India: Paytm acquires stake in online loans firm CreditMate

Photo: Bloomberg

Paytm on Tuesday said it has bought an undisclosed stake in Urja Money Pvt. Ltd, which evaluates creditworthiness of people seeking loans to buy two-wheelers. Paytm will use Urja’s proprietary CreditMate technology to create a loan management system in collaboration with lending partners.

Mumbai-based Urja, incorporated in July 2016, has partnerships with banks and non-banking entities on the supply side and auto-dealers on the demand side. The company raised $500,000 from India Quotient last November.

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