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Small loans, big stakes: Why MSMEs are banking on fintech lenders

Speed and flexibility to cater to a wider segment of small borrowers are tilting market in their favour

Topics
MSMEs | Fintech | loans

Hamsini Karthik  |  Mumbai 

A few weeks ago, Deepak Abbot, co-founder of Indiagold.in, related this story. It was Saturday night and certain payouts had to be made, but his bank was under maintenance that night for eight hours.

The 24-hour restriction imposed by the bank to add beneficiary accounts didn’t permit him to use his personal funds to make the payout. That’s when Razorpay, a fintech-based lender, pitched in. “I pinged @harshilmathur (the link to co-founder and CEO, Razorpay) at 10:30pm and asked for help. I requested him to add Rs 5 lakh to our account,” Abbot recalled, adding ...

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First Published: Wed, February 17 2021. 06:10 IST
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