Indian online lending marketplace Namaste Credit is becoming a neobank

Namaste Credit is joining the digital banking revolution by announcing plans to turn the online lending marketplace, into a “fully-fledged digital-only bank” for micro, small and medium-sized enterprises.

The company aims to consolidate its grip into the Indian banking space by offering SaaS solutions to smaller companies. This will include credit, banking and accounting solutions.

The startup was founded in 2014 and is headquartered in Bengaluru in India.

With its latest announcement, Namaste Credit will be joining the rising wave of challenger banks being launched around the globe. Over the past five years, this segment of the WealthTech industry has grown considerably. Between 2014 and 2018, the size of investments into the sector grew from $150.9m to $1.97bn, according to FinTech Global’s research.

The FinTech industry in India has grown considerably over the past few years. Indian businesses in the sectors have raised over $13bn across more than 460 deals since 2014, according to FinTech Global research.

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