Suryoday Small Finance Bank Partners with Tarrakki to Launch Digital Fixed Deposits
Suryoday Small Finance Bank (SSFB) has announced a strategic partnership with fintech platform Tarrakki to introduce digital fixed deposits. This collaboration aims to enhance SSFB’s digital offerings by integrating Tarrakki’s advanced technology solutions, which will enable the bank to efficiently onboard new customers and offer digital fixed deposit products.
The partnership involves the development of Software Development Kits (SDKs) and white-labelled solutions. Tarrakki’s next-generation platform is designed to streamline product launches, significantly reducing both cost and time. It features no-code mobile and web applications, alongside secure SDKs, that will simplify the process for SSFB and its partners.
Saumya Shah, Co-Founder of Tarrakki, emphasized the significance of the collaboration: “Our partnership with Suryoday Small Finance Bank represents a major milestone in our digital finance journey. We are confident that SSFB will lead India’s banking revolution, and we have many plans to introduce industry-first products”. Shah also noted that Tarrakki’s technology stack has enabled partners to reduce costs by over 80% and accelerate market entry by 8-10 times.
For SSFB, this alliance marks a crucial step toward becoming a digital-first institution. Vishal Singh, Chief Information Officer and Head of Digital Banking at SSFB, commented, “The launch of our neo-banking stack with Tarrakki is expected to enhance operational efficiencies and scale our operations to the next level. Our goal is to expedite market entry with a robust digital portfolio”.
Tarrakki aggregates a range of financial products, including mutual funds and fixed deposits from leading banks and non-banking financial companies (NBFCs), offering them under a single platform. The partnership is advantageous for both companies: SSFB aims to bolster its digital presence to drive deposit growth, while Tarrakki’s technological expertise supports this transition.
Additionally, the bank recently reported a robust financial performance, with a 47.3% year-on-year increase in net profit, reaching Rs 70.1 crore for the quarter ending June 30, 2024. This partnership underscores SSFB’s commitment to digital innovation and growth, setting the stage for further advancements in the digital banking space.