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Rackspace develops cloud-based financial services platform for Clix Capital

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Rackspace Technology a leading end-to-end, cloud technology solutions company has developed a cloud based financial platform to enable Clix Capital, a Non-Banking Financial Company (NBFC), to launch, operate, and provide loans to Indian consumers and enterprises. The agile, robust, and secure platform is built by Rackspace on Amazon Elastic Compute Cloud (Amazon EC2), and builds on a multi-year Strategic Collaboration Agreement (SCA) established with Amazon Web Services, Inc. (AWS) in July 2020. 

“Our deep collaboration, know-how, and expertise in AWS was critical in building Clix Capital’s next generation platform in India. When they first approached us with this unique challenge, we were certain that building on AWS was the way to launch this innovative platform for Clix Capital,” explained, Sandeep Bhargava, Managing Director, Rackspace Technology Asia Pacific and Japan.  

Clix Capital’s cloud-native financial services platform will become a mainstay of the modern NBFC economy as digital transformation initiatives gather pace in the next decade. Providing greater security, cost efficiency, enhanced business performance, and velocity, Amazon EC2 delivers robust agility and growth for next-generation businesses. 

Rackspace’s collaboration with AWS highlights the breadth of the AWS’s capabilities and presents an opportunity for Clix Capital’s AWS accounts to be subscribed to the Rackspace and AWS Enterprise Support service. This will enable Clix Capital to function with reliable coverage on the AWS infrastructure based on well-defined Service Level Agreements (SLAs).  

Additionally, Rackspace also offers its multi-cloud management solution CloudHealth, which is capable of providing insights into cloud usage and costs and offers robust optimization and governance tools. Leveraging the CloudHealth solution has given Clix Capital access to best practice recommendations and enhanced security within AWS.  

“Our collaboration with Rackspace builds on the need to offer customers a comprehensive, rich, and diverse cloud-native ecosystem. Together, we’ve supported Clix Capital – an innovative financial services player – to quickly establish agile infrastructure that adapts with the changing market requirements, allowing rapid testing and deployment of applications and new product offerings for processing loan or lease applications for personal, vehicle, business, and work capital loans. This has resulted in a simpler, faster, and hassle-free experience for Clix Capital’s customers that include mid-market businesses and individuals, allowing them to get the loan applications processed with minimum paperwork, faster processing, and easy repayment options, all supported by AWS,”  said Vaishali Kasture, Head of Enterprise – India & South Asia, AISPL

Starting life as GE Money Financial Services, Clix Capital has built a stellar reputation in India, pivoting in 2019 to target the alternative lending and loans business as a NBFC. With a strong focus on technology and significant strategic collaborations, the company continues the rapid expansion of its business across varied segments, especially the consumer finance and Micro Small and Medium Enterprises (MSME) in India.  

“Rackspace brings a unique combination of strong technical expertise and deep customer centricity. We have found them to be solution-oriented, flexible, and most importantly, a true technology partner. It’s been a year of association between Clix Capital and Rackspace and as we move ahead, we look forward to continuing our mutually beneficial relationship,” said Ankur Goyal, Vice President, IT and CISO, Clix Capital

India’s digital lending market has made great strides in the last two years, with projections indicating growth prospects from $110 billion in 2019 to $350 billion in 2023, while the Reserve Bank of India placed the total addressable credit demand estimates at $490 billion for MSMEs.   

Clix Capital is one of several cutting-edge NBFC firms in India leading a paradigm shift in engaging the hitherto underbanked segment of Indian consumers and firms. Redefining the lending landscape in India, Clix Capital is effectively employing technology, securing digital lending, processing, payment, and smart collaboration as part of the Digital India vision outlined by the government five years ago.  

In working with a next-generation NBFC, Rackspace is deeply engaged in innovative projects fulfilling the goals of the Digital India vision. A key element of the Digital India program is the delivery of financial services to a wider base of consumers 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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