Xiaomi to foray into lending and insurance verticals
The company is working with Axis Bank, IDFC Bank, Aditya Birla Finance, Money View, Early Salary and Credit Vidya for lending services
In a move to diversify its financial services business, Xiaomi is planning to foray into the lending and insurance business, The Economic Times reported Monday. Despite the disruption caused amid the second wave of the Covid-19 pandemic, the company reported 35% year-on-year growth during the first quarter.
The Chinese handset maker’s financial services business had bounced back, with a 95% incline in revenue in the March quarter as compared to the third quarter (October-December) in 2020.
The company’s financial services vertical is now operating as an independent business due to the large market size and it’s renewed focus. Under the company’s lending arsenal, it has started offering business loans, gold loans and credit line card services.
Collaboration with private banks for lending services
Xiaomi would act as a marketplace for various partners who offer services on its platform, the publication added.
The company is working with Axis Bank, IDFC Bank, Aditya Birla Finance, Money View, Early Salary and Credit Vidya for lending services. For the line credit services it has partnered with Stashfin, while the health and cyber insurance service is being offered in partnership with ICICI Lombard.