KreditBee Partners with Cashfree Payments to Offer “Online Payment Funding”

KreditBee’s 6+ million customers can benefit from the online payment funding facility of over 1.5 million Cashfree Payments merchant partners, including leading brands like Nykaa, EaseMyTrip, Livspace, Gonoise, Wakefit, among others, the company said.

Cashfree Payments merchants can offer this cardless EMI option to all eligible customers with the KreditBee app. New customers can also enjoy this facility after signing up on KreditBee’s mobile app. Cash finance loans range from ₹2,400 to ₹2 lakhs with a tenure of 3 to 18 months.

Through this partnership, KreditBee will leverage Cashfree Payments’ payment gateway to provide convenient, cardless EMI options. The combination will significantly improve KreditBee’s reach in underserved segments.

“This partnership allows us to extend this effective credit tool to otherwise unserved and underserved segments. The increased push of digitalization in recent months has indeed accelerated the shift to digital commerce and payments, in some cases replacing retail and merchant experience.The idea behind this collaboration is to design an integrated process for funding online payments that allows customers to convert their online purchases, especially when the ticket value is high, in easy and hassle-free EMI,” said Madhusudan Ekambaram, Co-Founder and CEO, CreditBee.

“We look forward to cherishing our partnership with Cashfree Payments to jointly expand various effective credit solutions to a larger consumer base. This will support our offering of creating an AUM of Rs. 8,000 Crores by March 2024,” added Madhusudan.

KreditBee currently offers several types of personal loans and a digital gold investment product. The company plans to diversify its product offering by venturing into digital secured loans, home loans and lines of credit, which involves expanding its loan portfolio by introducing financial services such as insurance, credit report, merchant side offers, among others.

“At Cashfree Payments, we aim to offer the best in payment infrastructure to businesses and a seamless payment experience to their customers. We are confident that this partnership will help merchants increase their conversion rates and generate more revenue. for their business,” said Reeju Datta, co-founder of Cashfree Payments.

Recently, India’s largest lender, SBI, invested in Cashfree Payments, underscoring the company’s role in building a robust payment ecosystem. Cashfree Payments works closely with all major banks to create the core payment and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries, including the United States, Canada and the United Arab Emirates, the company said.

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