NEW DELHI: KarmaLife, a real-time credit solutions provider for gig workers, has tied-up with LenDenClub to enable wage access for workers.
LenDenClub is a peer-to-peer lending platform that provides an alternate investment opportunity to investors or lenders looking for high returns with creditworthy borrowers seeking short-term personal loans.
Following the collaboration, KarmaLife will be able to use LenDenClub’s automated credit disbursal platform which claims to provide loans in less than 3 minutes. Gig workers typically require immediate liquidity and a simple, real-time interface to address it, KarmaLife said in a press release.
KarmaLife deploys worker risk-assessment technologies based on Artificial Intelligence, which allows it to compute risk score. It leverages this technology to connect both financial institutions and gig workers’ platform. LenDenClub and KarmaLife will jointly offer customised credit line products for this liquidity constrained worker segment.
Rohit Rathi, Co-founder & CEO, KarmaLife, said, “We are glad to partner with LenDenClub to scale our platform. We seek to drive lending transactions worth ₹5,000 crore to Indian gig and blue-collar workers over the next 3 years…This would also help LenDenClub to reach a new market through our best-in-class user experience and B2B2C deployment model.”
“LenDenClub’s core strength is to build a B2B2C ecosystem with their technology expertise for their partners and have the expertise to process and disburse numerous loans,” said Bhavin Patel, Founder & CEO LenDenClub.