The fintech wins Gold for “Excellence in Consumer Lending“
Paisbazaar’s Digital Stack, built to digitize Lending end-to-end, wins “Best Use of Emerging Technology” Award
Paisbazaar.com, India’s largest independent lending and credit score platform, has won the Gold for “Excellence in Consumer Lending” at the prestigious 11th India Digital Awards by the Internet And Mobile Association of India (IAMAI).
Paisabazaar.com is the only independent digital platform in the country to reach an annualized loan disbursal of USD 1.5 billion. The marketplace platform receives consumers from 1000+ cities every month and offers unsecured loans to both salaried and self-employed consumers, short term personal loans, credit cards, home loans, loan against property along with free credit report with monthly updates. Through a wide array of partnerships, Paisabazaar enables consumers to check, compare and apply for lending products, digitally.
During the pandemic and the lockdown, when the lending industry was stalled due to heavy dependence on physical and offline processes, Paisabazaar.com introduced its ‘Digitization Stack‘, that, through deep technology integrations with lenders, digitizes the lending process completely, enabling consumers to take loans without any physical interaction. The Paisabazaar Stack was also recognized as the “Best Use of Emerging Tech” at the India Digital Awards.
Paisbazaar.com says, while the pandemic led to several external challenges due to the coronavirus pandemic, it’s likely to be a turning point, with sharper focus from the entire lending industry on building a more digitally innovative and consumer-focussed ecosystem.
Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, “At Paisabazaar.com, we have always aimed to build a platform for the future, with deep integrations with our partners and ease of access for our millions of consumers. Though 2020 was a tough year, we have remained focussed on building more resilient systems, with the support of our partners and millions of consumers. These awards are a great encouragement to work harder towards digitizing lending for India.”
Over the last 7 years, Paisabazaar.com has become a platform of choice for India, through 3 key innovative initiatives.
Since 2017, Paisabazaar.com has been running the country’s largest credit awareness initiative by offering consumers their credit report, free for life. It also offers advisory services to help consumers improve their credit score, through personalized advise and recommendations.
Second, by partnering with 100+ Banks, NBFCs and Fintechs, Paisabazaar.com offers a wide choice of lending products for various consumer segments. Through deep analytics, consumers can avail most-suited and relevant offers from lenders. In 2018, it also built India’s first Chance of Approval model, that rank-orders all lender offers, matching each consumer’s eligibility and credit profile with the lenders policies.
Third, Paisabazaar.com has focussed on building digital systems, by enabling consumers to access credit seamlessly, through paperless and presence-less processes. With its stack of digital capabilities, the fintech is building new-age processes that will provide a gold standard experience while availing lending products digitally on Paisabazaar.com.
“There are exciting times ahead of us in consumer lending. And hopefully, over the next couple of years, the lending ecosystem would leap-frog to offer a world-class experience to varied consumer segments,” added Naveen Kukreja.
Paisabazaar.com is India’s largest marketplace for lending products. It was the only independent digital platform to disburse USD 1.5 billion on an annualized basis in FY 20. Paisabazaar also runs India’s largest credit awareness initiative by offering consumers their free credit report with monthly updates from all bureau.
Paisbaazar is one of India’s fastest growing fintechs with a CAGR of >80% and has earned the trust and goodwill of over 23 million consumers since inception.
PaisaBazaar.com is part of ETechAces that owns India’s leading insurtech brand, PolicyBazaar.com. The company is backed up by a host of investors including the likes of Softbank, Temasek, Tiger Global Management, True North, InfoEdge (Naukri.com), Premji Invest, besides investments from other PE funds and family offices.