Student loans

Fintech firm teams up with online education loan provider to build Neobank for students

Our Correspondent
Our Correspondent
Posted on 20 Jan 2022
17:42 PM
Credenc and Invoid will provide education loan services to meritorious and deserving students.

Credenc and Invoid will provide education loan services to meritorious and deserving students. Source: Shutterstock

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Summary
Fintech platform Invoid will help online education loan platform Credenc bring to market India’s first Neobank focused exclusively on college students
This Neobank will ensure that meritorious students in the country are not deprived of funds to meet their higher education needs

Invoid — a FinTech platform backed by American startup accelerator firm Y-Combinator — has collaborated with online education loan platform Credenc to build a Neobank exclusively for students. Neobanks are online banks that do not have any physical branch.

This Neobank will ensure that talented and meritorious students in the country are not deprived of funds to meet their higher education needs. Credenc is a part of finance company Capital India and plans to build a loan book of Rs 3,000 crore by 2025.

Founded by Sarthak Goel and Kunwar Raj Sethi, Invoid simplifies customer onboarding and digital KYC through its technology product. The company has simplified and secured user onboarding journeys for over 50 financial companies.

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Invoid will help Credenc bring to market India’s first college student focused Neobank, providing its expertise of remotely onboarding customers without compromising on security or compliance.

Credenc co-founder Mayank Batheja 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 Neo Banking 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.”

Invoid co-founder Sarthak Goel added, “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 neo banks and is excited to join the Capital India family.”

The partnership is central to Credenc’s strategy of building a digital ecosystem that will serve the students like never before. 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.

Credenc is incentivising digital payments and making financial independence fun and safe for students, having partnerships with over 1,000 colleges across the country. It plans to leverage these long-standing partnerships and offer these cards to students who take loans from them, as well as students of these affiliate colleges. It expects its user base to grow at a rate of 200% over the next two years.

Both Credenc and Invoid are excited about developing a financially inclusive society with simplified access to financial services for Indian students.

Last updated on 20 Jan 2022
17:42 PM
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