HCL Tech, Lendico ink multi-year pact to help SMEs; stock hits record high

HCL Technologies (HCL) on Tuesday said it has entered a multi-year agreement with with Lendico, a brand of ING Germany, to deliver application and engineering services.

HCL Tech's scrip was up 1.4% at ₹1,294 on NSE. The stock touched a record high of ₹1,315 in intraday trade.

The deal will help Lendico create a state-of-the-art digital platform that makes business banking faster and more convenient for small- and medium-sized enterprises (SMEs).

As part of the agreement HCL Tech will establish a tech lab in Berlin that will combine fintech mindset, agile culture and customer focus with engineering expertise, global delivery capabilities, and deep domain knowledge of financial services and risk management.

Lendico will be the first to leverage the lab to bring innovative approaches for processes, such as credit decisioning, loans collections and KYC. The lab will also enable transformational technology architectures, such as API gateways and microservices.

Lendico will be able to scale by rapidly onboarding new partners and bringing new services to market faster, thus enhancing customer experience.

“We want to create complete business banking solutions that enhance our position as a strong partner for SMEs on the basis of the agile mentality that enables us to innovate and scale rapidly,” said Sven Foos, Managing Director, Lendico and Head of Business Banking, ING Germany.

“HCL was the ideal partner to support our journey due to its ingrained culture of digital innovation, next-generation engineering capabilities and transformational frameworks.” “Lendico is a frontrunner in frictionless digital SME lending, and we are excited to be a part of this transformational journey,” said Sudip Lahiri, Senior Vice President and Head of Financial Services, Europe, HCL Technologies.