CredAvenue, a debt marketplace, announced on Monday that it has purchased a 75.1 percent stake in Spocto, a digital collections company, to expand its product offerings.
CredAvenue will benefit from the acquisition by adding digital collection solutions for lenders, as well as reducing risk and fraud on its platform. It will also aid in improving collection efficiency, according to the company.
“Adding digital collection capabilities will significantly add value to lending partners on the platform. This deal is a forward integration that completes the product suites for the entire lifecycle. It will shrink the resources and time required for collection while improving the recovery rate. From a broader perspective, it will improve the overall asset quality of our bank and NBFC partners,” said Gaurav Kumar, founder and chief executive of CredAvenue.
Spocto will continue to serve all of its existing clients following the integration. It has a presence in the Middle East and has 37 global clients and 250 employees.
CredAvenue currently has five credit platforms: CredLoan, which provides term lending and enterprise working capital solutions; CredCoLend, which is a co-lending platform for banks and non-banking financial companies (NBFCs); Plutus, which is a bond issuance platform; CredSCF, which is a trade financing platform; and CredPool, which is a portfolio buyout solution for financial institutions.
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