Indian private sector lender DCB Bank has taken a 9% holding in non-bank financier Techfino Capital.

Financial details regarding the deal were not shared.

Techfino Capital will use the proceeds to improve its existing tech stack and on-lending to customers.

Headquartered in Bengaluru, Techfino offers tailored consumer loans in education and healthcare sectors.

The firm has a present in key metros and tier II cities across India.

DCB Bank head of Agri and Inclusive Banking Narendranath Mishra said: “Micro loans or granular loans as a financial solution hold much promise.We value each other’s experience and expertise to build a granular loan portfolio with patience and nuance.”

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Mishra further stated that the two companies complement each other and will enable them to grow their customer franchise.

Techfino Capital co-founder director Jayaprakash Patra reiterated the view, calling the partnership an “important milestone” and saying that it will fuel growth.

“Together, we aim to create a win-win ecosystem, offering our customers a bouquet of customised financial solutions using TCPL’s robust technology platform,” Patra noted.

Mumbai-based DCB Bank serves both personal as well as business banking customers.

It has a scheduled commercial bank licence from the Reserve Bank of India (RBI).

In 2019, the bank launched its open banking platform. It is aimed at creating an ecosystem with fintech companies, application developers and enterprises to support innovation.

The participants can access its open banking platform APIs as well as share expertise on developing customer centric products.

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