Invoid, a YCombinator- backed FinTech providing digital KYC and identity verification solutions, has joined Credenc, an online platform for education loans, to build a student focused Neobank.
Founded by Sarthak Goel and Kunwar Raj Sethi , Invoid, simplifies customer onboarding and digital KYC through its technology product. The company has simplified and secured user onboarding journeys for over 50 financial companies. Invoid will help Credenc bring to market India’s first college student focused Neobank. Invoid will provide its expertise of remotely onboarding customers without compromising on security or compliance.
The Neobank will ensure that talented and meritorious students in the country are not deprived of funds to meet their higher education needs.
Credenc is part of finance company Capital India and plans to build a loan book of Rs 3000 Crore by 2025.
Sarthak Goel, Co-Founder of Invoid added. “Invoid will help scale and power user onboarding for products by Capital India during the next phase of its hyper growth. Invoid has built products and technology for fintechs and neo banks and is excited to join the Capital India family.”
The partnership is central to Credenc’s strategy of building a digital ecosystem that will serve the students like never before. It will be a step towards developing an entire student education ecosystem that will help students and parents with credit, accommodation, employability, savings, forex, and investments. Credenc is incentivising digital payments & making financial independence fun and safe for students and have partnerships with over 1000 colleges across the country. It plans to leverage these long-standing partnerships and offer these cards to students who take loans from them, as well as students of these affiliate colleges. Credenc expects its user base to grow at a rate of 200% over the next two years.
Mayank Batheja Co-founder Credenc, said,” We are very impressed with the work Invoid has done. The team will play a crucial role in building our onboarding journeys and the Neo Banking product which will change the way students interact with financial services in India. We are very excited to have the Invoid team join us in our journey forward”
Both Credenc and Invoid are excited about developing a financially inclusive society with simplified access to financial services for Indian students.
Source: Business World