InCred acquires fintech platform Qbera

InCred Management and Technology Services on Wednesday announced that it has acquired fintech platform Qbera from Ant Creditex Technologies.

The transaction was for an undisclosed amount but is estimated at $10-15 million.

“Through its acquisition of Qbera, InCred will look to augment its digital distribution strengths. Conversely, the platform business will also benefit from InCred’s legacy personal loans expertise and provide full-stack loan origination capabilities in risk-sharing partnerships with other leading financial institutions,” it said in a statement.

InCred Management and Technology Services is a wholly-owned subsidiary of InCred Financial Services.

As part of the transaction, founder and CEO of Qbera, Aditya Kumar, has joined InCred and will continue to head the Platform business, as well as the InCred personal loan business. Co-founder and VP Product, Anuj Sachdev, has taken an advisory role.

Bhupinder Singh, founder and CEO of InCred, said, “The Qbera acquisition importantly marks the launch of InCred’s platform business ― a first of its kind for an NBFC of our size in India. We have built best-in-class risk management, technology and analytics capabilities across different asset classes like education, MSME and consumer loans. We look to leverage them in strong partnerships with leading financial institutions in India, and abroad.”

Qbera has a strong lending platform for personal loans while InCred also has a personal loan business, the statement said.

“Having access to superior risk and technology capabilities will play a vital role in scaling the business, especially in a post-Covid world,” said Aditya Kumar, founder and CEO of Qbera.