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PayU’s LazyPay Partners with Thought Machine to Revolutionize Credit Solutions in India

We are thrilled to share the exciting news about PayU, India’s leading payment solutions provider, and its recent partnership with Thought Machine, a cloud-native core banking platform. This collaboration marks a significant milestone in shaping the future of credit solutions in India.

PayU’s LazyPay partners with Thought Machine to shape the future of credit solutions in India

The Partnership

PayU has successfully migrated its credit service, LazyPay, to Thought Machine’s Vault Core, a cloud-native core banking platform, and is now live. This strategic move has empowered LazyPay to develop innovative lending and credit products, deliver a secure and efficient user experience, and establish a new standard for credit financing in India.

Empowering Innovation

The migration to Vault Core has allowed LazyPay to swiftly transition its existing customers, streamline real-time financial statement generation, simplify multi-account management, and enhance reporting and regulatory requirements through Vault Core’s real-time Ledger.

This transformation has positioned PayU to effortlessly create differentiated and personalized financial products at scale. The success of the initial migration project has paved the way for further product migrations and the utilization of Vault Core to build, test, and deploy innovative lending and credit products.

Expanding Opportunities

The Indian market presents substantial opportunities for PayU’s credit products as alternative lending services continue to expand. Notably, PayU’s India credit revenue witnessed a 31% increase, reaching US$43 million, while the loan book size grew by 66% to US$338 million by the end of September 2023. Additionally, a total of US$362 million in credit was issued during the first half of 2024 (1H24).

Vision for the Future

Deepak Mendiratta, CEO of PayU Finance, expressed his enthusiasm for this collaboration, emphasizing the commitment to providing top-tier financial services to customers. He highlighted the scalability and flexibility of Vault Core, aligning perfectly with PayU’s growth ambitions, and expressed excitement about offering a wide array of services to customers. This partnership solidifies PayU’s dedication to expanding its presence in the Indian market and positions the company for future success in the credit sector.

Nick Wilde, Managing Director, Asia Pacific at Thought Machine, echoed this sentiment, expressing delight in partnering with PayU to introduce cloud-native technology to the Indian market. With the successful migration now complete, Thought Machine looks forward to collaborating with PayU to deliver efficient, secure, and innovative credit and lending solutions in India.

Addressing Market Demands

A report by BCG highlights the potential for B2B fintechs to address the $5 trillion annual unmet credit needs of small to mid-sized enterprises (SMEs) globally. With traditional players facing challenges in keeping pace with innovation, B2B2X services, particularly embedded finance providers such as LazyPay, are poised to play a crucial role in meeting the growing demand for fintech solutions.

Thought Machine’s Impact

Thought Machine is addressing legacy technology challenges in banking and has garnered a client base including global Tier 1 banks and challenger banks and fintechs. The company’s presence in India further strengthens its commitment to revolutionizing the banking and financial landscape.

This partnership between PayU and Thought Machine represents a significant step towards shaping the future of credit solutions in India. As the industry continues to evolve, the collaboration is set to drive innovation, enhance user experiences, and unlock new opportunities in the credit and lending space.


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Raunak Saha
Raunak Saha
A cs engineer by profession but foodie from heart. I am tech lover guy who has a passion for singing. Football is my love and making websites is my hobby.



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