To Democratise Financial Services, WeCredit Joins the Indian Government-Backed ONDC

Nitin Konde, Varun Bhardwaj

Nov 7, 2024 — 2 min read

WeCredit Joins ONDC to Make Financial Services Accessible for All

In an effort to democratise financial services nationwide, WeCredit, an Udaipur-based firm, has joined the ONDC (Open Network for Digital Commerce) Network, which is supported by the Indian government, as a Buyer App.

According to the press note, the strategic integration will make it possible for users—both people and businesses—to easily access lending and borrowing services through the ONDC Network, offering a simplified experience for anyone looking for financial solutions.

According to WeCredit co-founder Mukul Devpura, the company is excited to be a part of the ONDC Network and sees this as a major chance for investment and expansion within its broader business plan.

Making an Effort to Streamline the Loan Application Procedure

The landscape of digital banking has undergone a dramatic change with WeCredit's admission into the ONDC Network. The firm will concentrate on improving financial accessibility and streamlining the loan application procedure, enabling consumers to more effectively reach their financial objectives.

The advancement supports ONDC's overarching goal of promoting a more transparent and inclusive digital economy. Firm is delighted to be a part of a movement that seeks to make e-commerce more equitable and accessible for all people and businesses, regardless of their size or location, as India prepares for a digital revolution. According to Devpura, ONDC is about more than just expanding businesses; it's also about helping to transform Indian trade by encouraging cooperation, diversity, and creativity.

Plans to Increase the Range of Products Offered

WeCredit will first concentrate on credit products as part of its staged strategy, with plans to soon broaden its offerings to include investment options, insurance, and a few retail categories.

WeCredit will function as a Technology Service Provider (TSP) on the ONDC Network in addition to being a Buyer App. Because of this function, WeCredit may assist companies that want to access the network without having to invest in a large internal IT infrastructure.

"ONDC is dedicated to furthering its goals of democratising digital commerce and promoting financial inclusion," said T Koshy, MD and CEO of ONDC. Both small and large enterprises will be better able to negotiate the digital financial landscape thanks to WeCredit's capabilities, which will create new avenues for growth and businesses.

What WeCredit Does?

WeCredit is a website that offers loans to both people and companies. It gives consumers a platform that enables them to apply for credit cards and loans instantly, with little paperwork and at affordable interest rates. In order to satisfy their credit needs, they concentrate on putting prospective borrowers in touch with various banks and regulated organisations. Over $2.86 billion has been raised by WeCredit and its rivals in 102 investment rounds with 375 investors, according to Tracxn. The competition set consists of three public companies, two acquired companies, and one private unicorn.