Karnataka Bank has entered into an arrangement with Yubi (formerly known as CredAvenue Pvt Ltd) for co-lending via the Yubi Co.Lend, the latter’s co-lending platform.
The collaboration will allow the bank to digitally onboard various NBFCs, lend significant amount of money, and onboard a larger customer base as a result of their better consumer outreach, the bank said in a statement.
Quoting Mahabaleshwara MS, Managing Director and Chief Executive Officer (CEO) of Karnataka Bank, the statement said the digital co-lending platform would enable Karnataka Bank and the NBFC partners to effortlessly integrate and lend to borrowers with faster turnaround time.
“With the bank focusing on co-lending, we feel this relationship with Yubi will assist us in onboarding various NBFCs and ensuring last-mile connection for bank in places where we have no reach,” he said.
Gaurav Kumar, founder and CEO of Yubi, said: “At Yubi, our aim has always been to lead the curve when it comes to facilitating the flow of credit to the under-served through technology. Through this partnership, Karnataka Bank will gain access to a large number of financial institutions across sectors. We mutually aim to provide credit to the underserved sectors and accelerate financial inclusion in the country through this partnership.”