PayNearby and MyShubhLife Unite to Boost Credit Access for MSMEs


PayNearby, a prominent branchless banking and digital network in India, has unveiled a strategic alliance with MyShubhLife, an integrated credit platform. This partnership is designed to empower distributors with convenient access to revolving credit facilities, thereby boosting financial flexibility within the MSME sector.

At a pivotal juncture, this collaboration addresses the escalating requirement for digital financial solutions among MSME distributors, especially in marginalized and distant regions. Through the utilization of innovation and technology, both entities are primed to cater to evolving demands and foster widespread financial advancement.

MyShubhLife's technology platform, driven by cutting-edge analytics, AI, and machine learning expertise from its Datasciences Center of Excellence (CoE), empowers the assessment of limited credit histories and streamlines straightforward micro-lending processes for users. This allows them to effortlessly obtain loans, utilizing PayNearby's Bharosa score criteria.

With its extensive network and widespread presence, PayNearby covers 75% of India through its DaaS network. The platform provides a diverse array of services such as cash withdrawal, ecommerce, bill payments, savings, travel, and insurance. With over 1.2 million microentrepreneurs spanning across more than 22,000 PIN codes, PayNearby leads the charge in enhancing financial inclusivity across Bharat.

Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “We aim to provide our distributors with enhanced access to revolving credit lines, enabling them to secure better working capital and drive growth in their businesses. This partnership underscores our commitment to empowering our distributors with the financial tools they need to thrive in today’s dynamic market. By leveraging innovative solutions and technology, we strive to address the evolving requirements of our distributors and provide financial access. Together, we are dedicated to creating a lasting impact and fostering economic growth across the country”.

Monish Anand, CEO and Founder, MyShubhLife, remarked, “The company has always focused on building a solid data-science-based platform to help speed up financial inclusion, with a special focus on the underserved MSME merchants across the country. The MSME segment in India is still largely ignored by traditional banks and financial institutions due to issues such as a lack of documentation and poor or no credit history. As an organization our focus has always been the underserved and unserved segments”.

“Our sophisticated embedded credit platform offers several advantages to the end customer. This strategic collaboration will help us achieve our shared goal of boosting the accessibility of credit and creating financial agility in the MSME space. Together, we are committed to unlocking new opportunities, advancing financial accessibility, and empowering businesses to thrive in the digital age”, he added.