IIFL Samasta's co-lending deal with Canara Bank goes live on the Dvara Solutions platform

MUMBAI, India, Nov. 17, 2022 /PRNewswire/ --  Microfinance lender IIFL Samasta has partnered with Dvara Solutions, a tech-fin platform, to facilitate financing for micro, small and medium enterprises (MSMEs) with Canara Bank as the co-lending partner.

Co-lending enables banks and large NBFCs to do priority sector lending by collaborating with high-quality originator NBFCs like IIFL Samasta, which is also focused on the retail segment. The co-lending arrangement helps to share risk and rewards between the lenders in an organised manner.

"Dvara Solutions' has created a comprehensive `liquidity platform' that has helped us to seamlessly automate our co-lending partnership with Canara Bank. We were onboarded on the platform within a very short timeframe and are now confident to scale up our lending under this arrangement," said, Venkatesh N, Managing Director, IIFL Samasta.

Commenting on the liquidity platform launch, Vijay Chand, CEO of Dvara Solutions, said, "Co-lending arrangements between lenders are complex and varied because of the different core-banking and loan management solutions used by each lender. Our liquidity platform empowers originators to partner with multiple lenders of their choice without worrying about the complexities of different methodologies of loan schedules, sharing calculations and integration requirements. Originators using any Loan Management System (LMS) can integrate easily with this platform to manage their co-lending requirements, resulting in a win-win for customers, partners, and the Bank. We are proud to partner with IIFL Samasta and Canara Bank in this journey."

Dvara Solutions caters to a range of asset classes and offers a comprehensive suite of modules, APIs and Products that enable financial institutions to become highly customer-centric and deliver high-quality financial services to their customers at their doorsteps anywhere in the country.

About Dvara Solutions:

Dvara Solutions is tech-fin company with a mission to enable institutions working in the financial inclusion segment to become highly customer-centric and deliver high-quality financial services to even the remotest parts of the country. The platform caters to over 25 clients that serve over four million customers with a collective AUM of over a billion dollars.

Dvara Solutions is a portfolio company of Dvara Holdings (formerly Dvara Trust) and is part of the Dvara Venture Studio cohort that Dvara Holdings is pioneering into being the premier start-up partner in India for entrepreneurs working towards large-scale systemic change in financial inclusion.

For more information, visit: https://dvarasolutions.com/

About IIFL Samasta:

IIFL Samasta, an IIFL Group company, is a microfinance institution focused on the retail segment and is committed to working towards women's economic empowerment. Since its inception in March 2008, IIFL Samasta has been providing innovative and affordable financial products to women from unbanked sections of society in both rural and semi-urban areas. Today as the organisation caters to 16 states across India, IIFL Samasta, with its wide array of responsible financial products and services, acts as a catalyst for sustainable and inclusive economic growth.

For more information, visit: https://iiflsamasta.com/