Rupifi, a fintech lending platform had united with Reliance Industries-backed O2O (Online-to-Offline) fashion e-commerce platform, Fynd. The main intention behind this partnership is to provide quick credit access to small enterprises using the platform.
Rupifi has integrated its solutions on Uniket, a B2B fashion aggregation platform organized by Fynd. The aim is to clear out the challenges faced by small businesses in tier-II and tier-III locations to access the credit. The proprietary embedded lending technology stack of Rupifi powers the B2B (Business-to-Business) credit line product, thus helping the businesses to make purchases on credit.
Harsh Shah, Co-founder of Fynd, said that this partnership will benefit the small businesses which are directly affected by COVID-19. It will help them to expand their operations and develop their overall business activities. Anubhav Jain, Co-founder of Rupifi pointed out that, through this embedded approach, they can enable the smallest purchase of even Rs. 500 on credit for the SMEs. The highlight is that the whole onboarding process is paperless, frictionless, and completely digital. The company’s main target is to serve the credit requirements of more than a million small businesses.
When compared with the larger firms, it is more stressful for an SME to maintain a strong credit history. It is because there is less chance for an SME to access the traditional sources of finance such as banks and other financial institutions. Generally, SMEs do not have access to fixed assets, such as land or buildings, which are normally required by the banks as collateral to procure the loan. Alternately, SMEs depend on movable assets to access the credit facility. Therefore the partnership of Rupifi and Fynd will help the small enterprises to have easy access to credits and thus developing their business.
Rupifi is a fintech engaged in providing financial products for small and medium enterprises. It works with merchant aggregators and e-commerce platforms which help the small sellers on this platform to get easy access to credit. Whereas, Fynd is an Indian e-commerce platform developed for fashion shopping. It is India’s largest fashion O2O company with real-time inventory access to more than 9000 stores. As a whole, the successful integration of both will be a great support for the SMEs who are facing the challenges in procuring adequate finance.