TheNFAPost Podcast
1

Aims to reach out to over 5,00,000 retail stores and disburse to more than 5 million customers over the next two years

Customers can now shop offline with ease and flexibility across merchant stores nationwide where Mswipe terminal is present

Bengaluru, NFAPost: Fintech lending platform KreditBee announced its partnership with Mswipe to offer a fully digital mode of payment – ‘Cardless EMI’ at leading retail stores.

With this partnership, Bengaluru-based fintech startup KreditBee is expanding its reach in offline space and making it easy and convenient for customers to shop by converting transactions into digital EMIs. The company aims to enable purchases of more than Rs 5 crore per month.

Through this partnership, Mswipe aims to empower merchants with its Brand EMI offering and increase footfalls at merchant stores while also adding value to its brand partners. The partnership comes ahead of the festive season with Christmas and New Year’s approaching and will significantly benefit Mswipe’s partners.

Speaking on the initiative, KreditBee Cofounder and CEO Madhusudan Ekambaram said the company is delighted to have partnered with Mswipe to offer a distinctive financing option in the form of Cardless EMI.

“We, at KreditBee, continue to strive to address customers’ credit needs by providing effective and convenient financing solutions. Considering the Indian consumers’ increased focus on ease and convenience in services, the idea is to have an integrated 360-degree checkout flow to render their transactions accessible and hassle-free,” said KreditBee Cofounder and CEO Madhusudan Ekambaram.

On its partnership with Mswipe, KreditBee Cofounder and CEO Madhusudan Ekambaram said the company plans to jointly extend effective credit solutions to a larger consumer base, including the underserved individuals.

Expressing happiness over the development, Mswipe CEO Ketan Patel said while BNPL offers customers the ability to make instant purchases even when they lack funds at that moment, it is also helping small businesses to increase footfalls which in turn boosts overall sales.

“EMI transactions on Mswipe terminals are 3X compared to last year, with merchants enjoying services at affordable rates on POS machines and Pay by link. We are excited to partner with KreditBee as this partnership will help in improving the checkout process significantly and reduce the time taken to complete the purchase,” said Mswipe CEO Ketan Patel.

Under ‘Cardless EMI’, KreditBee will provide ‘Pay Later’ options for purchases upto Rs 1 lakh and the transactions can be converted into EMI ranging from 3 to 12 months. Customers can shop in retail stores with an easy and flexible ‘Cardless EMI’ option at over two lakh merchant stores associated with Mswipe. Additionally, KreditBee aims to partner with over five lakh retail stores across India by the end of financial year 2022.

About KreditBee

KreditBee is a FinTech Platform which facilitates instant personal loans to professionals, where they can avail loans up to ₹2 lakhs as per their requirement. With a strong focus on online tech-based and data-centric KYC, KreditBee envisions solving the financial inclusion gap in the varied demographic segments of the country.

The platform is backed by various lenders, including a Systemically Important NBFC Krazybee Services Private Limited, registered with RBI since May 2017, as well as various debt & platform partners. KreditBee is a brand of Finnovation Tech Solutions Pvt Ltd and is currently a Series-C funded entity with a cumulative fundraise of over USD 200 Million.

KreditBee is backed by some key VC funds, family offices and financial institutions like Azim Premji’s Premji Invest, Motilal Oswal Private Equity, TPG-backed NewQuest, South Korea’s Mirae Asset Venture, and US-based Alpine Capital. Some other marquee investors include ICICI Bank, Arkam Ventures and SIDBI’s investment arm IndiaSME Investments. Currently, it has 5 million loan customers, out of which over 2 million are active loan customers.

About Mswipe

Mswipe aims to be India’s largest financial services platform for SMEs by providing seamless, omnichannel digital payments and other value-added financial services. It is the largest independent mobile POS merchant acquirer and network provider with 6.75 lakh POS and 11 lakh QR merchants across the country.

Mswipe offers a host of payment acceptance services for SME’s enabling them to accept – cards, wallets, mobile payment apps and bank apps, contactless and QR payments. Headquartered in Mumbai, Mswipe began operations in 2011. Its key investors include B Capital, UC-RNT, Falcon Edge Capital, Matrix Capital Partners, DSG Partners and Epiq Capital.

Previous articleElon Musk-owned Internet Co Starlink To Apply For Commercial Licence In India By January 2022
Next articleMadhya Pradesh Will Implement PESA Act With Immediacy: CM Chouhan

LEAVE A REPLY

Please enter your comment!
Please enter your name here