New Delhi, May 2 (IANS): Full-stack fintech services provider BharatPe Group on Tuesday announced it has completed a majority stake (51 per cent) acquisition in Trillion Loans, a Mumbai-based non-banking financial company (NBFC), for an undisclosed sum.
The company appointed veteran banker Ravindra Pandey, CFO and interim CEO of BharatPe Nalin Negi and Sabyasachi Senapati, part of the leadership team at BharatPe who heads its banking vertical, on the board of Trillion Loans which will operate as an independent entity with its own team under the supervision of the board.
BharatPe said it has also infused a substantial amount of investment into Trillion Loans to enable the NBFC to grow its loan book.
"We had launched our merchant lending vertical in 2019 and it has grown exponentially over the course of the last 3+ years. Today, we facilitate loans of over Rs 500 crore every month to our merchant partners," said Shashvat Nakrani, Founder and COO, BharatPe.
"Acquiring controlling stake in Trillion Loans is aligned to the BharatPe Group's larger purpose and will enable us to facilitate access to capital to a wider set of underserved and unbanked businesses as well as customers," he added.
Trillion Loans will work independently and will be technology-driven NBFC. It will be open to partner with other fintechs and startups, so as to offer their customers a quick and streamlined experience," Nakrani added.
Trillion Loans offers a range of secured and unsecured loans to SMEs, including small business loans as well as working capital loans. Additionally, the company also offers a range of products for consumers, such as auto, gold, and education loans.
"I believe that there is a huge opportunity for Trillion Loans to further grow and address the close to US$ 380 billion MSME credit gap as well as meet the diverse consumer credit demand in the country that has the largest youth population in the world," said Nakrani.
BharatPe currently serves 1 crore merchants across more than 400 cities, the company is a leader in UPI offline transactions, processing over 30 crore UPI transactions per month (annualised transaction processed value of over $24 billion in payments).