PayPal, FlexiLoans.com partners to offer MSMEs, freelancers, and others collateral-free term loans
One of the leading digital credit platforms geared towards SMEs, FlexiLoans.com announced its partnership with PayPal, a global leader in digital payments, providing collateral free business loans to freelancers, women entrepreneurs, sole proprietorships and MSMEs.
With this alliance, PayPal and FlexiLoans.com seeks to provide MSMEs with working capital for business expansion, purchasing inventory, inventory and other business related expenses.
According to the press release, the effects of the COVID-19 pandemic have economically weighed on small businesses, freelancers and entrepreneurs facing myriad challenges to recover and sustain their businesses.
The partnership is in line with PayPal’s mission to provide innovative credit solutions and enables borrowers to access term loans from Rs 50,000 to Rs 10,000,000 through a quick, hassle-free process that requires minimum documentation for dealers in more than 1500 cities in India. The term of the loan is 6-36 months.
Comment on the partnership and introduction of the credit solution, Anupam Pahuja, Vice President – India, Southeast Asia, Middle East and Africa, PayPal said: “Economic activity across India has been heavily impacted by the coronavirus pandemic and now our MSMEs and freelancers need solutions to get business moving. 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 narrow the existing credit access gap while accelerating growth for cross-border sales and accelerating the vision of Vocal for Local and Digital India, he added added.
“We are committed to providing high quality credit solutions and experiences to Indian SMB ecosystems, and this partnership is a significant step forward,” said Abhishek Kothari, co-founder of FlexiLoans.com. “With our advanced data science models and extensive expertise in evaluating millions of digital footprint MSMEs, we are extremely excited to partner with PayPal, the world’s leading payment provider, to bring COVID-affected MSMEs back on track for growth and the new ones To take advantage of opportunities. “
In 2019, FlexiLoans extended its partnership with Amazon.in for the second time by integrating its lending platform into the Amazon Lending Marketplace.
FlexiLoans.com has over 100 partnerships with ecosystem players such as Flipkart, Amazon, PineLabs and Mswipe. The company has been a leader in providing credit solutions to MSME ecosystems in India.