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Vyapar, a GST billing software that empowers buyers, sellers, merchants, and retailers to raise invoices, has reportedly collaborated with FinBox to offer credit to approximately 900,000 businesses using this platform vigorously every month and others as they get started on the platform.
The set of services offered by Vyapar aid businesses in digitizing their earlier distributed and informal data. The digitization empowers businesses to utilize the digitized data to gain access to better financial services, including credit products. In fact, the firm’s app has already recorded more than 8 million downloads.
Vyapar is now looking forward to providing credit to its merchant ecosystem by entrenching loan products in its app itself. This will aid MSMEs in applying for and accessing formal credit, helping it become a pivotal point for supervising business finances for SMEs (small and medium enterprises).
To empower this, Vyapar has collaborated with credit infrastructure provider, FinBox. Using patented Embedded Finance Stack of FinBox, Vyapar has commenced plans to offer business loans to the wholesalers in its ecosystem.
Under this partnership, everything included in the loan process, from application to disbursement, is handled in-app, offering a seamless experience to the borrowers.
Sumit Agarwal, CEO of Vyapar, while commenting on the move, said that the main objective of this partnership is to offer a flawless experience to customers for accessing business loans and other credit products.
Finbox has been an ideal partner through starting this journey with a product that is expected to amplify the user base and credit portfolio growth in the coming future.
According to Rajat Deshpande, FinBox CEO, Vyapar is leveraging their firm’s credit infrastructure to provide innovative credit products to enterprises on its platform and help MSMEs gain access to financial services in a secure way.
Source Credit - https://economictimes.indiatimes.com/small-biz/sme-sector/vyapar-partners-with-finbox-to-offer-credit-to-900000-msmes/articleshow/91884595.cms
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