Foraying into the lending sector, PaySense, a fintech startup has acquired an undisclosed NBFC for INR 3 crore, reported Inc42.
The NBFC buyout will allow the company PaySense to get an NBFC license and lend its capital, instead of being a service provider.
Prashanth Ranganathan, CEO and founder at PaySense said that PaySense is looking for a long term partnership through mere equity and acquisitions.
PaySense is a fintech startup that provides instant loans to its customers at low-interest rates. It was founded by Prashanth Ranganathan and Sayli Karanjkar in 2015. The company provides loans to customers who do not have access to easy credit and are in need of instant credit for any specific purpose.
The startup has partnered with IIFL, India’s leading non-banking finance company to process loans. It also claims to provide loans up to ₹2 lakhs within minutes.
PaySense has reached the mark of ₹50 crores worth of monthly disbursal rate, and it is targeting to double this number in the coming months.
According to the sources, PaySense has applied for the Reserve Bank of India (RBI) licence to begin lending.
Ranganathan futher added that fintech companies are venturing into the lending space because of the high margins in the sector as well as the wide market opportunity here.
Besides PaySense, other fintech startups under the similar roof include Lendingkart, FlexiLoans, KredX, Capital Float, EarlySalary, RupeeReedee, and many more.