Fullerton India, Paytm partner to provide instant loans to MSMEs
Fullerton India and One97 Communications Limited, the parent company of, have partnered to provide lending products to micro, small and medium enterprises (MSMEs).
According to a press statement, the initiative aims to specifically work towards fulfilling the credit needs of MSMEs across small cities and towns to help them scale up their businesses. It will offer Paytm Postpaid (buy-now-pay-later) to MSME consumers on the Paytm platform while using Fullerton's deep risk assessment capabilities and scale.
Commenting on this development, Bhavesh Gupta, CEO, Paytm Lending, said, “We have seen great adoption of the lending products among consumers and merchants on our platform. We believe there is a massive opportunity to provide access to credit to merchants in small cities and towns."
Shantanu Mitra, CEO and MD, Fullerton India, said, “We, at Fullerton India, believe buy-now-pay-later is the present, and, in the future, too, will continue to offer tremendous opportunities to drive exponential growth in digital lending across customer segments. We understand the importance of timely and convenient credit facilities for merchants and small businesses at the time of business transactions and orders."
Shantanu believes this partnership will cater to a wider customer set of individual consumers, merchants, and business owners by offering faster, seamless, and more affordable finance with minimum documentation to fulfil their financial needs.
The instant personal loans will be disbursed through Paytm's platform, and customers can repay the loans through the same platform.