Driven by its ambition to compete with with top players such as Amazon and Reliance in the financial marketplace, Tata Digital has set up a digital financial entity, Tata Fintech, to offer financial products and a new retail payments gateway under a single platform.
Backed by Tata Capital and TCS with products and technology, the new entity is expected to offer credit card applications, insurance distribution, microloans, and merchant management, The Economic Times reported.
Tata Fintech, incorporated in November 2021, has included Myntra and CureFit co-founder Mukesh Bansal, former investment banker Ankur Verma, and Modan Saha, CEO of financial services Tata Digital as the board of directors.
People aware of the development told ET the company is hiring executives across all the levels for the same.
A person aware of the matter told ET, “There are a lot of integrations being planned in terms of offering buy-now-pay-later solutions and other finance options. These are being worked out through the fintech unit.”
Tata Group has been building a super app called TataNeu as a unified platform that connects several brands across the Tata universe. TataNeu offers everything from daily grocery, electronics, finance solutions, flights, holidays, and more. Each brand on TataNeu is connected by a common reward called NeuCoins, which can be earned across all brands online and at physical locations and can be used similarly as well. It's currently being tested among Tata Group employees.
