Digital lender InCred has acquired fintech platform Qbera, at a time when companies are trying to normalise their operations in the time of ongoing coronavirus pandemic. InCred and Qbera, both, refused to comment on the details of the investment and the comprising deal value. However, the sources assume it to be somewhere around $10-15 million.
The deal will help InCred to spread its distribution reach and volume while also strengthening on Qbera’s existing partnerships to co-originate loans and grow its portfolio of consumer loans, as reported by some sources.
InCred, which is registered as a non-banking finance company (NBFC) with a licence from the Reserve Bank of India (RBI), holds a loan-book size worth of 2,100 crore.
Qbera on the other hand is a fintech platform that hand-out loans to salaried individuals and professionals through various lending partnerships including with RBL Bank, IndusInd Bank and non-bank lender Fullerton.
The platform business provides quality services catering to quick disbursement of sanctioned credit.