 "Navi Finserv closes $38 mn personal loan securitisation deal with JP Morgan")
Navi Finserv on Tuesday said it has closed a $38 million (about Rs 315 crore) personal loans securitisation deal with J P Morgan.
The transaction structured in the form of pass-through certificates (PTC) will be backed by a pool of unsecured personal loans, originated and serviced by Navi Finserv, the NBFC firm prompted by Sachin Bansal said in a statement.
This is J P Morgan's first pass-through certificate transaction in the fintech space in India and the first unsecured personal loans backed PTC transaction in India, it said.
Navi Finserv will use the funds to expand further and grow its digital personal loans business, it said, adding, digital lending is accelerating in India and constitutes a significant portion of the overall Indian fintech market.
Market share is expected to rise to 60 per cent of the total fintech market by 2030, fueled by increasing smartphone penetration, internet usage, and the need for faster and convenient loan disbursals, it said.
Navi Finserv's lending platform will capitalise on new technological advancements to be a part of India's growing digital lending segment, it added.
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