Vyapar, an accounting app for merchants has tied-up with FinBox, a fintech offering embedded finance stack enabling Vyapar to offer credit to over 9 lakh businesses that actively use its platform every month.
Vyapar in a statement said it is now looking to offer credit to its merchant ecosystem by embedding loan products in its app itself. It will allow MSMEs to apply and access formal credit. FinBox through its credit infrastructure and embedded finance stack will enable business loans to the merchants. From application to underwriting and disbursals will happen through the application.
“The objective with this partnership was to offer a seamless experience to our customers for availing business loans and other credit products. FinBox has helped kickstart this journey with a very mature product that can scale as our user base and credit portfolio grows in the future,” Sumit Agarwal, CEO of Vyapar said.
FinBox CEO Rajat Deshpande said, “Vyapar’s ambition to digitize MSME finances and offer innovative credit products is commendable. The company is leveraging FinBox’s credit infrastructure to offer innovative credit products to businesses on its platform and helping MSMEs access financial services in a seamless and secure manner. The Rs 25 trillion credit gap for Indian MSMEs can only be bridged with digitization of credit and democratisation of access. I am confident that our partnership with Vyapar will see lakhs of businesses come into the formal credit ecosystem for the first time.”
