DCB Bank Limited, a new generation private sector bank announced on Wednesday, April 21, 2021, that it has acquired a minority equity stake of approximately 9% in Bengaluru-based nonbanking financial company Techfino Capital Private Limited (TCPL).

Techfino uses its modern technology platform and provides customised consumer loans in the education and healthcare sectors and is present in key metros and tier-II cities across India, the private sector bank said in a statement.

Financial details of the transaction were not disclosed. "The funds raised will be used in the enhancement of current tech stack apart from on-lending to customers," the statement added.

Moreover, it read that "DCB Bank and Techfino complement each other’s strengths, and this is an opportunity for both organisations to grow the customer franchise.”