April 1, 2015: India's e-commerce tech giant Snapdeal acquires a financial products distribution platform RupeePower. Snapdeal recently launched a financial service marketplace, RupeePower will be integrated with this service.
This move by Snapdeal enables it's customers to apply to loans through their ecommerce site. The newly acquired company will provide credit comparison, processing request, and match for the request with the best suited loan option for the customers.
Kunal Bahl, Snapdeal co-founder says: "Realising the various difficulties that consumers face while deciding and purchasing financial products/services and the challenges that companies face whilst reaching out to the 'right' audience, we have brought RupeePower into our family, to help solve the distribution challenges of the financial services ecosystem and make it more inclusive."
RupeePower was founded in 2011, and helped customers get loans through banks for total value of $240 million to date.
This is the seventh acquisition of Snapdeal till date. Snapdeal financial service includes personal loans, educational loans, credit cards, auto loans, home loans, and extended warranties.
Source: TechInAsia
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