PayNearby, India's leading branchless banking and digital network, announces a strategic partnership with MyShubhLife, an embedded credit platform. This collaboration aims to provide distributors with easy access to revolving credit lines, enhancing financial agility in the MSME sector.
This partnership is crucial, with a growing demand for digital financial services among MSME distributors, particularly in underserved and remote areas. By leveraging innovation and technology, both companies are poised to meet the evolving needs and drive financial progression at scale.
Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, says, “We aim to provide our distributors with enhanced access to revolving credit lines, enabling them to secure better working capital and drive business growth. 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 nationwide.”
Monish Anand, CEO and Founder, MyShubhLife says, “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,” adds Anand.