KreditBee, one of India’s leading fintech platforms, today announced its partnership with Cashfree Payments, India’s leading payments and API banking solutions company, to offer the customers an option to convert their online purchases into EMIs at the time of checkout itself for non-credit card holders.
KreditBee’s 6 million+ customers can avail the online checkout finance facility from Cashfree Payments’ 1.5 lakh+ merchant partners, including leading brands like Nykaa, EaseMyTrip, Livspace, Gonoise, Wakefit, among others.
Cashfree Payments’ merchants can offer this cardless EMI option to all eligible customers with the KreditBee app. The new customers can also avail this facility post registering on KreditBee’s mobile app. The checkout finance loans range from INR 2,400 to INR 2 lakhs with a tenure of 3-18 months.
Through this partnership, KreditBee will leverage Cashfree Payments’ Payment Gateway to offer cardless and convenient EMI options. The association will enhance KreditBee’s reach to the underserved segments significantly.
Speaking on the partnership, Mr. Madhusudan Ekambaram, Co-founder & CEO, KreditBee said, “We are delighted to partner with Cashfree Payments to offer a distinctive financing option in the form of online checkout finance. This partnership allows us to extend this effective credit tool to the otherwise unserved and underserved segments. The increased push for digitalization in the past few months has indeed accelerated the shift to digital commerce and payments, in some cases replacing the retail and merchant experience altogether. The idea behind this collaboration is to devise an integrated process for the online checkout finance for customers to convert their online purchases, especially where ticket value is high, into easy EMIs hassle-free.”
“We look forward to cherishing our partnership with Cashfree Payments to jointly extend various effective credit solutions to a larger consumer base. This will support our bid of creating an AUM of Rs. 8,000 crores by March 2024,” Madhusudan added.
Reeju Datta, Co-Founder, Cashfree Payments said, “We are happy to partner with KreditBee to facilitate easy availability of finance options at the time of checkout for customers. At Cashfree Payments, we aim to give the best of payments infrastructure to businesses and a seamless payment experience for their customers. We are confident that this partnership will help merchants boost conversion rates and drive more revenue for their business.”
KreditBee currently offers multiple types of personal loans and a digital gold investment product. The company further plans to diversify its product offering by venturing into digitally-enabled secured loans, home loans, and credit lines, which involves expanding its lending portfolio by introducing financial services like insurance, credit score report, merchant-side offers, among others.
With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its product Payouts. Recently, India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries, including the USA, Canada, and UAE.