Plans To Introduce Multiple Innovative Credit Products On The Cards
Times Internet-backed ETMONEY (formerly, SmartSpends) in partnership with RBL Bank has launched a mobile app-based money lending platform ETMONEY CreditLine. The launch marks ETMONEY’s entry into online lending space which will be led by ex-Bajaj Finance executive Manav Seth.
On the launch, Mukesh Kalra, CEO of ETMONEY said, “Working closely with RBL Bank, ETMONEY CreditLine simplifies borrowing and gives high flexibility to our users.”
Combining the benefits of a credit card and personal loan, ETMONEY CreditLine opens a line of credit for its consumers based on their profile. When the users need cash, they can use the CreditLine to transfer money directly to their bank account, repay on their own terms from few days to few months. Interest is charged only on the amount withdrawn and starts at just 1.2% per month. CreditLine also comes packaged with a credit card, which ensures user get upto 50-day interest-free spending power for online & offline purchases.
On the launch, Rajeev Ahuja, Executive Director of RBL Bank said, “Our partnership with ETMONEY for the CreditLine product is a strategic move that will further strengthen our portfolio of digital solutions in the lending space.”
Manav Seth further added that with the launch of CreditLine, the company now plans to launch multiple innovative credit products over the next few months. Seth further said, “It provides 24×7 access to money and matches the rapidly changing credit expectation of Indian consumers.”
Also, the company has introduced an ML-based proprietary scorecard to enable users with no credit score to get a CreditLine.
Times Internet, the digital arm of Times Group, launched the personal finance app SmartSpends in 2015 and rebranded it as ETMONEY in September 2016. It has also added mutual fund transactions service via the app and has collaborated with more than top-10 mutual fund houses.
In August 2016, the company also launched a co-branded debit card that allows users to club credit points earned from Times Internet sites with the points made from online shopping.
Other Indian fintech startups in this space include Scripbox, MyUniverse, MoneyLover, MoneyView, MTrakr and IOU (I Owe You) among others.
The most recently published report by Nasscom forecasts Indian fintech software market to touch $2.4 Bn by 2020, from the current $1.2 Bn. In its Indian Startup Funding report 2017, Inc42 Datalabs revealed Indian fintech industry received $3.01 Bn across 111 deals in 2017.
