Tag: fintech platform

India beats global average in fintech adoption: FM Nirmala Sitharaman

Banking & Finance

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The report highlights the need for the participation of women in the fintech space.

India has emerged as a “prime destination” for the digital payment revolution, with fintech adoption rate of 87%, much above the global average of 64%, finance minister Nirmala Sitharaman said on Tuesday.

“No wonder, UPI today comes out as one of the very big brand images for India. We are very happy to support it, strengthen it and further it,” the minister said at the ‘Global FinTech Fest 2021’.

At the same time, there should be no compromise on data privacy and safeguard of client data now that an increasing number of Indians have resorted to the digital mode of payment, she stressed.

The value of digital transactions in India jumped to Rs 6 lakh crore in January-August 2021 from Rs 4 lakh crore in the entire 2020 and Rs 2 lakh crore in 2019, she said.

“Data privacy is one of the things which is very important and it is an issue on which there can be a lot of contentious views. However, basic respect for privacy…as the guiding principle is well appreciated. Safeguard of client data, is something which I think is the backbone to bringing trust,” Sitharaman said.

Digitisation has enabled the government to put money directly into the accounts of the intended beneficiaries through the direct benefit transfer method. This mechanism came as a big relief during the Covid-induced lockdown, she added. “The payment systems have become matured and well-layered and have adopted several schemes that the government wanted to undertake.”

The event saw the release of a report on ‘UN principles for responsible digital payments’, which outlines guiding principles for the government, users and for industry and businesses. The report highlights the need for the participation of women in the fintech space.

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FlexiLoans.com partners with Retailio to offer working capital loans

Banking & Finance

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Fintech platform FlexiLoans.com has partnered with Retailio, a business-to-business healthcare marketplace, to provide working capital loans to its more than 1,00,000 retailers and distributors across the country.

This partnership aims to fund over 15,000 pharma retailers in the next 18 months.

Deepak Jain, Co-Founder of FlexiLoans, said, “The Indian pharmacy market is a $40-billion market and operates in the remotest town in the country and often these units require timely and adequate funds for seasonal spikes, new product launches and business expansion. FlexiLoans.com has been expanding its ecosystem partnerships to provide the small business the best lending proposition via our Co-lending platform and our partnership with Retailio is an imminent one in this direction”.

FlexiLoans.com partners Vivriti Capital to disburse loans worth ₹300-cr to MSMEs

Since its inception in 2016, Flexiloans.com has disbursed more than ₹1,000 crore to more than 30,000 customers across 1,500 cities across India. It receives over 1,00,000 applications per month, largely from Tier-II, III and Tier-IV cities in India.

Unlocking opportunities

Rohit Anand, Head, Fintech, Retailio, said, “One of the core business requirements of our retailer base is enabling seamless financial products for their core purchases. FlexiLoans has been at the forefront of digital, providing multiple lending products via its strong technology interface and credit models and will unlock many opportunities for our retailer and distributors on the Retailio platform.”

PayPal, FlexiLoans.com partner to offer MSMEs, freelancers collateral-free loans

By the end of this year, it aims to hit an annualised disbursal run-rate of ₹1,000 crore in a single year.

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U GRO Capital sees disbursements at pre-Covid-19 level

Banking & Finance

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Small business lending fintech platform U GRO Capital has seen its disbursements reach pre-Covid-19 levels but believes that credit demand is still muted.

“We disbursed about ₹120 crore in February and we are now at a little bit more than that,” said Shachindra Nath, Executive Chairman and Managing Director, U GRO Capital, but noted that the credit demand is largely for sustaining existing businesses.

“Borrowers are not thinking about growth too much,” he said in an interaction with BusinessLine.

Also read: U GRO Capital reports Q1 net profit at ₹3.72 crore

U GRO Capital on Wednesday also announced that it has filed an application with the Indian Patent Office for its distinctive methods and systems for modelling scorecards.

“This has allowed the company to penetrate in a highly unstructured segment, which is driven by physical processes,” it said in a statement, adding that it tackles the unavailability of appropriate MSME database, by utilising its unique classification technique leveraging the proprietary knowledge base and strength of statistical models.

Using this model, it aims to target 2.5 lakh small businesses and extend loans on the basis of data analytics amounting to over ₹30,000 crore in the next four financial years.

The company has made disbursals of ₹1,700 crore in the form of secured and unsecured loans till date.

Also read: U GRO Capital appoints Global Value Creation Partners to drive biz growth

The distinctive underwriting model generates credit score cards customised to suit the peculiarities and nuances of varied business enterprises, it said, adding that this is done by analysing the historical loan delinquency patterns and cash flow within each selected business segment.

The proprietary statistical scorecards for assessment at various stages have been developed in consultations with CRIF and Crisil market experts.

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