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DCB Bank said it has acquired 9 per cent stake in non-banking financial company Techfino Capital which is engaged in providing technology-based education and healthcare loans.
DCB Bank has acquired a minority equity stake of approximately 9 per cent in Techfino Capital Private Limited (TCPL), the lender said in a release.
Techfino is a Bengaluru based non-banking financial company (NBFC) which using its modern technology platform to provide customised consumer loans in education and healthcare sectors.
It is present in key metros and tier II cities across India, said the new generation private sector bank.
"DCB Bank and TCPL are delighted to be associated in this manner. Micro loans or granular loans as a financial solution hold much promise.
"We value each other's experience and expertise to build a granular loan portfolio with patience and nuance," said Narendranath Mishra, Head Agri and Inclusive Banking, DCB Bank.
DCB Bank and Techfino complement each other's strengths, and this is an opportunity for both organisations to grow the customer franchise, he added.
The association with DCB Bank is an important milestone. It shall help in the growth of the business as TCPL goes about providing financing solutions to its customers, said Jayaprakash Patra, co-founder director, Techfino Capital.
"Together, we aim to create a win-win ecosystem, offering our customers a bouquet of customized financial solutions using TCPL's robust technology platform," he said.
The funds raised will be used in enhancement of current tech stack apart from on-lending to customers, TCPL said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Wed, April 21 2021. 17:03 IST