PhonePe Launches Secured Lending Platform With Banks, NBFC and Fintech Firms

Current Context: On Thursday, May 30, 2024, PhonePe, a Walmart-owned fintech firm, launched a secured lending platform in collaboration with banks, non-banking financial companies (NBFCs), and other fintech firms.

• The platform, designed to provide a seamless user experience in the secured loans category, offers its over 535 million registered users access to loans across six major categories: Mutual Fund Loan, Gold Loan, Bike Loan, Car Loan, Home Loan/Loan against Property, and Education Loan.
• The loan application process is initiated within the familiar environment of the PhonePe app, simplifying the process for users.
• PhonePe has partnered with top lenders such as Tata Capital, L&T Finance, Hero FinCorp, Muthoot Fincorp, DMI Housing Finance, Home First Finance, rupyy, Volt Money, Gradright, and more.

Question:

1. What is the name of the fintech firm that launched a secured lending platform on May 30, 2024?

• A) PhonePe
• B) Google Pay
• C) Paytm
• D) Amazon Pay

Answer: A) On Thursday, May 30, 2024, PhonePe, a Walmart-owned fintech firm, launched a secured lending platform in collaboration with banks, non-banking financial companies (NBFCs), and other fintech firms.