Rackspace Develops Cloud-Based Financial Services Platform for Clix Capital
Rackspace Technology has developed a cloud-based financial platform to enable Clix Capital, a non-bank finance company (NBFC), to initiate, operate and provide loans to consumers and businesses in India. The agile, robust and secure platform is built by Rackspace on Amazon Elastic Compute Cloud (Amazon EC2) and is backed by a multi-year Strategic Collaboration Agreement (SCA) established with Amazon Web Services, Inc. (AWS) in July 2020 .
âOur deep collaboration, know-how and expertise in AWS have been essential in creating Clix Capital’s next-generation platform in India. When they first approached us with this unique challenge, we were sure leveraging AWS was the way to launch this innovative platform for Clix Capital, âsaid Sandeep Bhargava, Managing Director, Rackspace Technology Asia. -Pacific and Japan.
Clix Capital’s native cloud financial services platform will become a mainstay of NBFC’s modern economy as digital transformation initiatives accelerate over the next decade. Delivering enhanced security, cost efficiency, business performance, and speed, Amazon EC2 delivers robust agility and growth to next-generation businesses.
Rackspace’s collaboration with AWS highlights the breadth of AWS capabilities and offers Clix Capital AWS accounts the opportunity to be subscribed to Rackspace and AWS Enterprise Support. This will allow Clix Capital to operate with reliable coverage on AWS infrastructure based on well-defined Service Level Agreements (SLAs).
In addition, Rackspace also offers its CloudHealth multi-cloud management solution, which is capable of providing information on cloud usage and costs and offers robust optimization and governance tools. Leveraging the CloudHealth solution provided Clix Capital with access to best practice recommendations and enhanced security within AWS.
âOur collaboration with Rackspace is based on the need to offer customers a complete, rich and diverse cloud native ecosystem. Together, we have helped Clix Capital – an innovative player in financial services – rapidly establish an agile infrastructure that adapts to changing market demands, enabling rapid testing and deployment of applications and new product offerings for processing loan or lease applications for individuals, vehicles, business loans and working capital. This has resulted in a simpler, faster and hassle-free experience for Clix Capital clients, including mid-sized businesses and individuals, allowing them to process loan applications with minimal paperwork, processing. faster and easy redemption options, all supported by AWS, âsaid Vaishali Kasture, Business Manager – India and South Asia, AISPL.
Starting its life as GE Money Financial Services, Clix Capital has built an excellent reputation in India, pivoting in 2019 to target the lending and alternative lending industry as NBFC. With a focus on technology and important strategic collaborations, the company continues to rapidly expand its business into various segments, particularly consumer credit and micro-small and medium-sized enterprises (MSMEs) in India.
âRackspace brings a unique combination of strong technical expertise and deep customer focus. We found them solution-oriented, flexible and, above all, a true technological partner. It has been a year of partnership between Clix Capital and Rackspace and as we move forward we look forward to continuing our mutually beneficial relationship, âsaid Ankur Goyal, Vice President, IT and CISO, Clix Capital.
India’s digital lending market has made great strides over the past two years, with projections showing growth prospects of $ 110 billion in 2019 to $ 350 billion in 2023, while the Reserve Bank of India has estimated total addressable credit demand for MSMEs at $ 490 billion.
Clix Capital is one of several leading NBFC companies in India leading a paradigm shift engaging the hitherto underbanked segment of Indian consumers and businesses. By redefining the lending landscape in India, Clix Capital effectively uses technology, secures lending, processing, payment and smart collaboration as part of the Digital India vision set by the government five years ago.
By working with a next-generation NBFC, Rackspace is deeply committed to innovative projects that meet the goals of the Digital India vision. A key component of the Digital India program is the provision of financial services to a wider consumer base in India.
The collaboration between Rackspace and -AWS harnesses the power of the cloud through a range of end-to-end multi-cloud technology services to enable access to financial products to consumers in India.
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