Yubi Group, a fintech company that specialises in providing a platform for debt financing, is using Oracle Cloud Infrastructure (OCI) to run its co-lending platform across India. With OCI, the fintech is able to bridge the credit gap in India and facilitate scalability in the co-lending sector.
Yubi processes over 1 million transactions daily on average. This has enabled over 750 lenders to distribute joint loans totaling US$1.2 billion to more than 1 million customers in India over the past three years.
Co-lending in India is projected to exceed US$12 billion this year. Yubi’s platform requires better flexibility, scalability, and security to accommodate the growing need.
Gaurav Kumar, founder and CEO of Yubi said, “We’re gearing up to increase our transaction volumes by over 10-fold in the upcoming months, and transitioning to OCI can help us with our goals,” He further said they opted for OCI due to the dual-region cloud strategy, anticipating over 25 percent cost savings from this migration.
Yubi will deploy OCI services such as Compute Virtual Machines (VMs), Object Storage, and OCI Database with PostgreSQL to gain flexible compute capacity for its projects.
The company said it will also benefit from high-performance computing and low-cost cloud storage options to improve the efficiency and productivity of its IT team. The migration to OCI will help Yubi to combine open-source technology with OCI to significantly improve performance and lower costs.
In the recent conference at Oracle CloudWorld Tour, the company shared that it has seen a 50% year-over-year increase in cloud consumption and notable expansions in sectors like BFSI, telecom, healthcare, and education. Oracle’s partnerships, including those with Microsoft and VMware, are improving multi-cloud environments. These new launches in Oracle’s portfolio aim to support India’s digital economy goals.
