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Neowise Technologies, aspiring to be a credit led digital banking platform co-founded by Rohit Ramachandran and Siddarth Padmanabhan, recently partnered with Kalandri Capital Pvt. Ltd, an RBI licensed NBFC.Neowise Technologies, a credit and payment startup mainly catering to young professionals (salaried, self-employed, freelancers), has built a promising product on three fundamental pillars: Paperless account opening, seamless transaction processing, and easy credit options.Digital lending continues to witness a massive growth in India led by technology advancements, rising smartphone penetration and proliferation of financial and transactional data which has allowed fintech companies to create unique lending models.One of the fastest growing sectors in fintech, lending is estimated to touch the $1 Tn mark in the near future. Despite which, a substantial section of the population is still left out of the credit market, simply because they don't have enough data or no credit history.To bridge this gap, Neowise aims to first target individuals who have recently embarked on the journey of their professional career, for whom access to credit is a barrier due to no OR low credit score. A good credit score is a prerequisite to be able to acquire credit, and one needs to first access credit and build a repayment history inorder to obtain a credit score, a catch 22 situation."Our aim through the alliance with Kalandri Capital is to make credit available (a credit line of up to Rs 50,000) using proof of consistent income as the main base, as opposed to credit score, at truly affordable rates to young professionals. Besides, our young clientele can look forward to a seamless & instant signup - a fully digital neowise money account that shall be setup within minutes; real-time access to credit; shift from credit score based lending to income based lending; interoperable instruments which can be used across all channels (ATM, POS, ECOMM) and/or to make bank transfers (UPI, IMPS, etc); along with simple and transparent pricing structure," said, Rohit Ramachandran, Co-Founder & CEO, Neowise Technologies.Siddarth Padmanabhan, Co-Founder & CRO, Neowise Technologies, sheds light on the product offering said, "Using the Neowise Money Card - Rupay card, the user will be able to load funds and use the card across all channels (POS, Ecomm, ATM, etc.). Additionally, they will be provided with card control settings and other insights around transactions to augment the overall experience. And to top it all off, we shall provide all users on our platform with a credit line that can be loaded onto the Neowise card with the simple click of a button if and when they are short on funds with the repayment period spanning between 30 to 365 days."With the recent announcement and what is planned for the future, Akshay Shah, CEO & Director- Kalandri Capital Private Limited, said, "We are thrilled to have partnered with Neowise Technologies and are looking forward to a fruitful collaboration. One of our primary goals is to enable disruptive fintechs like Neowise to unlock new opportunities for digital credit in India. Kalandri and Neowise will continue to work in tandem to curate further innovative and cost-effective credit instruments for customers on board on the platform."This story is provided by BusinessWire India.will not be responsible in any way for the content of this article. (ANI/BusinessWire India)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Business :Neowise Technologies joins forces with Kalandri Capital to co-create credit line for young professionals

Neowise Technologies, aspiring to be a credit led digital banking platform co-founded by Rohit Ramachandran and Siddarth Padmanabhan, recently partnered with Kalandri Capital Pvt. Ltd, an RBI licensed NBFC. ...