Paytm and non-banking monetary firm Fullerton India have introduced a partnership to broaden digital lending to MSMEs and shoppers from smaller cities and cities.
“Fullerton India and One97 Communications Restricted, which owns the model Paytm, India’s main digital funds and monetary providers platform, have introduced a partnership to supply lending merchandise to service provider companions and shoppers. With the partnership, the 2 established establishments will leverage data-driven insights and vast attain to convey credit score to new-to-credit customers,” Fullerton India mentioned in an announcement.
With this partnership, the fintech customers will get Paytm Postpaid (buy-now-pay-later) characteristic on the Paytm platform. Apart from, the partnership is ready to supply lending merchandise like service provider loans. Additional, the 2 corporations have promised to broaden their merchandise providing by together with immediate private loans. “We now have seen nice adoption of the lending merchandise amongst shoppers and retailers on our platform. We imagine that there’s a huge alternative to supply entry to credit score to retailers in small cities and cities. We proceed to solely deal with serving to our blue-chip lending companions, to convey seamless credit score merchandise to our prospects and retailers. Shopper credit score has been rising exponentially by means of merchandise like Paytm Postpaid and Private Loans, which we imagine could be additional expanded by means of our partnership with Fullerton India,” Bhavesh Gupta, CEO, Paytm Lending mentioned.
Based in 2007, Fullerton India is likely one of the main NBFCs, overlaying greater than 628 branches, overlaying 600 cities and roughly 58,000 villages. Sumitomo Mitsui Monetary Group (SMFG)
SMFG holds a 74.9% stake in Fullerton India Credit score Firm Restricted. Fullerton Monetary Holdings (FFH). holds a 25.1% stake in Fullerton India Credit score Firm Restricted and is an independently operated strategic and working investor in monetary and associated providers in rising markets.
Supply: Live Mint