InCred, a new-age financial services group that leverages technology and data-science to make lending quick and easy, announced that it has acquired fintech platform Qbera, according to an ETtech report.
The acquisition will help InCred increase its distribution reach while also leveraging Qbera’s existing partnerships to co-originate loans and expand its portfolio of consumer loans, a top company executive told ET.
“Through its acquisition of Qbera, InCred will look to augment its digital distribution strengths,” InCred said in a statement. “Conversely, the platform business will also benefit from InCred’s legacy personal loans expertise and provide full-stack loan origination capabilities in risk-sharing partnerships with other leading financial institutions.”
As part of the transaction, Aditya Kumar, the founder and CEO of Qbera, has joined InCred and will continue to head the platform business. Co-founder and VP-Product, Anuj Sachdev, has taken on an advisory role.
Qbera’s team will also join InCred’s operation in various capacities, a spokesperson said.
“The Qbera acquisition importantly marks the launch of InCred’s platform business – a first of its kind for an NBFC of our size in India,” said Bhupinder Singh, founder and CEO of InCred. “We look to leverage them in strong partnerships with leading financial institutions in India, and abroad.”
InCred, which is registered as a non-banking finance company (NBFC) with a licence from the Reserve Bank of India, has a loan-book size of about Rs 2,100 crore. InCred uses technology and data-science to make lending quick, simple and hassle-free. The company claims that it has simplified the lending process with a sharp focus on serving its borrowers’ unique needs and circumstances.
Qbera is a fintech platform that disburses loans to salaried individuals through various lending partnerships including with RBL Bank, IndusInd Bank and non-bank lender Fullerton. The platform business specialises in quick disbursement of sanctioned credit.
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