Invoid, a Y Combinator-backed firm, has joined Credenc, an online platform for education loans, to build a student focused Neobank, a first in India for college students. The company said it is part of an effort to provide simplified access to financial services for Indian students.
“Invoid will help scale and power user onboarding for products by Capital India during the next phase of its hyper growth. Invoid has built products and technology for fintechs and neo banks and is excited to join the Capital India family,” said Sarthak Goel, co-founder of Invoid which will provide its expertise of remotely onboarding customers while maintaining proper compliance.
Founded by Goel and Kunwar Raj Sethi, Invoid simplifies customer onboarding and digital KYC through its technology product. The company has secured user onboarding journeys for over 50 financial companies so far.
The company said the tie-up will ensure that talented and meritorious students in the country are not deprived of funds to meet their higher education needs. Credenc said it is incentivising digital payments and has partnerships with over 1000 colleges across the country. It plans to leverage these long-standing partnerships and offer these cards to students who take loans from them, as well as students of these affiliate colleges.
”The team will play a crucial role in building our onboarding journeys and the Neo Banking product which will change the way students interact with financial services in India. We are very excited to have the Invoid team join us in our journey forward,” said Mayank Batheja Co-founder Credenc, part of finance company Capital India which plans to build a loan book of Rs3000 crore by 2025.
The partnership is central to Credenc’s strategy of building a digital ecosystem that will serve the students like never before. It will be a step towards developing an entire student education ecosystem that will help students and parents with credit, accommodation, employability, savings, forex, and investments.
Credenc said it expects its user base to grow at a rate of 200% over the next two years.
