Zaggle partners with Visa to launch payment solutions for SMEs, startups

Fintech startup Zaggle has partnered with payments technology major Visa to launch innovative payment solutions for SMEs and startups.

Under this partnership, both the companies will jointly create solutions for small and medium enterprises (SMEs) and startups to improve productivity, efficiency, automate processes, and reduce costs, along with focussing on easy and faster credit through a unique card which will have forex, prepaid along with credit, Zaggle said in a statement.

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Zaggle will leverage Visa's expertise in the payments space to co-create and build new solutions for SMEs, and will also be able to acquire new customers and merchants, and get the latter's support for newer technological innovations and ideas.

"This partnership will help us expand our services and client-base who need to improve automation and digitise spends to bring in more transparency. Additionally, our collaboration focusses on improving the working capital management of SMEs who are in dire need of a payment instrument that will help them optimise, and improve cash-flows for all their business expenses,” Zaggle Founder Raj N Phani said.

The platform adds over 600 SMEs every month, he said, adding that, with special focus on SMEs in the country which have been hardest hit due to this pandemic, it will be benefitted with a credit line, digitised spend, and ability to borrow more by being able to show more digital transactions.

"SMEs remain the backbone of our economy. Now more than ever before, it has become important for SMEs to assess how to best digitise their businesses," Arvind Ronta, Visa Head – Products, India and South Asia, said.

One such innovation is the 'Founders Card' – a credit card which Zaggle is planning to launch for founders and CEOs of SMEs and startups in the next 45-60 days.

Zaggle currently works with more than 3,000 large customers, and will open this platform to a million SMEs. It has recently announced free Zaggle SAVE Do-it-Yourself (DIY) AI-powered expense management solution for SMEs along with other cutting-edge API banking products.