Yes Bank and Newtap Finance to Jointly Offer Financing Solutions

CIO Tech Outlook Team | Wednesday, 28 August 2024, 02:23 IST

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Yes Bank has announced a co-lending partnership with Newtap Finance to offer personalized financing solutions through the CRED platform. Dreamplug Technologies Private Limited (DTPL), which operates CRED, will act as the Lending Service Provider (LSP) for this initiative.

Rajan Pental, Executive Director of Yes Bank, emphasized that this collaboration aligns with the bank’s strategy to leverage fintech partnerships for quality growth. The partnership aims to enhance Yes Bank’s personal loan offerings with a digital-first approach and a low operational expenditure model, providing exceptional value to affluent and emerging affluent customers.

Kunal Shah, Founder of CRED, highlighted that CRED members' demonstrated financial prudence makes them ideal candidates for frictionless credit access at competitive rates. This partnership recognizes the creditworthiness of CRED members and reflects Yes Bank’s commitment to strategic digital growth.

Overall, this collaboration is expected to merge Yes Bank’s financing expertise with CRED’s affluent user base, offering a superior and seamless digital experience for accessing credit.

Yes Bank, based in Mumbai, is an Indian private bank that serves retail clients, MSMEs, and corporate customers. Rana Kapoor and Ashok Kapur established the bank. The network covers 300 districts in India with a total of 1,198 branches, 193 BCBOs, and over 1,287 ATMs. The State Bank of India and global investors like Caryle's affiliate and Advent International are some of the main shareholders of the bank.
 

 

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