KarmaLife a supplier of real-time credit solutions for gig workers, has partnered with LenDenClub to offer loans to the gig economy. With this partnership, KarmaLife will be able to access LenDenClub’s automated credit disbursal infrastructure, which will give loans to workers on their platform in less than 15 minutes.
Rohit Rathi, Co-founder & CEO KarmaLife, commented, “We are glad to partner with LenDenClub to scale our platform and aim to drive lending transactions of 5000 crores in next 3 years to Gig and blue-collar workers in India. We saw an alignment with technological strength and the vision to become the enabler of credit for the unserved Gig worker market in India. This would also help LenDenClub to reach this new market with our simple user experience and deployment model with employer partnerships.”
KarmaLife has always been on the cutting edge of technology, with artificial intelligence algorithms that can calculate risk in seconds and financial partners that can help scale the company. Together, LendDenClub and KarmaLife will be able to provide workers with tailored credit lines.
Bhavin Patel, Founder & CEO LenDenClub, said, “We are excited to partner with KarmaLife as it is complementary to our business model and this partnership is intended to add value to both platforms. Our core technological strength empowers our partners to provide seamless digital lending and disbursement services. Owing to our superior-tech solutions in our D2C and B2B2C businesses, LenDenClub has now become the market leader in the P2P lending industry. We look forward to serving sustainable credit solutions to the lower strata of the salaried segment, which are otherwise deprived of credit availability.”