Paytm invests in online lending startup CreditMate

One97 Communications-owned Paytm has invested an undisclosed amount in CreditMate, a Mumbai based startup which facilitates two-wheeler loans for customers without any credit history. As a part of this investment Paytm will leverage CreditMate’s proprietary credit and asset valuation technology to create a loan management system in collaboration with its lending partner for customers.

CreditMate was founded in 2016 by Jonathan Bill, Ashish Doshi, and Aditya Singh. The company focuses on secured lending against two-wheelers. Bill, who is also the CEO of CreditMate, said the investment will allow the company to expand its operations, distribution, lending partnerships and technology. CreditMate has a dealer network of over 150 across Mumbai and Gujarat.

CreditMate works with licensed lending partners for whom it provides a credit recommendation and online access to a complete digital borrower and asset profile to enable fast and secured lending.

Jonathan Bill, Co-Founder, and CEO of CreditMate said, "We are delighted to welcome Paytm as an investor given the strong synergies in our vision. This will allow us to expand our operations, distribution, lending partnerships and technology investment to help a wider set of consumers to access and leverage this key life-enhancing asset is. Achieving this is both economically and emotionally rewarding for us."

“We believe that CreditMate will be a valuable and long-term partner towards our effort to cater to the unorganized sector to bring inclusive financial services for the masses,” chief financial officer Madhur Deora, Paytm said.