India’s largest online marketplace Snapdeal on 1 April 2015 announced to acquire RupeePower, a leading digital financial products distribution platform. The acquisition aimed to launch financial service.
Snapdeal will now offer consumers a financial services marketplace, a first of its kind initiative in the e-commerce industry. Through this marketplace, Snapdeal and RupeePower will endeavor to digitally organize the fragmented financial services market by integrating these services onto the Snapdeal platform.
RupeePower will now join forces with Snapdeal in building a collaborative ecosystem to provide customers with a host of financial products. Snapdeal’ s nationwide reach to consumers, robust technology platform and deep consumer insights, with RupeePower’s deep technical integrations in information systems of the financial services industry will create a powerful combination.
RupeePower is a digital distribution platform for loans, credit cards and other personal finance products. With its credit comparison, matching and processing infrastructure and strong affiliation with banks and NBFCs.
RupeePower was founded in 2011. RupeePower is a pure digital financial distribution platform and marketplace, matching borrowers and lenders in the retail loans space for loan products. Customers are shown the best loan and card offers for comparison and further matched with the bank’s criteria. The service is free for customers and the company gets paid by the financial institution, upon loan disbursal.
The company is not a lender in itself and does not complete with its partner banks and NBFCs in the lending space.
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