PayNearby joins hands with MyShubhLife to provide MSMEs with easy access to credit

PayNearby, a leader in India's branchless banking and digital network, has announced a strategic partnership with MyShubhLife, an innovative embedded credit platform.

The collaboration aims to enhance financial flexibility for MSMEs by providing them with easy access to revolving credit lines.

The partnership is particularly timely, as there is an increasing demand for digital financial services among MSME distributors, especially in underserved and remote areas.

Technology and innovation

Utilizing advanced analytics, AI, and machine learning from its Data Sciences Centre of Excellence (CoE), MyShubhLife's technology platform is designed to process thin credit files and facilitate straightforward micro-lending experiences.

The system allows MSMEs to seamlessly secure loans based on PayNearby's Bharosa score parameters, which efficiently assess creditworthiness.

Aiming to provide enhanced access to revolving credit lines

Anand Kumar Bajaj, Founder, MD, and CEO of 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."

Monish Anand, CEO and Founder of MyShubhLife highlighted their strategic focus, "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."

Enhancing financial accessibility

Both PayNearby and MyShubhLife will focus on leveraging their combined technological and innovative capabilities to meet the evolving needs of the MSME sector and drive financial progression at scale. 

The partnership is expected to significantly impact the financial landscape, fostering economic growth and enhancing the capabilities of MSMEs to thrive in a competitive market.