5 fintech platforms helping small businesses stock up this festive season
The festive season is here and it is that time of the year when small businesses increase their sales by meeting huge consumer demands.
Cash flow is always one of the biggest challenges faced by the SMEs, especially during the festive season. Thus, time-sensitive working capital needs have to be assessed across inventory, payables and receivables. However, given the effects of the coronavirus pandemic and economic slowdown that hit the small business sector severely, finding the funds to stock up is a challenge.
Here are five fintech platforms that are helping small businesses to stock up easily this festive season:
Indifi Technologies is a Gurugram-based NBFC-licensed company offering a debt-financing platform for small businesses. With credit underwriting, technology and partners being the strong pillars, they have launched new products — early and weekend settlement to ensure timely credit to the merchants, especially during the festive season. They aim to substantially improve the experience for borrowers with regard to credit access as well as speed and convenience of the loan process.
Recently, Indifi Technologies partnered with Indian Angel Network (IAN) to announce the launch of its Growth Stage Debt Fund to provide working capital to IAN's portfolio companies, which have been struggling in these unprecedented times.
Mumbai-based Finovate Capital mitigates lockdown effects on the working capital of MSMEs by using a technology platform that monitors money usage by the borrowers to ensure its usage is going in the right hands. It has tied up with more than 15 lenders, including large banks, non-banking financial companies (NBFCs), small finance banks and new-age lenders to help in providing supply chain financing loans to MSMEs.
Lendingkart is an Ahmedabad-based digital lending platform for small and medium businesses. The company has developed technology tools that facilitate lenders to evaluate borrowers' creditworthiness and provides other related services. The company aims to transform small business lending by making it convenient for SMEs to access credit easily. LendingKart uses technology and analytics tools, analysing thousands of data points from various data sources to assess the creditworthiness of small businesses rapidly and accurately.
FlexiLoans is an online lending platform that helps SMEs access quick, flexible, and adequate funds for growing their businesses. The platform uses technology and risk models that focus on alternate/surrogate methods for scoring customers.
Last year, Flexiloans extended its partnership with Amazon.in for the second year by integrating its lending platform with Amazon Lending Marketplace
Capital Float is a fintech lender to digital India. From financing the dynamic growth of SMEs to offering innovative point-of-sale financing for consumers, Capital Float offers flexible, short-term loans that can be used to purchase inventory, service new orders or optimise cash cycles. Borrowers can apply online in minutes, select desired repayment terms and receive funds in their bank accounts in three days with minimum hassle.
Edited by Anju Narayanan