FREED and Castler partner to build solution for $16 bn consumer debt market

FREED, a debt relief platform, has announced its partnership with Castler, a digital escrow platform. The collaboration aims to build a solution to free debt-burdened consumers and scale monetary stress relief. According to Reserve Bank of India data, outstanding personal loans rose 84 percent to Rs 35.98 lakh crore in September 2022 from Rs 19.55 lakh crore in September 2018. FREED is a platform that helps people resolve their debt issues.

Started by Ritesh Srivastava in August 2020, FREED’s platform onboards debtors who need to resolve their debt issues. FREED works with banks and other lenders to chart out a repayment plan so that individuals can clear their loans and start off on a clean slate. To date, FREED has helped 75000+ customers with a debt reduction of 56 percent, the firm said.

Rajiv Indimath, CSO, FREED, said, “As a company dedicated to helping consumers regain their financial freedom, we rely heavily on partners who share our values and vision. Castler's approach to escrow services and commitment to making business dealings safer, more accessible, and compliant with RBI guidelines has been invaluable to us.”