Mumbai, May 30: Vyapar, an accounting app has partnered with FinBox a FinTech company.
The partnership will enable Vyapar to offer credit to more than 9 lakh businesses that actively use the platform every month and others as they get onboarded on the platform. Vyapar enables businesses to raise and track GST invoices through its app.
It also helps business owners check inventory instantly and also file their GST returns seamlessly. This suite of services helps businesses digitize their previously scattered and informal data.
The digitization allows businesses to leverage this digitized data to gain access to better financial services including credit products. The company’s app has already clocked more than 8 million downloads. Vyapar is now looking to offer credit to its merchant ecosystem by embedding loan products in its app itself.
This will allow MSMEs to apply and access formal credit seamlessly while helping Vyapar become a focal point for managing business finances for small and medium enterprises. To enable this, Vyapar has partnered with FinBox, a credit infrastructure provider.
Through FinBox’s proprietary Embedded Finance Stack, Vyapar has started offering business loans to the merchants in its ecosystem. Everything from application, underwriting to disbursement is handled in-app as part of this partnership, providing a frictionless experience to the borrowers.
The objective with this partnership was to offer a seamless experience to our customers for availing business loans and other credit products. FinBox has helped kickstart this journey with a very mature product that can scale as our user base and credit portfolio grows in the future said Sumit Agarwal, CEO of Vyapar.
FinBox CEO Rajat Deshpande further added, Vyapar’s ambition to digitize MSME finances and offer innovative credit products is commendable. The company is leveraging FinBox’s credit infrastructure to offer innovative credit products to businesses on its platform and helping MSMEs access financial services in a seamless and secure manner.
The INR 25Tn credit gap for Indian MSMEs can only be bridged with digitization of credit and democratisation of access. I am confident that our partnership with Vyapar will see lakhs of businesses come into the formal credit ecosystem for the first time.
(UNI)
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