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Fintech unicorn Groww ventures into lending
January 14, 2022
Online investment platform Groww is adding another vertical to its offerings, lending. The Bengaluru-based organization has begun offering credit lines to choose clients in light of their transaction history, as per its mobile application. This comes closely following a massive fundraise money in October that valued` the organization at $3 billion.
The move is a significant stage from Groww to produce income which hasn’t timed large numbers up to this point. While the organization is yet to unveil its yearly budget report for FY21, as indicated by our data tracking platform Fintrackr it made immaterial working income in FY20 with a deficiency of ₹8 crore.
Groww’s lending feature is very like CRED’s Stash which likewise gives a moment credit line to the platform’s consumer. Similar to Stash, Groww gives moment credit payment (kind of private advance) with practically no paperwork.
IDFC First Bank is Groww’s lending banking partner, as indicated by data on the application. Group Entrackr has evaluated the lending feature named, Credit from Groww.
Other than stock trading, Groww likewise enable mutual fund and fixed deposits investments. The organization is likewise looking at to enter neobanking and insurance soon. Entrackr had only reported its neo-banking plan in November last year.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/
- PG Diploma in Banking, Financial & Insurance (BFSI): https://tscfm.org/courses/pg-diploma-in-banking-financial-insurance-bfsi/