InCred acquires fintech platform Qbera
New-age financial services platform InCred has acquired fintech platform Qbera, at a time when companies in the space are gearing up for a year starved of capital and possible consolidation due to the Covid-19 pandemic. Although InCred and Qbera, both, declined to comment on the specifics of the acquisition, including the deal value, but sources pegged it at $10-15 million.
The acquisition is likely to help InCred increase its distribution reach while also leveraging on Qbera's existing partnerships to co-originate loans and expand its portfolio of consumer loans. Talking about the acquisition, Bhupinder Singh, founder and CEO of InCred said, "The Qbera acquisition importantly marks the launch of InCred’s platform business – a first of its kind for an NBFC of our size in India. We have built best-in-class risk management, technology and analytics capabilities across different asset classes like education, MSME and Consumer loans."
As a part of the acquisition, Qbera's cofounders Aditya Kumar and Anuj Sachdev have also joined InCred's team. Obera's CEO Kumar will continue to head the platform, while VP-Product Sachdev will take on an advisory role. Besides this, Qbera’s team will also join InCred’s operations in various capacities.
InCred, which is registered as a non-banking finance company (NBFC) with a licence from the RBI, has a loan-book size of about 2,100 crore. Qbera is a fintech platform that disburses loans to salaried individuals through various lending partnerships including with RBL Bank, IndusInd Bank and non-bank lender Fullerton.
The platform business specialises in quick disbursement of sanctioned credit.