Leveraging the capital infusion from its recent funding round, Qbera the digital lending company has embarked on its next phase of strategic expansion to reach out to more prospective borrowers across the country
Bangalore, December 12, 2018: Qbera, one of India’s leading digital lending platforms,announces its partnership with Fullerton India Credit Company Limited (Fullerton India), a leading non-banking financial company with a strong pan-India presence. Through this partnership, Qbera aims to reach out to a larger number of underserved consumer segments and provide them access to its retail lending products.
As a part of this tie-up, Qbera will assess risk and creditworthiness of the borrowers based on their overall personal, professional, and financial profiles and will offer loans through Fullerton India. Furthermore, the loans will be disbursed within 24 hours through the platform,once borrowers fulfill all specified criteria and provide necessary documents. Qbera processes all loan applications online through its automated system that brings the time taken to approve loans down to a couple of hours, at most.
Aditya Kumar, Founder and CEO, Qbera, commented, “Our partnership with Fullerton India is aimed at expanding and diversifying our overall loan book and achieving the targets we have set for the next few quarters. Moreover, we hope to leverage this opportunity to extend quick and hassle-free access to credit for more number of individuals underserved by traditional banks and FIs, through a steady geographical expansion. The synergistic nature of this association – with Fullerton India’s team’s expertise & geographical presence, and Qbera’s digital lending technology – will enable us to provide quick loans to an unprecedented range of borrowers, as well as gain substantial edge over other players through our ability to extend higher credit in a much shorter time.”
Nishant Jasapara, Head of Digital Business, Fullerton India, commented, “In an increasingly digitally literate world, Fullerton India is constantly working towards offering cutting-edge and hassle-free credit and payment solutions using digital channels, to reach the unbanked. The partnership with Qbera is one of the many steps Fullerton India has taken towards driving sustainable growth through an end-to-end digitisation process. Our unique digital initiatives are in line with our overarching agenda of becoming a wholesome digital financial solutions provider to enhance customer experience and promote financial inclusion.”
Unlike most financial institutions, Qbera offers personal loans to salaried individuals employed with small companies, which are not catered to by traditional lenders. The platform addresses the needs of undeserved segments of the country with monthly income from INR 18K onwards, shared accommodation dwellers, and employees of over 7 lakh organizations, many of which are not serviced by most of the financial institutions. Offering competitive pricing on its loan products, starting at 10.99%, Qbera allows borrowers to avail funds up to INR 10 lakhs.
Qbera recently raised USD 3 million (about INR 21.5 crore)led by E City Ventures – a subsidiary of Essel Group – in its first institutional funding since its inception. The company has since channelized these funds towards scaling up its technology and offerings, along with expanding its team size and geographical presence to more parts of the country. The company currently operates in cities such as Bangalore, Chennai, Delhi, Hyderabad, Mumbai, Pune, Ahmedabad, and Jaipur, and plans to build its presence across tier-2 cities such as Lucknow, Surat, Bhopal, and Patna over the next few months. As of FY 2018-19, Qbera has processed more than 300,000 applications and disbursed loans upwards ofINR 75 crore so far during the current financial year. With an annualized rate of loan disbursementsto the tune of INR 150 crore, the company is targeting 3X growth to reach INR 500 crore by the end of FY 2019-20.
Qbera is an online lending platform providing fast, frictionless, and fair personal loans to professionals. Launched in February 2017, the company is headquartered in and operates out of Bangalore and provides lending services through an end-to-end digital platform, enabling transfer of funds to the borrower within 24 hours of receiving the online application.