To enable them with better working capital and drive growth in their businesses
FinTech BizNews Service
Mumbai, 29 April 2024: PayNearby, India's leading branchless banking and digital network, has announced a strategic partnership with MyShubhLife, an embedded credit platform. This collaboration aims to provide its distributors with easy access to revolving credit lines, enhancing financial agility in the MSME sector.
This partnership comes at a crucial time, with a growing demand for digital financial services among MSME distributors, particularly in underserved and remote areas. By leveraging innovation and technology, both companies are poised to meet the evolving needs and drive financial progression at scale.
MyShubhLife's innovative technology platform, powered by advanced analytics, AI, and machine learning from its Datasciences Centre of Excellence (CoE), enables the scoring of thin credit files and facilitates simple micro-lending experiences for customers. This enables them to secure loans seamlessly, based on PayNearby’s bharosa score parameters.
PayNearby, with its extensive reach and presence, serves 75% of India through its DaaS network. The platform offers a wide range of services, including cash withdrawal, ecommerce, bill payments, savings, travel and insurance. With over 12+ lakh microentrepreneurs spread across 22,000+ PIN codes, PayNearby is at the forefront of driving financial accessibility across Bharat.
Commenting on the partnership, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, "We aim to provide our distributors with enhanced access to revolving credit lines, enabling them to secure better working capital and drive growth in their businesses. This partnership underscores our commitment to empowering our distributors with the financial tools they need to thrive in today's dynamic market. By leveraging innovative solutions and technology, we strive to address the evolving requirements of our distributors and provide financial access. Together, we are dedicated to creating a lasting impact and fostering economic growth across the country."
Monish Anand, CEO and Founder, MyShubhLife remarked, “The company has always focused on building a solid data-science-based platform to help speed up financial inclusion, with a special focus on the underserved MSME merchants across the country. The MSME segment in India is still largely ignored by the traditional banks and financial institutions due to issues such as a lack of documentation and poor or no credit history. As an organization our focus has always been the underserved and unserved segments. Our sophisticated embedded credit platform offers several advantages to the end customer. This strategic collaboration will help us achieve our shared goal of boosting the accessibility of credit and creating financial agility in the MSME space,”.
Together, we are committed to unlocking new opportunities, advancing financial accessibility, and empowering businesses to thrive in the digital age.
