Digital payment platform for college students SlicePay has acquired Delhi-based P2P lending platform Trustio in an all equity deal, reported TC.

With this development, Pranay Bharadwaj, the chief executive of Trustio, and a number of employees from the firm’s seven-member team, will join SlicePay at Bangalore. “We decided to join the SlicePay team as we had a very similar philosophy focused on cost effective distribution and data-driven risk management that is a must-have for this business,” said Bharadwaj.

The other two co-founders Satya Prakash and Pratham Sehgal, they have decided to work on their personal projects.

Founded in 2016 by Pranay Bharadwaj, Satya Prakash and Pratham Sehgal, Trustio is an invite-only platform for alumni of premier colleges to avail short-term credit from their fellow alumni. The platform acts as a financial security net for users, where they can track their investments and see who is a part of their network.

As for SlicePay, it was founded in 2015 by Rajan Bajaj and Deepak Malhotra. It is a micro-lending platform for students to purchase products on credit without collateral. Students can avail services and products by paying monthly installments. The company has partnered with online ecommerce platforms including Amazon, Flipkart, Myntra, Snapdeal and PayTM where students can use the SlicePay credit line to purchase products.

The startup had raised $500K from early-stage investor Blume Ventures and startup incubator Tracxn Labs in February 2016. It provides a credit line of Rs 60K to students across 300 colleges in Bangalore and Chennai via its proprietary risk model. The final loan disbursal is done by one of the two consumer lending NBFCs they work with.

“We have seen multiple cycles of credit disbursal and have been consistently maintaining NPAs under 0.8% which is very encouraging for a debt investor. The company is planning to expand its services to three more cities before the end of this calendar year and has identified Mumbai and Hyderabad as its next destinations.”

Other startups in this segment include KountMoney, Faircent.com, LoanCircle, etc.

Image credit.

You can also like this
Feb 21, 2017
Mumbai-based Manna Healthcare, the company which runs health & weight loss coaching app Obino, has acquired Fitard, ...
Feb 1, 2017
Dating app Woo has reportedly acquired Dus, a Los Angeles-based dating app focused on the South Asian community, for an ...
Jan 30, 2017
Mumbai-based MyDidi, an on-demand cleaning services provider, has acquired peer TimeMyTask in an all-stock deal, reporte ...

Leave your comment here:

Your email address will not be published. Required fields are marked *

Do not spam our blog. Your comment will be checked by administration.