Delhi, 19 January 2022: Credenc, a digital education loan platform for higher education today, announced that the team of digital KYC consultants, Invoid has joined Credenc, a Capital India group company.
Through this partnership, Credenc plans to build India’s first college student-focused Neobank that will offer tailored products to aspiring students. Capitalising on Invoid’s expertise, Credenc will remotely onboard customers without compromising on security or compliance.
Founded by Sarthak Goel and Kunwar Raj Sethi, Invoid, a Y Combinator company simplifies customer onboarding and digital KYC through its technology product. The company has simplified and secured user onboarding journeys for over 50 financial companies.
Mayank Batheja Co-founder Credenc said, “We are very impressed with the work Invoid has done. 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”
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.
Sarthak Goel, Co-Founder of Invoid added, “Invoid will help scale and power user onboarding for Credenc products 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 Credenc family.”
As part of their expansion plans, apart from this partnership, Credenc had also recently acquired B2B New Age Digital Platform ObserveNow to create new business avenues by reaching out to colleges and students across India.
The company is determined to raise the bar on providing financial assistance to students and working professionals across India. It is well on track to build a loan book of ₹3,000 crores by 2025 and plans to expand its reach to tier 2 and 3 geographies in India in the coming years to ensure education is accessible and affordable for all.