Fintech startup Neokred acquihires PeSeva Technologies
The acquisition of PeSeva will give Neokred, a foothold in the buy-now-pay-later (BNPL) segment
, a fintech startup has acquhired PeSeva Technologies, a buy-now pay-later (BNPL) solutions provider.
The startup, in a statement, said the acquisition will help it capture the current demand of embedded lending to provide end-customers with easy, convenient, and affordable loans in a seamless manner. Neokred plans on using the PeSeva team's experience to build and expand lending solutions to aid their current B2B (business-to-business) financial products.
As part of this development, Sukhjinder Singh Gotra, Co-founder and CEO of PeSeva Technologies, will join Neokred as Head of Product.
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On this development, Tarun Nazare, Co- founder and CEO, Neokred said, “We're always on the lookout for outstanding people to join our mission of empowering corporates and start-ups to instigate their own financial services whilst keeping a keen eye on the next big thing in fintech.
“Over the last ten years, embedded lending has evolved to become a prominent form of financing, as a result we have entered this space to keep up with the current demand and the PeSeva team will be critical in supporting us in meeting our goals," he added.
Neokred, founded in 2019, is a fintech infrastructure company headquartered in Bengaluru. Its API & SDK technology stack allows corporates to start their own banking services.
According to the press statement, embedded lending or BNPL is expected to grow by 72.7% on an annual basis to reach $6327.2 million in 2021, and India is likely to be one of the fastest-growing markets because of its demographics and high youth population percentage. The market share of BNPL in the ecommerce segment is expected to grow from 3 percent in 2020 to 9 percent by 2024.
Sukhjinder Singh Gotra, Co-founder and CEO of PeSeva Technologies said, “With the advent of ecommerce and the convenience it provides, embedded lending has become a popular option for consumers across India. We are excited to be embarking on this new chapter with Neokred.”