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Razorpay acquires lending startup TERA Finlabs
By IANS |
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Razorpay.(photo:Instagram). Image Source: IANS News
Bengaluru, July 19 : Financial solutions company Razorpay on Monday said it has acquired AI-based risk tech SaaS (software-as-a-service) platform TERA Finlabs for an undisclosed sum.
TERA Finlabs is an Indian subsidiary of GAIN Credit, a leading UK digital lender which was launched in 2018 to expand their global footprint in digital lending.
This marks the company s third acquisition after foraying into the B2B SME lending space with the launch of Razorpay Capital in 2019, it said in a statement. The team at TERA FinLabs comes with exceptional domain knowledge in credit underwriting & risk management and we see immense value in TERA Finlabs core lending infrastructure capabilities, said Harshil Mathur, CEO and Co-Founder, Razorpay.
TERA Finlabs is an Indian subsidiary of UK-based digital lender, GAIN Credit. The company, however, did not disclose the financial details of the transaction. This acquisition of TERA Finlabs is aligned with Razorpay s strategy of financially supporting as many MSMEs as possible by building core-competencies in capital solutions, credit underwriting, and data-driven risk management capabilities. TERA will provide its entire technology stack, risk management capabilities, and onboarding solutions to create and enable a credit line for Razorpay s merchant network, a statement said.
Razorpay Capital along with TERA Finlab s technology capabilities will be able to service the credit needs of over 10,000 businesses in India by next year, the statement said.