Paytm Group takes full ownership of CreditMate
The investment was a part of Paytm’s efforts to build a consumer credit product and offered sizable ticket long term loans
Paytm, a digital payment group has acquired a 100% stake in Urja Money Pvt. Ltd., which offers a debt management system through its proprietary solution, CreditMate.
With this, the founders of CreditMate have sold their stake to Paytm, as per the statement by Aditya Singh, Founder and Chief Commercial Officer of CreditMate, on the professional website LinkedIn.
In the year 2017, Paytm had acquired an undisclosed stake in Creditmate parent, Urja Money Pvt. Ltd., to create a debt management system in association with lending partners.
The investment was a part of Paytm’s efforts to build a consumer credit product and offered sizable ticket long-term loans.
Paytm currently operates a technology platform with capabilities across the entire loan cycle, including origination, developing credit risk models, debt management, and collection to provide credit access to its consumers and merchant partners through financial institution partners.
Paytm also offers Paytm Postpaid, it's Buy Now Pay Later’ solution for the consumers.
According to its draft prospectus filed with markets regulator SEBI, the company has claimed to have disbursed 1.4 million loans in the fourth quarter of FY21.