Yubi has formed a strategic co-lending collaboration with Axis Bank and Muthoot Microfin. This partnership aims to address the issue of limited access to capital at the grassroots level of the Indian economy. Its mission is to enhance living standards and offer employment opportunities for disadvantaged communities at a low cost, and on a wide scale.
Gaurav Kumar, Founder and CEO, Yubi, said, “India’s potential for growth lies in empowering every individual, especially at the grassroots level. Microfinancing through co-lending partnerships is the key to unlock this potential. With our co-lending platform, we’re not just making it possible; we’re making it accessible, efficient and transformative. By joining hands with financial institutions like Axis Bank and microloan experts like Muthoot Microfin, we’re enabling access to capital for those who need it the most. This is our way of contributing to a stronger, more inclusive, and prosperous India.”
Axis Bank will use Yubi’s co-lending platform to create a portfolio spanning diverse sectors, with an initial focus on Microfinance Institutions (MFI). Muthoot Microfin will play a pivotal role by handling sourcing, collection activities, and utilising its strong brand recognition. This collaborative effort will enable Axis Bank to seamlessly deliver a steady stream of debt capital to borrowers belonging to joint liabilities.
Commenting on the partnership with Axis Bank, Sadaf Sayeed, CEO, Muthoot Microfin, said, “This partnership marks a significant milestone in our commitment to empowering the underserved communities across the nation. This innovative collaboration ensures a steady debt capital line, bringing unparalleled benefits to the end micro loan borrower. As a tech-enabled initiative powered by Yubi’s co-lending platform, we anticipate reaching an unprecedented scale of efficiency, solidifying our dedication to fostering financial inclusion. The benefit of efficiencies achieved through this endeavour will be passed on to the bottom of the pyramid borrowers, underscoring our commitment to making a positive impact in the lives of those who need it the most.”
