FlexiLoans and Google Pay partner to provide instant and flexible loans to MSMEs
Digital lending platform FlexiLoans announced a partnership with Google Pay to expand its base of loans being offered to merchants in India. The platform is aiming to disburse loans to over 50,000 small and medium businesses in the next 12 months from this collaboration. It claims to be the first platform to go live on Google's fintech arm.
The partnership between FlexiLoans and Google Pay will address the credit gap that exists among Indian SMBs and aims to close it by providing instant and flexible loans.
The coronavirus pandemic which hit the country last year has further increased the predicaments of the SMB sector which is struggling to meet their working capital needs.
Abhishek Kothari, Co-Founder of FlexiLoans.com said, "We are delighted to partner with Google in our mission to empower small business owners with affordable and fast credit. The timing is also right given the hardships that this sector has faced during the pandemic."
The technology platform, which will be sanctioning and disbursing these collateral-free loans, has already been deployed across many ecosystems in the country.
Sharath Bulusu, Director, Google Pay, added, "Access to reliable credit is key to accelerating the growth of MSMEs, especially in this post-pandemic environment. With the help of technology, we can now make credit available in just a few taps to the millions of merchants using Google Pay for Business across India to receive digital payments."
Founded in 2016 by Indian School of Business alumni Abhishek Kothari, Deepak Jain, Manish Lunia, and Ritesh Jain, FlexiLoans claims to have disbursed unsecured business loans worth over Rs 1,000 crore across 1,400+ cities pan-India over the last four years.
Apart from Google Pay, it has partnered with other tech giants, including the likes of Flipkart, Amazon, PineLabs, and PayPal. The company is targeting to hit an annual disbursal run-rate of Rs 1,000 crore and more by the end of this year.