Fintech platfrom FidyPay partners Yes Bank to push financial inclusion

Fintech API platform for FidyPay on Thursday said it has partnered with Yes Bank, a move that will extend the digital facilitation to a wide range of businesses, including SMEs, Fintechs, and start-ups.

As part of the alliance, FidyPay will be enabling a seamless connected banking experience to Yes Bank's customers, it said in a release.

Apart from this, FidyPay will also be the solution provider for UPI services.

The company said it is looking forward to catering to 10 million SME, MSME through such banking collaborations as well as extensive network of government channels which Yes Bank has acquired over the years to enable them on digital payment integrated solutions.

"Strategic alliance with Yes Bank is a significant leap for FidyPay, equipping it to cater to a wider market," it said.

The company said it is further eyeing at a deeper market penetration with this tie-up, across India. The association will be an enabler for FidyPay to strengthen its existing product line and emerge as a trusted tech partner for banks, corporates, MSMEs, SMEs, start-ups and more.

FidyPay said it is working with the private sector lender on multiple use cases which includes UPI, API banking, prepaid cards, escrow accounts, PA licensing, eRUPI, amongst others.

"At FidyPay, we are driven to create an impact within the connected banking ecosystem. Given Yes Bank's dominance in developing digital-first strategies for MSMEs and SMEs, we are looking forward to serving a larger audience with our connected banking solutions," Manan Dixit, Founder & CEO, FidyPay said.

Ajay Rajan, Country Head, Transaction Banking Group, Yes Bank said the partnership is part of the bank's overall connected banking strategy to make banking more inclusive and easily accessible to the diverse and growing consumer base.

The four-year-old Indore based company has product offerings ranging all aspects of payment, banking, and collections, catering from retail to corporate ERP to government departments.

Former CBO of BharatPe Pratekk Agarwal and Ram Pathade, the CEO of Mahagram are the key investors in FidyPay. The company has over 50 business-to-business (B2B) clients who serve over 3 lakh retailers. It has a monthly GTV (gross transaction value) of over Rs 100 crore.