Spice Digital, a subsidiary of BSE-listed Spice Mobility, today said it has entered into an agreement to invest up to Rs 25 crore in Luharia Technologies that runs the peer-to-peer lending platform AnyTimeLoan.in (ATL). Also Read - China-based Transsion now eying India smartphone market
Spice Mobility runs Spice Money, a fintech business offering financial services. Also Read - Spice Fire One Mi – FX 1 is the first Firefox smartphone launched in India, priced at Rs 2,299
“As part of the digital strategy, fintech will be one of our core areas of growth. Given the lack of access of formal credit to a significant part of the population, we believe that new age digital platforms can help bridge this gap, bringing a larger population base into the formal financial economy,” Dilip Modi, chairman of Spice Mobility, said in a statement. Also Read - Spice Stellar Glide Mi 438 launched with dual 3G SIM support for Rs 5,199: Specifications, features and comparison
Strategic partnership with ATL will enable Spice to offer loan products tailor-made for its customer segment, said Saket Agarwal, CEO, Spice Money.
ATL has already disbursed loans worth Rs 47 crore. It offers personal and business loans to borrowers using alternative data like digital social profiles, facial recognition, psychometric testing which has enabled it to keep default rates substantially low.
This is published unedited from the PTI feed.