09/20/2017 TAB Capital, an award winning Non-Banking Finance Company (NBFC) has selected FinnOne Neo Cloud, Nucleus Software’s cloud based lending solution. Nucleus Software is the leading provider of lending and transaction banking solutions to the global financial services industry. As part of the association, TAB Capital will implement FinnOne Neo Cloud solution to support the end to end digitization of their lending business. With this association, TAB Capital is set to further strengthen its leading position in the digital Lending market.
Over 30 million companies operate in the Micro, Small and Medium Enterprise (MSME) sector, contributing 45% of manufacturing output and 40% of exports. However lending to MSME segment has been constrained by cumbersome, time consuming and inefficient processes. TAB Capital aims to change this by providing MSMEs with fast access to loans.
Established in 2016, TAB Capital has been one of the fastest growing NBFCs in India. By choosing Nucleus FinnOne Neo Cloud to digitize their operations, TAB Capital aims at fast scaling their business by focusing on Business Loans and Personal Loans. FinnOne Neo Cloud is a comprehensive and standardized cloud based lending solution designed to facilitate easy management of the complete loan lifecycle – from designing and launching innovative products in minutes to dramatically reducing exposure to risk.
The company will deploy FinnOne Neo Cloud to take advantage of the benefits that cloud technology brings, including reduced time to market, on-demand scalability, and market-leading security. The company will also implement Nucleus FinnOne Neo Lending Mobility solutions — mCAS and mCollect — for leveraging the power of mobile in loan origination and collections. This digital capability with mobile channel in lending processes will help TAB Capital further drive efficiency, cost reduction and faster decision making. Nucleus FinnOne Neo Lending Mobility helps banks and NBFCs manage the end to end loan life cycle of their customers on mobile devices. The solution helps banks on-board customers faster, deliver better services and simplify collection processes.
CA Abhay Bhutada, Founder & Managing Director at TAB Capital Limited, said “TAB Capital was incepted with the vision to digitalize lending and bring conventionally underserved segments into the purview of financial inclusion. To the same accord, we are glad to announce our association with Nucleus Software and looking forward to working with them as we turbo charge our growth by offering new-age lending solutions and outstanding customer experiences. Nucleus Software is well-known in the industry for their innovative solutions and I am affirmative that the association will enable us to achieve the next level of growth by tapping into new markets and reaching customers in new and innovative ways. “
Vishnu R. Dusad, CEO, Nucleus Software said, “The MSME sector is an important part of the Honorable Prime Minister Mr. Narendra Modi’s ‘Make in India’ and ‘Digital India’ initiatives. The government has recently announced new schemes for empowering rural and the MSME sector. It is important to ensure that this segment has easy access to affordable credit and we are happy to be contributing towards this digital push. We are witnessing great interest in the financial services space in India around cloud, and we have gained 12 new customers for FinnOne Neo Cloud since we launched it last year. TAB Capital is an innovative company with aggressive growth plans and we are delighted to support them in their digital journey. With FinnOne Neo Cloud, the company will be able to scale faster and provide easier access to innovative loan products.”
About TAB Capital:
TAB Capital Limited is the fastest growing and Award-winning NBFC headquartered in Pune and founded by CA Abhay Bhutada. Registered with the RBI as a Non-Deposit taking, the NBFC is revolutionizing Digital Lending for SME Finance, with its branches in Delhi, Bangalore, Chennai, Pune and Hyderabad.
The USP of TAB Capital lies in its unconventional approach towards quicker and hassle-free funding. Instead of relying on security or financial ratios, TAB Capital utilizes customer profiling, cash-flows, business model, social behaviour and personal discussions with promoter for credit appraisal. Its loan size ranges from Rs.2 lakh to Rs. 1 crore, with the average loan size being around Rs. 10 lakhs.
To better serve the MSMEs, TAB Capital currently provides loan products like Equipment/Machinery Loan, Business Loan, Merchant Cash Advance against POS Machine Transactions, Working Capital Demand Loan and Loan against Property.
The company is focused at creating an extensive product portfolio, well-supported by a capital base and growing its presence across digital mediums & multiple geographies. Aiming to include 10 new branches and double its employee strength in the coming few months, the company is looking to raise equity of Rs. 100-150 Crore over the next 2 years for strengthening its data science capabilities and enhancing its technology platform. TAB Capital has crossed Rs. 100 Crores AUM in June’2017 & planning to achieve Rs 500 Crore AUM by March 2019.
TAB Capital was recognized as the “Best Start-Up Profit Making NBFC” at the hands of Shri Suresh Prabhu, the Hon’ble Railway minister of India. TAB Capital was recognized as ‘Fastest Growing Digital Lending NBFC of India’ at Digital India Summit 2017 at the hands of Shri. Ravi Shankar Prasad, Hon’ble Minister for Information Technology. Recently, the company was awarded as the ‘Fastest Growing NBFC’ at SME Manufacturing Summit 2017 at the hands of Smt. Arundhati Bhattacharya, Hon’ble Chairman of State Bank of India.
For more information, please visit: www.tabcapital.co.in
About Nucleus Software:
Nucleus Software (BSE & NSE: NUCLEUS) is the leading provider of lending and transaction banking products to the global financial services industry. Its software powers the operations of more than 150 companies in 50 countries, supporting retail banking, corporate banking, cash management, internet banking, automotive finance and other business areas.
Nucleus Software is known for its world-class expertise and innovation in lending and transaction banking technology. It has two flagship products, built on the latest technology:
- FinnOneTM, named the World’s Best Selling Lending System for 10 years running (IBS Publishing)
- FinnAxiaTM, an integrated global transaction banking solution used by banks worldwide to offer efficient and Innovative global payments and receivables, liquidity management and business internet banking services.
TAB Capital is the leading Digital Lending FinTech NBFC with a mission of becoming the most Trusted & Preferred digital lending NBFC in India. It offers wide range of finance services to Professionals, Small Businesses & Manufacturing Units to achieve their Growth with flexible funding optio…