- Through this partnership, PayPal and FlexiLoans will work together to offer collateral-free term loans to MSMEs and freelancers'.
- The partnership aligns with PayPal's mission to provide financing solutions to small businesses in the country.
- The loan amount will range from Rs 50,000 up to Rs 1 crore.
World's leading payments solution platform PayPal, today announced its partnership with Mumbai-based online financing platform FlexiLoans in a view to providing collateral-free term loans to women entrepreneurs, freelancers, sole proprietors, and MSMEs in the country.
As part of this deal, PayPal and FlexiLoans will aim to offer working capital for business expansion, purchasing stock, inventory, and other business-related expenditures for MSMEs, the statement by PayPal said.
The partnership aligns with PayPal's mission to provide financing solutions to small businesses in the country. The company will enable borrowers to access business term loans ranging from Rs 50,000 up to Rs 1 crore with the tenure period ranging from 6 to 36 months, the statement added. It also said, the process will be hassle-free with minimum required documentation to merchants across 1500+ cities and towns in the country.
"The company believes that the impact of the pandemic has been widespread, bringing economic strain to small businesses, freelancers, and entrepreneurs who are facing myriad challenges to recover and sustain their businesses," it said.
Commenting on the development, Anupam Pahuja, Vice President – India, South East Asia, Middle East & Africa, PayPal said, "Accessing capital through traditional channels has always been a challenge for most small businesses. Our partnership with FlexiLoans.com and combined expertise will enable us to reduce the existing gap in accessing credit while accelerating growth for cross border selling and fast-tracking the Vocal for Local and Digital India vision.”
Abhishek Kothari, Co-Founder FlexiLoans.com, said, “We are committed to offering high-quality lending solutions and experiences to Indian SME ecosystems and this partnership is a significant step forward."
“With our advanced Data science models and deep expertise in assessing millions of MSMEs with digital footprints, we are extremely excited to partner with Paypal, the Global Leader in payments, and bring the COVID impacted MSMEs back to growth and harness the new opportunities," he added.
Founded in 2016 by Abhishek Kothari, Deepak Jain, Manish Lunia, and Ritesh Jain, FlexiLoans.com (FlexiLoans Technologies Pvt. Ltd.) is an online digital lending platform that provides quick loans services to MSMEs in the country.
The company counts Financial Institutions, Vikram Sud, Anil Jaggia, Sanjay Nayar, Narayan Seshadri, and Falguni & Sanjay Nayar Family Office as investors. To date, It has raised over $42 million in its funding rounds, according to the CrunchBase report.