Digital lending platform FlexiLoans announced a partnership with Google Pay to expand its base of loans offered to traders in India. The platform aims to disburse loans to over 50,000 small and medium-sized businesses over the next 12 months of this collaboration. It claims to be the first platform to go live on Google’s fintech arm.
The partnership between FlexiLoans and Google Pay will close the credit gap that exists among Indian SMEs and aims to fill it by offering instant and flexible loans.
The coronavirus pandemic that hit the country last year has further exacerbated the difficulties of the SME sector which is struggling to meet its working capital needs.
Abhishek Kothari, co-founder of FlexiLoans.com said: “We’re excited to partner with Google on our mission to provide small business owners with affordable, fast credit. The timing is also ripe given the challenges this sector faced during the pandemic. “
The technology platform, which will sanction and disburse these unsecured loans, has already been deployed in many ecosystems across the country.
Sharath Bulusu, Director, Google Pay, added, “Access to reliable credit is essential to accelerate the growth of MSMEs, especially in this post-pandemic environment. Thanks to technology, we can now offer credit with just a few clicks to the millions of merchants using Google Pay for Business in India to receive digital payments. “
Founded in 2016 by alumni of the Indian School of Business Abhishek Kothari, Deepak Jain, Manish Lunia and Ritesh Jain, FlexiLoans claims to have disbursed unsecured business loans worth over Rs 1,000 crore in more than 1,400 cities in India over the past four years.
Besides Google Pay, it has partnered with other tech giants including Flipkart, Amazon, PineLabs, and PayPal. The company aims to achieve an annual disbursement rate of Rs 1,000 crore and more by the end of this year.