Following their alliance last year, NeoGrowth and Paisabazaar.com increased their point-of-sale (POS) based loan business by 100 percent during Oct-Dec 2018 over the previous quarter, according to a release.
NeoGrowth is a pioneer in digital lending for SMEs in India, and Paisabazaar.com is one of India’s largest online marketplaces for financial products. The two had partnered to provide swipe-machine-based or POS-based loans to small and medium scale enterprises, said a release.
Piyush Khaitan, Founder and Managing Director, NeoGrowth said: “I am delighted with this remarkable achievement in a short span of time, and thank the Paisabazaar.com team for its valuable contribution. We surely have a long way to go together.”
The release said, his is a significant milestone marking the importance of digitisation in the financial services industry, further enhancing the loan accessibility for MSME sector.
NeoGrowth’s POS-based loans are available on Paisabazaar.com. They involve analytical underwriting based on digital spends taking place through card swipe machines at the borrower’s outlet, along with other data. A key product highlight of these loans is their daily repayment facility.
Naveen Kukreja, CEO and Co-founder, Paisabazaar.com said, “As a market leader, Paisabazaar.com’s objective is to make borrowing simple and convenient for India. NeoGrowth has been a great enabler in helping us provide our self-employed consumers with easy access to credit. One of our key focus areas this year will be to further boost lending to the MSME sector through our partnership.”
The largest POS-based loan disbursal sourced through Paisabazaar.com was a loan of Rs 40 lakh given to Chennai-based ‘BG Aadhithya Collection’. It received the loan from NeoGrowth within four days of application on Paisabazaar.com. Many such loan cases have been logged in and disbursed with this alliance, ensuring quick and efficient loan processing, the release said.
NeoGrowth has partnered with over 13,000 business merchants from the MSME industry in order to grow its business. “The company has remained focused on creating a positive social impact by lending to women entrepreneurs and first-time borrowers, and also creating jobs and improving the credit profile of its customers,” the release added.