Tata Digital sets up a new financial marketplace to offer several financial products | Photo credit: BCCL
New Delhi: Tata Fintech, a digital financial entity created by Tata Digital, is expected to function as a financial marketplace offering multiple financial products and a new retail payment gateway to its consumers under one roof, people familiar with the development told ET. .
Its board of directors includes Myntra and CureFit co-founder and Tata Digital chairman Mukesh Bansal, former investment banker Ankur Verma and Modan Saha, CEO of financial services at Tata Digital. Group companies Tata Capital, which has its own digital arm, and Tata Consultancy Services are helping the new entity with products and technologies, ET reported.
The new entity, incorporated in November 2021, will offer a host of financial products, including a retail payment gateway.
The fintech vertical is a natural extension of the group’s larger e-commerce business, a source told ET. “There are a lot of integrations planned in terms of offering ‘buy now, pay later’ solutions and other financing options,” the person said. “These are developed by the fintech unit. “
The Tata Group, which is actively seeking a license for its consumer super app TataNeu, is also considering implementing financial solutions for merchants and vendors. Tata Digital’s super app is currently being pilot tested with more than 200,000 Tata Group employees. It connects multiple brands across the Tata universe to offer daily groceries, electronics, financial solutions, flights, vacations, and more.
Gaurav Hazrati, Head of Financial Services at Tata Digital, also sits on the Board of Directors of Tata Fintech.
Tata Fintech’s services can also include services such as credit card applications, insurance distribution, microloans, and even merchant management.