Bajaj Finance, Bharti Airtel join hands to create fintech platform

NBFC firm Bajaj Finance and Bharti Airtel on Monday announced a strategic partnership to create a digital platform for financial services.

The one-of-a-kind partnership brings together Airtel's customer base of 375 million, about 1.2 million strong distribution network, and Bajaj Finance's diversified suite of 27 product lines, and distribution heft of 5,000 more branches and 70,000 field agents, a joint statement said.

Airtel will initially offer Bajaj Finance's retail financial products on its Airtel Thanks App for seamless and secure customer experience, and later through its nation-wide network of stores, it said.

The combined strength of the companies' digital assets will enable Airtel and Bajaj Finance to significantly deepen penetration of financial products and services, it said.

Gopal Vittal, vice chairman and MD, Bharti Airtel, said, "today, we are trusted by over 1 million customers and our vision is to make Airtel Finance a one-stop shop for all the financial needs of our customers."  India's digital ecosystem has been at the heart of data-driven credit underwriting and financial inclusion and the partnership with Airtel not only leverages India's digital infrastructure for inclusive growth but also brings together the expertise and reach of two of India's leading and most-trusted brands, Bajaj Finance MD Rajeev Jain said.

So far, two products of Bajaj Finance have been piloted on the Airtel Thanks App, it said, four products of Bajaj Finance will be available to customers on the Airtel Thanks App by March.

These include Gold Loan, Business Loan, a co-branded Insta EMI Card and Personal Loan. Airtel will progressively offer close to 10 financial products of Bajaj Finance within this calendar year, it said.

As part of the partnership, both companies are committed to a strong regulatory compliance, data privacy and security, and seamless customer service, it added.