data showing a higher probability of default. This move may indicate that the race for riskier unsecured retail loans in the banking industry is ending. Other non-banks have also acknowledged the risks associated with unsecured loans, and the Reserve Bank of India's decision to increase risk weights on banks' exposure to consumer credit has moderated loan growth. While delinquencies have risen, they are expected to remain below pandemic levels.
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