Fintech company Affinit has launched a credit card brokerage service aimed at India's middle class.
On July 22, Affinit announced that it has introduced the credit card brokerage service through its Indian subsidiary, TrueBalance.
The service allows users to apply for credit cards via the TrueBalance app, which connects them with partner banks for issuance support. Affinit has partnered with IDFC Bank to kick off the service and plans to expand collaborations with major banks such as SBI and HDFC in the future.
Using its proprietary AI alternative credit scoring system and AI financial decision-making platform, Affinit analyzes applicants' suitability in advance. This approach aims to facilitate easier and faster credit card issuance for India's middle class, who may have limited financial transaction histories.
The new credit card brokerage service expands TrueBalance's existing offerings of small loans and insurance brokerage into the credit card sector. Affinit envisions becoming a comprehensive financial platform that provides loan, insurance, and credit card services all in one place.
Lee Cheol-won, CEO of Affinit, stated, "In India, only about 7% of the population currently uses credit cards. We aim to evolve into a platform that supports the overall financial lives of the Indian middle class."
* This article has been translated by AI.
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