BharatPe launches ‘12% Club’ app, eyes USD 50 mn lending AUM

New Delhi: Fintech firm BharatPe on Tuesday announced its foray into the consumer space with the launch of 12% Club app that will allow consumers to invest and earn up to 12 per cent annual interest or borrow at similar rate. BharatPe has partnered with RBI-approved NBFCs to offer this investment-cum-borrowing product for consumers, a statement said.

The company, which provides financial services to merchants, aims to achieve an investment AUM (assets under management) of USD 100 million (about Rs 741.8 crore) and a lending AUM of USD 50 million (about Rs 371 crore) from 12% Club by the end of the current fiscal year, it added.

The new product will be available on Google Play Store and Apple App Store.