Key Points
Digital payments major PhonePe is set to launch consumer lending on its platform by January 2024, two people aware of the discussions told ET requesting anonymity...
To begin with, the Walmart-backed company will work as a distributor for personal loans as it slowly builds up credit underwriting heft, they added..
It is in the final stages of integrations with five lenders, a mix of banks and nonbanking finance companies...
ET had also reported on November 21 that PhonePe was in the final stages of partnering with Axis Bank to distribute the banks credit card offerings...
Although the final underwriting is done by the regulated entity, providing a customer base with a high approval rate and strong potential of portfolio performance is crucial for fintechs in distribution, as it determines the quality of the partnership for lenders...
