Bengaluru | March 10, 2023: Digitap.AI, a bootstrapped alternate data based risk management solutions provider today announced its partnership with KreditBee, one of India’s leading fintech platforms, to offer its services for strengthening the fintech’s underwriting process. Under this association, Digitap will provide KreditBee with the bank statement pull through Account Aggregator (AA).
Digitap is a certified Technology Service Provider (TSP) on Sahamati, providing alternative data sources and scoring models to BFSI firms. As a TSP, it provides financial institutions with the ability to extract financial statements through the AA framework and provide analytics on top of it.
As a part of this collaboration, Digitap will offer multiple modes (like Netbanking, PDF upload, AA) to source the borrower’s bank statements. Further, it will provide a comprehensive analysis of the raw bank account statements and provide the variables required in the underwriting process.
During the trial phase, Digitap helped KreditBee to source over 1 lakh bank statements through the AA framework. By March 2023, Digitap aims to help KreditBee fetch most of their bank statements via AA module. The fintech player is witnessing a faster loan sanction process using Digitap’s solution, as it has become easier and convenient for customers to provide their bank statements.
On the association, Nageen Kommu, Founder, Digitap said, “We are excited to associate with KreditBee, and assist them in going live on Account Aggregator framework for effective loan sanction process. As a certified Technology Service Provider, we have built capabilities to assess financial data and improve credit decisioning for financial institutions. We look forward to being an active contributor to the financial ecosystem and support the country’s financial inclusion imperative.”
Madhusudan Ekambaram, CEO, KreditBee, said, “Our association with Digitap is a crucial one, as it has helped us improve our risk assessment and underwriting processes. This partnership will allow us to offer our customers more options and better access to credit. We are in advanced stages to utilize the full potential of Account Aggregator framework, through which we aim to strengthen the entire loan disbursal process.”
Digitap’s alternative data sources and scoring models support BFSI firms in the underwriting process and reduce their Non-Performing Assets (NPAs). It offers industry-leading alternative data solutions built on Artificial Intelligence and Machine Learning, that reduce risk while boosting users’ life-cycle value for clients. Additionally, it looks at data from a range of sources, including telecom, social media, e-commerce, bank statements, employment, device data, and location.
Founded in 2019, Digitap works with 90+ leading fintechs/ NBFCs like Bajaj Finserv, Motilal Oswal, Incred, KreditBee, NAVI, Northern Arc, BharatPe, Freo, LoanTap, Faircent, mPokket, MAS Financial Services, etc.
Digitap empowers financial institutions(FI) through its extensive, alternate data based risk management stack and high tech advanced AI/ML solutions to new age internet driven businesses for reliable, fast and 100% compliant Customer Onboarding, Automated Risk Management along with Big Data enabled services like Risk Analytics and Customized Scorecards. The company’s proprietary Machine Learning Algorithms and Modules provide one of the best success rates in the market. Working with some of the largest financial institutions of India, the team brings together deep and vibrant experience in Fintech Product & Risk Management, Management Consulting and Consumer Retail / Ecommerce Business.
KreditBee is a FinTech Platform which facilitates instant personal loans to professionals, where they can avail loans up to ₹4 lakhs as per their requirement. With a strong focus on online tech-based and data-centric KYC, KreditBee envisions solving the financial inclusion gap in the varied demographic segments of the country. The platform is a Series-D funded entity, backed by Advent International, Premji Invest, Motilal Oswal Alternates, TPG-NewQuest, Mitsubishi UFJ Financial Group, ICICI Bank and Mirae Asset Venture Investments. The company serves the credit and other personal finance requirements through its in-house RBI-registered NBFC – Krazybee Services Private Limited (Systemically important NBFC) along with partnerships with over 10 renowned financial institutions. The company currently serves 10 million customers across the country.