New Delhi: Tata Fintech, a digital financial entity set up by Tata Digital, is expected to function as a financial marketplace offering multiple financial products and a new retail payments gateway to its consumers under a single roof, people aware of the development told ET.

Its board of directors includes Myntra and CureFit cofounder and Tata Digital President Mukesh Bansal, former investment banker Ankur Verma, and Modan Saha, CEO-financial services at Tata Digital. Group companies Tata Capital, which has its own digital arm, and Tata Consultancy Services are helping the new entity with products and technology, ET reported.

The new entity, incorporated in November, 2021, will offer a host of financial products including a retail payment gateway.

The fintech vertical is a natural extension of the group’s broader ecommerce business, a source told ET. “There are a lot of integrations being planned in terms of offering ‘buy now pay later’ solutions and other financing options,” the person said. “These are being worked out through the fintech unit.”

Tata Group, which has been actively pursuing a licence for its consumer super app TataNeu, has plans for enabling financial solutions for merchants and suppliers as well. The super app from Tata Digital is currently being pilot-tested among Tata Group’s 200,000-plus employee base. It connects several brands across the Tata universe to offer daily grocery, electronics, finance solutions, flights, holidays, etc.

Gaurav Hazrati, head financial services at Tata Digital, also sits on the board of Tata Fintech.

Tata Fintech’s services may also include services such as credit card applications, insurance distribution, micro loans and even merchant management.
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