Invoid, a fintech company backed by Y Combinator that provides digital KYC and identity verification solutions, has partnered with Credenc, an online platform for education loans, to build a neobank targetted at students.

Invoid will help Credenc bring to market a college student focused neobank in India. The fintech company will “provide its expertise of remotely onboarding customers without compromising on security or compliance,” it said. Neo-banks are fintech companies that operate digitally often using mobile apps. Simply put, neo-banks are digital banks without any physical branches.

Customer onboarding and digital KYC

Founded by Sarthak Goel and Kunwar Raj Sethi, Invoid leverages its technology product to simplify customer onboarding and digital KYC. The company has helped over 50 financial services companies with their user onboarding journeys. Credenc is part of the finance company Capital India and is aiming to build a loan book of ₹3,000 crore by 2025. 

Sarthak Goel said, “Invoid will help scale and power user onboarding for products by Capital India during the next phase of its hyper growth. Invoid has built products and technology for fintechs and neobanks and is excited to join the Capital India family.”

The partnership is central to Credenc’s strategy of building a digital ecosystem to serve the students. “It will be a step towards developing an entire student education ecosystem that will help students and parents with credit, accommodation, employability, savings, forex, and investments,” it said.


Credenc has partnerships with over 1,000 colleges across the country. It plans to leverage these partnerships and offer these cards to students who take loans from them, as well as students of these affiliate colleges. The company is expecting its user base to grow at a rate of 200 per cent over the next two years. 

Mayank Batheja, Co-founder, Credenc, said, “We are very impressed with the work Invoid has done. The team will play a crucial role in building our onboarding journeys and the neobanking product which will change the way students interact with financial services in India. We are very excited to have the Invoid team join us in our journey forward.”