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Bengaluru: Digital payments major, Paytm, has now acquired a 100% stake in Urja Money Pvt. Ltd., which provides a loan management system through its proprietary solution, CreditMate.

With this, the founders of CreditMate have sold their stake to Paytm, CreditMate founder and chief commercial officer Aditya Singh said on professional website, LinkedIn.

“Happy to announce that we have successfully exited CreditMate. The Paytm Group will now become 100% beneficial owners of the business. As a co-founder, I am fortunate to have managed all the functions at CreditMate during this journey and led the company over the past few months of transition," said Singh on a Linkedin post.

“Proud to have helped build a formidable business in the collections technology space and I wish the team the very best for the future. I have no doubt that CreditMate is poised for great heights," added Singh.

Singh also hinted that he will be focusing on a new startup, as his next project.

Back in 2017, Paytm had acquired an undisclosed stake in CreditMate parent, Urja Money Pvt. Ltd, to create a loan management system in collaboration with lending partners.

The investment was a part of Paytm’s efforts to create consumer credit products, and move towards offering longer tenure loans of large ticket sizes.

Paytm currently operates a technology platform with capabilities across the entire loan cycle including origination, developing credit risk models, loan management and collection to provide credit access to its consumers and merchant partners through financial institution partners.

For consumers Paytm also offers its ‘buy now pay later’ solution Paytm Postpaid.

The company claimed to have disbursed 1.4 million loans in the fourth quarter of FY’ 2021, as per its draft prospectus filed with market regulator SEBI.

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