YCombinator-backed Invoid joins Credenc to build Neobank for students

Invoid, a Y Combinator- backed fintech providing digital KYC and identity verification solutions, has joined Credenc, an online platform for education loans, to build a student focused Neobank

Founded by Sarthak Goel and Kunwar Raj Sethi, Invoid simplifies customer onboarding and digital KYC through its technology product. The company has simplified and secured user onboarding journeys for over 50 financial companies.

Invoid will help Credenc bring to market India's first college student focused Neobank. Invoid will provide its expertise of remotely onboarding customers without compromising on security or compliance.

The Neobank will ensure that talented and meritorious students in the country are not deprived of funds to meet their higher education needs.  

Credenc is part of finance company Capital India and plans to build a loan book of Rs 3,000

crore by 2025.

"Invoid will help scale and power user onboarding for products by Capital India during the next phase of its hyper growth," said Sarthak Goel, Co-Founder of Invoid.

The partnership is being looked upon as a step towards developing an entire student education ecosystem that will help students and parents with credit, accommodation, employability, savings, forex, and investments.

Credenc is incentivising digital payments and making financial independence fun and safe for students and has partnerships with over 1,000 colleges across the country. It plans to leverage these partnerships and offer these cards to students who take loans from them, as well as students of affiliate colleges.

Credenc expects its user base to grow at a rate of 200 per cent over the next two years.

"We are very impressed with the work Invoid has done. The team will play a crucial role in building our onboarding journeys and the Neo Banking product which will change the way students interact with financial services in India," said Mayank Batheja, Co-founder, Credenc.