Mumbai: India’s online gold loan company Rupeek, has announced their tie-up with Credit Saison India, the Indian NBFC arm of the Japanese financial services giant Credit Saison which is listed on on the Tokyo Stock Exchange and is one of the largest credit card issuers and consumer financing companies in Japan.
Under this tie-up, Credit Saison will take both wholesale and retail exposure on Rupeek’s gold loan platform to the tune of USD$30mn over the next few months. Rupeek which raised $60mn in two funding rounds earlier this year is looking to strengthen its presence across India, acquire more customers and launch more asset-backed products through such partnerships.
The partnership comes at a time when a lot of lenders are focussing on the gold loan business in the backdrop of the COVID-19 induced stress in the credit markets.
Founded in 2015, Rupeek is built on the belief that fintech startups can work collaboratively with the Banks and the NBFCs to launch innovative solutions and increase efficiencies in the credit markets.
Rupeek is disrupting the gold loan industry through its unique ‘doorstep gold loans’ using technology and currently disbursing gold loans at an annual run rate of more than $400 million.
India is the largest importer of Gold, and Indians continue to hold a significant portion of their savings as Gold, which lies unmonetized in homes and lockers. Rupeek is on a mission to monetize this idle Gold, help customers get access to credit at lower costs, and support India’s aspiration to achieve a $5 trillion GDP by 2025.