*Through this partnership, the company will develop products like digital fixed and recurring deposits & help the bank help digitally on-board more customers
Suryoday Small Finance Bank (SSFB) has been an active participant in enabling financial through various digital initiatives
Mumbai, September 02, 2024: New-age fintech platform Tarrakki has partnered with Suryoday Small Finance Bank to develop and offer digital fixed deposits. Through this partnership, Tarrakki will help develop tech products that outperforms legacy systems enabling SSFB to efficiently onboard new customers and offer digital fixed deposit products This collaboration will be in the form of Software Development Kits (SDKs) and white-labelled offerings. Suryoday Small Finance Bank is one of the leading new-age digital banks in India and is committed to digital offerings for enhancing customer centricity.
This next-gen platform, powered by Tarrakki, will minimise the cost and time required for product launches by the bank and its partners. It comes with no-code mobile and web apps, and secure SDKs.
“Our tie-up with Suryoday Small Finance Bank is an important milestone in our journey in digital finance. We are confident that Suryoday Small Finance bank will pave the path for India’s banking revolution. We are working on many plans to introduce industry-first products,” Saumya Shah, Co- Founder Tarrakki, said. Tarrakki’s partners have been able to save over 80% costs and go to market 8-10x quicker by using the Tarrakki stack
For Suryoday Small Finance Bank, this partnership is a significant step in becoming a digital-first bank. “We believe that the launch of our neo-banking stack, in association with Tarrakki, will help build operational efficiencies and achieve the next level scale. The aim is to tap the market faster with a solid digital portfolio,” Vishal Singh, Chief Information Officer & Head Digital Banking of Suryoday Small Finance Bank said.
The partnership is a win-win for both the companies as Suryoday is looking to go digital for its next phase of deposits growth and Tarrakki’s tech expertise can help it in the journey. Tarrakki aggregates and offers various products such as mutual funds, fixed deposits from leading banks & NBFCs and more under one roof. The tie-up would also help the Bank to expand its reach through digital partnership. Earlier, the bank also reported a strong financial performance with a 47.3% year-on-year (YoY) jump in net profit at ₹70.1 crore for the first quarter that ended June 30, 2024. This partnership is a testament to the bank’s commitment to digital innovation and growth.
About Tarrakki:
Incubated at Afthonia Labs and backed by IIMA Ventures and other marque BFSI angel investors such as Asit Oberoi (ex-COO Yes Bank) Kiran Shetty (MD-Swift Asia Pacific), Safir Anand (Anand & Anand), Tarrakki is an embedded finance fintech building fintech infrastructure for banking and investment products. Tarrakki builds plug and play APIs, SDKs and white-labelled offerings that can be consumed by Fintechs/Banks/Brokers/Investment advisers who are looking to digitalise their investment offerings.
About Suryoday Small Finance Bank Limited:
Suryoday Small Finance Bank Limited is a scheduled commercial bank. Commencing its operations as an NBFC with a clear focus on serving customers in the unbanked and underbanked segments and promoting financial inclusion. Pursuant to receipt of the RBI Final Approval, Suryoday started its operations as an SFB on January 23, 2017. Suryoday is among the leading SFBs in India in terms of net interest margins, assets growth, yields and deposit growth. The bank has a wide presence across 15 states and UTs across India through its 700+ banking outlets, with a strong presence in Maharashtra, Tamil Nadu and Odisha. We offer a wide array of services to our customers, through our large spread product offerings, via our multiple delivery channels. Suryoday SFB is listed on NSE and BSE.
For more details, please visit, www.suryodaybank.com
