28 January 2019, India:
Digital lending startup Qbera has launched its credit lending services in 180+ cities. Leveraging its partnership with Fullerton India, Qbera will serve 15,500 pin codes across the country, making it the first and only fintech retail lender in India with such a vast presence.
Aditya Kumar, Founder and CEO, Qbera, said, “Having scaled up our platform to enable more borrowers to sign up and avail loans, we are delighted to announce that Qbera’s lending services will now be accessible to consumers across more than 180 cities in the country. With this move, we aim to extend quick, affordable, and hassle-free credit to the huge underserved and unserved segment of potential borrowers in the country. With close to 100 crores of disbursals till date and less than 1% delinquency, we aim to soon be the largest digital lending platform in the country and further cement our leadership position in the alternate lending space.”
As a part of this move, Qbera will enable consumers to avail loans worth up to INR 10 lakh which will be serviced by a variety of banks & NBFCs through the platform, with disbursements taking place in as little as 24 hours. The entire process will be paperless and presence-less wherein the KYC will be conducted online and only a NACH document will be required to be submitted by borrowers. The company will process all loan applications online through its automated system, thereby bringing the time taken to approve loans down to a couple of hours at most, and ensure quick and seamless disbursements.
Qbera raised USD 3 million (about INR 21.5 crore) from E City Ventures as a part of its Series A funding round in 2018 – the company’s first institutional funding since its inception. The company has since channelized these funds for its expansion plans as well as to scale up its technology and offerings in a bid to consolidate its presence in the India’s digital alternative lending market.
(Image – Qbera)