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Through this partnership, Shriram Finance's products will be made available on Paytm's platform digitally to further expand access to credit and drive financial inclusion in the country.
This strategic partnership combines Paytm's wide reach and technology infrastructure with Shriram Finance's lending expertise as the largest retail NBFC in India. Powered by Paytm's fintech leadership as a loan service provider (LSP) focussed on compliance and quality of loans,
Umesh Revankar, executive vice chairman - Shriram Finance said, “To take advantage of this opportunity while staying true to our ethos of serving the unserved and underserved, and vision of becoming the most preferred financial services destination, Shriram Finance has collaborated with the pioneer of mobile payments, Paytm, across the country.”
Bhavesh Gupta, President and COO, Paytm said, “We are happy to onboard Shriram Finance as our latest marquee partner, as we continue to drive growth momentum in the credit distribution business while remaining focussed on digital lending compliance and quality of loans. With Shriram Finance's strong presence, especially in Southern India, we aim to boost access to credit by empowering users across the country with simplified loans distribution.”
One 97 Communications is the digital financial services firm which operates under the Paytm brand. Paytm is India's payment super app offering consumers and merchants comprehensive payment services.
Shriram Finance is India's largest retail asset financing non-banking finance company (NBFC). It is the flagship company of the Shriram group which has significant presence in Consumer Finance, Life Insurance, General Insurance, Housing Finance, Stock Broking and Distribution businesses.
The shares of One 97 Communications (PayTM) rose 1.78% to 864.60 and Shriram Finance advanced 2.11% to Rs 1,736 on the BSE.
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