“Banks have pre-approved credit for millions of customers but are unable to distribute loan to them efficiently”- Zeta, a Fintech Unicorn
This Friday Zeta, made this statement with the launch of its UPI-linked CaaS (Credit-as-a-service), this is based on NPCI’s credit line on UPI scheme.
Bhavin turakhia and Ramki Gaddipati, founders and CEO of Zeta, aims to capture the opportunity arises of surge in transaction volume due to the new scheme by RBI, they estimate the transaction after this scheme will exceed $1T by 2030.
Zeta’s CaaS, is a head-on to the challenge of lack access of credit channels as banks are unable to cope with the ineffective distribution of the pre-approved credit to millions of customers.
It provides a fully digital-native platform to the banks to analyze and launch a diverse range of credit products.
“This is a once-in-a-generation opportunity to change the credit inclusion landscape in India. By delivering credit at the point of need, Credit Line on UPI has hit a home run for banks by completely changing the discovery, access, and cost mechanics of retail lending.
We’re excited to enable banks to serve the credit needs of millions of customers in this completely real-time, digital-native ecosystem,”
Ramki Gaddipati, CEO, Zeta, expressed this view in a statement.
He further stated “We saw UPI volumes putting a strain on core banking systems.” We predict similar quantities on Credit Line on UPI soon, necessitating population-scale banking infrastructure capable of processing hundreds of millions of credit accounts.”
This Bengaluru-based fintech unicorn has shown a promising growth in recent years and if we dig into it’s financial, we will find it’s income from operations increased by nearly 33% approx. to INR 816.20 crore in FY23, up from INR 615.05 crore the previous year. It attained the status of Unicorn in May 2021.
