Digital lending platform, focusing on micro-credit for the MSME sector, Happy Loans, on Tuesday announced its partnership with PayWorld India, one of the country's largest financial services companies.
Happy Loans will now be able to offer loans to the over 195,000 merchants serviced by PayWorld, greatly enhancing Happy Loans' efforts to improve financial inclusion by reaching out to these under-banked micro-entrepreneurs.
"There is great synergy between Happy Loans and PayWorld, and working with a player that is as aggressively focused on improving the lives of India's micro-entrepreneurs is double the fun. We are very excited about this association and look forward to meeting the credit requirements for their merchants. They have facilitated the growth stories for millions through digital financial services. Now, with this partnership, we can facilitate the infusion of capital into their merchant network, empowering the merchants to expand and prosper," said Manish Khera, founder and managing director, Happy Loans.
"We are great believers in making people's lives simpler, and Happy Loans has helped us do exactly that. Their customer-centric design enables the provision of credit in just a few clicks to our partners, and their dedication towards providing credit to this excluded market segment is laudable. We are enthusiastic about this association with a partner that values their customers and customer experience so much, and look forward to expanding this relationship in a big way in the future," said Praveen Dabhai, CEO, PayWorld India.
With a mission of 'Making Life Simple' for small retailers and merchants through technology, PayWorld provides access to smart digital solutions that enhance these merchants' ability to conduct business and become financially included.
The partnership between Happy Loans and PayWord will allow PayWorld's vast network of merchants to access Happy Loans' innovative loan products that cater to the unique requirements of micro-entrepreneurs, like weekend loans, single-day loans, and 90-day loans.
These merchants often face seasonal or periodic spikes in demand, which they are unable to service due to the lack of timely funds.
Happy Loans' exclusive Weekend Loan product will resolve this problem by providing easily accessible working capital on Saturday that can be repaid on a Monday, thus reducing the cost of credit to these merchants as the shortened duration reduces the interest the loan generates.
The legacy banking and financial institutions of the country offer products that are disconnected from the needs of their customers, and are unable to offer capital without collateral to these individuals.
Customised credit options such as these weekend loans will provide this much-needed financing to PayWorld's merchants, helping them achieve greater growth while providing Happy Loans a wider pool of potential customers.
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