PayPal and FlexiLoans.com Partner to Offer MSMEs, Freelancers and Other Unsecured Term Loans
One of the leading digital lending platforms focused on SMEs, FlexiLoans.com announced its partnership with Pay Pal, a global leader in digital payments to provide freelancers, women entrepreneurs, sole proprietors and MSMEs with unsecured business loans.
With this alliance, PayPal and FlexiLoans.com will aim to provide MSMEs with working capital to expand their business, purchase inventory, inventory and other business-related expenses.
According to the statement, the impact of the COVID-19 pandemic has caused economic strains on small businesses, freelancers and entrepreneurs who face a myriad of challenges to recover and sustain their businesses.
The partnership aligns with PayPal’s mission to provide innovative credit solutions and will enable borrowers to access term loans from Rs 50,000 up to Rs 10,000,000 through a fast and hassle-free process that requires minimal documentation for merchants in over 1500 cities and towns in India. The loan term will range from 6 to 36 months.
Comment on the partnership and the launch of the credit solution, Anupam Pahuja, Vice President – India, Southeast Asia, Middle East and Africa, PayPal said: “Economic activity across India has been deeply affected by the coronavirus pandemic, and it is now that our MSMEs and our freelance community need solutions to revive business activity. Accessing capital through traditional channels has always been a challenge for most small businesses. “
This partnership with FlexiLoans.com and the combined expertise will enable PayPal to reduce the existing gap in access to credit while accelerating the growth of cross-border sales and accelerating the vision of Vocal for Local and Digital India, a- he added.
“We are committed to delivering high quality lending solutions and experiences to Indian SME ecosystems and this partnership is a significant step forward,” said Abhishek Kothari, co-founder of FlexiLoans.com. “With our advanced data science models and deep expertise in assessing millions of MSMEs with a digital footprint, we are extremely excited to partner with Paypal, the global leader in payments and bring back the growth of MSMEs impacted by COVID and exploit new opportunities. ”
In 2019, FlexiLoans had extended its partnership with Amazon.in for the second year by integrating its lending platform into the Amazon Lending Marketplace.
According to reports, the platform’s integration with Amazon Lending Marketplace will allow Amazon sellers to request and monitor their loans from their Amazon Seller Dashboard itself.
FlexiLoans.com has over 100 partnerships with ecosystem players such as Flipkart, Amazon, PineLabs, Mswipe, it has been at the forefront of providing lending solutions to MSME ecosystems in India.