Tag: ujjivan bank

Ujjivan SFB has tied-up with Progcap for end-to-end digitisation of invoice-based financing of MSMEs for their small tenor working capital requirements. This ties-up the bank’s venture into supply chain financing and will fund dealers, sub-dealers against purchases made from recognised brands through short-term overdraft facility.

The bank said, “The entire lending process, right from the lead generation, lead screening, loan sanctioning, document execution and customer on-boarding and repayments has been digitized through Progcap’s data-driven tech platform.”

Rajiv Kumar Pathak, Business Head – Medium and Small Enterprise, Ujjivan Small Finance Bank said, “This is a win–win arrangement for all stake holders in the MSME business ecosystem i.e. bank, fintech partner, buyers and suppliers. The customer gets working capital in the form of supply chain finance against the invoices raised along with freedom to clear dues with regular cash flow. Digital on-boarding gives us an access to larger geography where we don’t have direct reach through USFB branch network.”

Dheemant Thacker, Head – Digital Banking, Ujjivan Small Finance Bank said, “Driving business through fintech partnerships using Ujjivan Small Finance Bank’s full-stack API Banking platform is at the core of our digital strategy. With our first such partnership in the SME space – Progcap, we are able to offer fully digital, innovative lending services to small businesses and partner with them in their growth. In a short period of time, we have been able to offer supply chain financing to a significant number of businesses and will continue to ramp up our efforts to support these businesses as they battle the uncertainties of the current pandemic.”

Pallavi Shrivastava, Co-Founder, Progcap said, “Supporting MSMEs linked with large corporates is core to what we do at Progcap. We are excited to partner with Ujjivan Bank in this journey. Combined with Progcap’s industry first product that uses heavy data driven underwriting and Ujjivan’s digital first approach, we aim to offer this product to a large number of underserved MSMEs. Progcap is working with similar technology driven lending partners in furthering its mission to support millions of small businesses access credit for the first time.”