SNAPDEAL FORAYS INTO FINANCIAL SERVICES ACQUIRES MAJORITY STAKE IN “RupeePower”

E-commerce major Snapdeal has announced its foray into financial services with the acquisition of a majority stake in RupeePower, a leading digital financial products distribution platform. Snapdeal will now offer consumers a financial services marketplace – a first of its kind initiative in the e-commerce industry.

Through this marketplace, Snapdeal and RupeePower will endeavor to digitally organize the fragmented financial services market by integrating these services onto the Snapdeal platform.

So next time you are looking for a loan, you well might get it by logging on to Snapdeal.

Founded in 2011, RupeePower has tied up with about 12 banks, including State Bank of India, and NBFCs in its network and the same is being expanded in the wake of majority stake acquisition by Snapdeal. Much like Snapdeal, RupeePower is a platform and it does not lend on its own to the loan seeker.

Kunal Bahl, Co-founder & CEO, Snapdeal said, “Our aim is to create life changing experiences for our buyers and sellers and all our efforts at Snapdeal are in line with meeting this objective. Realizing the various difficulties that consumers face while deciding and purchasing financial products/services and the challenges that companies face while reaching out to the ‘right’ audience, we have brought RupeePower into our family to help solve the distribution challenges of the financial services ecosystem and make it more inclusive. The same way Snapdeal has democratised retail in India, we now aspire to democratise access to credit.”

Image Courtesy: dealcurry.com