The Invoid team joins Credenc to create a student-centric neobank
Credenc will leverage Invoid’s expertise to seamlessly onboard customers without compromising security or compliance.
Credenc has announced that digital KYC consulting team, Invoid, has joined Credenc, a Capital India Group company.
Through this partnership, Credenc plans to create India’s first student-focused Neobank, which will offer tailored products to aspiring students. Capitalizing on Invoid’s expertise, Credenc will onboard customers remotely without compromising security or compliance.
Founded by Sarthak Goel and Kunwar Raj Sethi, Invoid, a Y Combinator company simplifies customer onboarding and digital KYC with its technology product. The company has simplified and secured user onboarding journeys for more than 50 financial companies.
Mayank Batheja, co-founder of Credenc, said: “We are very impressed with the work done by Invoid. The team will play a crucial role in building our onboarding journeys and the Neo Banking product that will change the way students interact with financial services in India. We are very happy to have the Invoid team join us on our journey forward.”
This partnership is central to Credenc’s strategy to build a digital ecosystem that will serve students like never before. It will be a step towards developing a comprehensive student education ecosystem that will help students and parents with credit, accommodation, employability, savings, foreign exchange, and investments.
Sarthak Goel, Co-Founder of Invoid added, “Invoid will help scale and power user onboarding for Credenc products in the next phase of its hyper-growth. Invoid has designed products and technologies for fintechs and neo-banks and is delighted to join the Credenc family. .”
As part of their expansion plans, apart from this partnership, Credenc had also recently acquired New Age B2B digital platform ObserveNow to create new business avenues by reaching out to colleges and students across India.
The company is determined to raise the bar for financial aid to students and working professionals across India. It is on track to build a loan portfolio of ₹3,000 crore by 2025 and plans to expand its reach to Tier 2 and 3 geographies in India in the coming years to ensure education is accessible and affordable for all.