Flexiloans partners with GooglePay to provide digital loans to SMEs

FlexiLoans has announced its collaboration with Google Pay to offer fast and flexible loans to their merchant base. The collaboration will address the credit gap by offering instant loans to small merchants and entrepreneurs across India who are unable to access formal credit. FlexiLoans is aiming at disbursing loans to over 50,000 small businesses in the next 12 months from this collaboration.

FlexiLoans is the first lender to go live on the Google Pay platform. The systems have been designed for a better customer experience. Over the last four years, the firm has disbursed unsecured business loans worth over Rs 1000 crore in 1400 cities across India and has 100 ecosystem partners to get access to over 5 million MSMEs in the country. Flexiloans platform gets more than 10000 applications per month, largely from Tier III and Tier IV cities in India. By the end of this year, it aims to hit an annualized disbursal run rate of Rs 1000 crore in a single year.

In a statement, Abhishek Kothari, Co-Founder, FlexiLoans.com said, "We are delighted to partner with Google in our mission to empower small business owners with affordable and fast credit. The timing is also right given the hardships that this sector has faced during the pandemic."

"Access to reliable credit is key to accelerating the growth of MSMEs, especially in this post-pandemic environment. With the help of technology, we can now make credit available in just a few taps to the millions of merchants using Google Pay for Business across India to receive digital payments," said Sharath Bulusu, Director, Google Pay, in a statement.