Google Pay, Indifi partner to offer loans to MSMEs
According to reports on Friday, January 14, the partnership is designed to help micro, small and medium-sized enterprises (MSMEs) access working capital.
“Several small businesses in India still struggle to run their operations transparently due to lack of access to formal credit,” said Aditya Harkauli, commercial director of Indifi. Since its inception, Indifi has worked to bridge this credit gap. Our collaboration with Google Pay is a further step in this direction. »
Add Sharath Boulusu, Director of Product Management for Google: “Access to reliable credit is essential for the massive MSME sector in India. This is even more important in helping businesses adapt to the changed economic landscape in the aftermath of the pandemic. We’re committed to making trusted credit easy and convenient for the more than 10 million merchants who use the Google Pay for Business app. Our collaboration with Indifi is a big step in that direction.”
The companies say the program’s lending experience is designed to be simple and completely digital. Merchants will see Indifi’s loan offers on the Google Pay for Business app, which they can click to complete an application.
Once they apply, Indifi evaluates a series of criteria using its API integrations to make an instant credit decision. Google Pay’s reach of over 10 million merchants will make it easier for Indifi to provide easy access to finance to Indian MSMEs.
Read more: Facebook launches SME loan scheme with Indifi in India
Indifi says the partnership is part of its “differentiated ecosystem approach to lending”. The company has previously worked with companies such as Amazon, Swiggy, Zomato and, as of August 2021, Facebook.
In this partnership, Facebook and Indifi have teamed up to help attract more local businesses to India as Facebook advertisers. The social media giant has worked with Indifi to offer loans from 500,000 rupees to 5 million rupees ($6,719 to $67,191).