PayPal, FlexiLoans.com partners to offer MSMEs, freelancers, and others collateral-free term loans
One of the leading and SME-focussed digital lending platforms, FlexiLoans.com has announced its partnership with PayPal, a global leader in digital payments to provide freelancers, women entrepreneurs, sole proprietors, and MSMEs with collateral-free business loans.
With this alliance, PayPal with FlexiLoans.com will aim to offer MSME’s with working capital for business expansion, purchasing stock, inventory, and other business-related expenditures.
According to the release, the impact of the COVID-19 pandemic has brought economic strain to small businesses, freelancers and entrepreneurs who are facing myriad challenges to recover and sustain their businesses.
The partnership aligns with PayPal’s mission to provide innovative credit solutions and will enable borrowers to access term loans from Rs 50,000 up to Rs 10,000,000 through a fast, hassle-free process that requires minimum documentation to merchants across 1500+ cities and towns in India. The loan tenure will range from 6-36 months.
Commenting on the partnership and launch of the credit solution, Anupam Pahuja, Vice President – India, South East Asia, Middle East & Africa, PayPal said, “Economic activity across India has been deeply affected by the Coronavirus pandemic, and it is now when our MSME’s and freelancer community require solutions to kickstart business activity. Accessing capital through traditional channels has always been a challenge for most small businesses.”
This partnership with FlexiLoans.com and combined expertise will enable PayPal to reduce the existing gap in accessing credit while accelerating growth for cross border selling and fast-tracking the Vocal for Local and Digital India vision, he added.
“We are committed to offering high-quality lending solutions and experiences to Indian SME ecosystems and this partnership is a significant step forward, says, Abhishek Kothari, Co-founder FlexiLoans.com. “With our advanced Data science models and deep expertise in assessing millions of MSMEs with digital footprints, we are extremely excited to partner with Paypal, the Global Leader in payments and bring the COVID impacted MSMEs back to growth and harness the new opportunities.”
In 2019, FlexiLoans had extended its partnership with Amazon.in for the second year by integrating its lending platform with Amazon Lending Marketplace.
According to reports, the integration of the platform with Amazon Lending Marketplace will allow Amazon sellers to apply and monitor their loans from their Amazon seller dashboard itself.
FlexiLoans.com has over 100 partnerships with ecosystem players such as Flipkart, Amazon, PineLabs, Mswipe, it has been at the forefront of providing lending solutions to MSME ecosystems in India.
Edited by Saheli Sen Gupta