Snapdeal announced its foray into financial services with the acquisition of a majority stake in RupeePower, a digital financial products distribution platform. Snapdeal will now offer consumers a financial services marketplace, that will include a wide range of financial services like personal loans, educational loans, credit cards (co-brand – B2B & B2C), auto loans, home loans and extended warranties among others.
Through this marketplace, both companies will endeavor to digitally organize the fragmented financial services market by integrating these services onto the Snapdeal platform.
RupeePower is a digital distribution platform for loans, credit cards and other personal finance products. With its credit comparison, matching and processing infrastructure and affiliation with banks and NBFCs, RupeePower will now join forces with Snapdeal in building a collaborative ecosystem to provide customers with a host of financial products.
Founded in 2011, RupeePower has enabled INR 1,500 crores of credit disbursal through its platform in the current financial. With its online marketplace, the company offering instant customized quotes to customers for personal loans, home loans, auto loans and credit cards, the company also provides downstream acquisition workflow, credit decisioning and CRM platforms to banks and NBFCs.