Fintech Leader, BharatPe, has purchased a 51% share in Mumbai-based Trillion Loans, a non-banking finance company, to expand its loan book.

As a result of the agreement, Sabyasachi Senapati, the head of BharatPe’s banking vertical, Ravindra Pandey, a former deputy managing director of SBI, and Nalin Negi, Interim CEO and CFO of BharatPe, have joined the board of Trillion Loans.

Achal Mittal and Gautam Adukia founded the peer-to-peer lending platform Trillion Loans, which offers small business and working capital loans and secured and unsecured loans to SMEs. The NBFC also provides consumer loans for autos, jewellery, and education.

The acquisition is expected to accelerate the company’s growth and is in line with the group’s bigger goal of facilitating access to financing for a broader range of underserved and unbanked enterprises and customers, said Shashvat Nakrani, founder and COO of BharatPe.

He added that BharatPe would contribute technological and product expertise to enable Trillion Loans to introduce new digital lending solutions. Nakrani stated that the $380 billion gap in the MSMEs sector would be attempted to be closed by BharatPe and Trillion Loans working together.

Trillion Loans will continue to offer credit to consumers and businesses, operate independently, and work with other fintechs. It will be willing to collaborate with startups and other financial companies to provide a seamless and speedy experience.

When BharatPe was founded in 2018, it offered the first 0% MDR payment acceptance service and the first UPI-interoperable QR code in the nation. In 2019, BharatPe was unable to obtain an NBFC licence.

With over 30 crore UPI transactions handled monthly and an annualised Transaction Processed Value of over $24 billion in payments, the company currently serves one crore merchants across more than 400 cities and is a prominent provider of offline UPI transactions. The company has disbursed loans totalling around 8,000 crores, and its POS division uses its equipment to process over $3.5 billion in payments each year.