In a significant move that is set to change the landscape of financial services in India, Money2Me Finance Pvt Ltd, a leading gold loan company, has partnered with Moneywise of SMC Finance, a prominent NBFC based in Delhi, through a Business Correspondent (BC) model collaboration. This strategic joint venture between the two financial powerhouses aims to leverage their strengths and resources to provide enhanced financial services to people across Maharashtra.
This model allows financial institutions to extend their reach and provide banking and financial services to the unbanked and underbanked population in remote areas through partnerships with third-party entities. In this case, Money2Me and Moneywise have come together to expand their reach and cater to the financial needs of people in Maharashtra, particularly those in rural and remote areas.
Under the leadership of Mr Nayan Kambli – the Chief Executive Officer, Money2Me has disbursed over 750+ crore loans to over 15000+ customers with a technology-driven innovative phygital model. It is because of Mr. Kambli that Money2Me is considered as a pioneer brand in their ‘Ghar Baithe Gold Loan’ segment.
Mr. Himanshu Gupta, CEO and Director of Moneywise along with Mrs. Akanksha Gupta, Director of SMC Finance together have an extensive experience in fixed-income securities, insurance, broking, gold loans, coins, and bullion. Recently, they achieved an AUM of Rs. 1239 crore as of March 2024.
With Money2Me’s expertise in gold loans and Moneywise’s experience in providing a wide range of financial products and services, this joint venture is poised to offer a comprehensive suite of financial solutions to individuals and businesses in Maharashtra. From gold loans to personal loans, business loans, and other financial products, customers can now access a wide range of services under one roof.
The collaboration between Money2Me and Moneywise also signifies a commitment to driving financial inclusion and empowering individuals and communities through access to credit and financial services. By combining their strengths and resources, both companies can reach a larger customer base and serve the diverse financial needs of people in Maharashtra and eventually the rest of India in the near future.
Moreover, the joint venture is expected to streamline the loan application and approval process, making it quicker and more efficient for customers to access funds when they need them. This seamless integration of services will not only benefit existing customers but also attract new customers who are seeking reliable and efficient financial solutions.
Overall, the partnership between Money2Me and Moneywise through the BC model is a significant development in the Indian financial services sector. By joining forces, these two NBFCs are set to redefine the way financial services are delivered, making it more accessible and convenient for people across Maharashtra. With a shared vision of financial inclusion and empowerment, this joint venture is poised to make a positive impact on the lives of thousands of individuals and businesses in the region.