NEW DELHI: KarmaLife, a real-time credit solutions provider for gig workers, has tied-up with LenDenClub to provide loans to gig economy.
LenDenClub is a peer-to-peer lending platform that provides an alternate investment opportunity to investors or lenders looking for high returns with creditworthy borrowers seeking short-term personal loans.
Following the collaboration, KarmaLife will be able to use LenDenClub's automated credit disbursal platform which claims to provide loans in less than 15 minutes. Gig workers typically require immediate liquidity and a simple, real-time interface to address it, KarmaLife said in a press release.
KarmaLife deploys worker risk-assessment technologies based on Artificial Intelligence, which allows it to compute risk score. It leverages this technology to connect both financial institutions and gig workers' platform. LenDenClub and KarmaLife will jointly offer customised credit line products for this liquidity constrained worker segment.
Rohit Rathi, Co-founder & CEO, KarmaLife, said, “We are glad to partner with LenDenClub to scale our platform. We seek to drive lending transactions worth ₹5,000 crore to Indian gig and blue-collar workers over the next 3 years…This would also help LenDenClub to reach a new market through our best-in-class user experience and B2B2C deployment model."
“Our core technological strength empowers our partners to provide seamless digital lending and disbursement services…LenDenClub has now become the market leader in the P2P lending industry…We look forward to serving sustainable credit solutions to the lower strata of the salaried segment , which are otherwise deprived of credit availability," said Bhavin Patel, Founder & CEO LenDenClub.
