By Martin Shwenk Leade
Copyright indiatimes
iStockThis alliance will enable SMFG India Credit to offer Merchant Cash Advance (MCA) loans to registered merchants on the PhonePe platform, many of whom are based in Tier-2 and Tier-3 towns across the country.
MUMBAI: SMFG India Credit (SMICC), an NBFC, has entered into a partnership with PhonePe to provide collateral-free credit to its merchants. This alliance will enable SMFG India Credit to offer Merchant Cash Advance (MCA) loans to registered merchants on the PhonePe platform, many of whom are based in Tier-2 and Tier-3 towns across the country.Ajay Pareek, Chief Business Officer, SMFG India Credit, said in a statement, “We are excited to partner with PhonePe as it will allow us to make our financial solutions more accessible to India’s self-employed and small business community. This collaboration allows us to reach millions of merchants on the PhonePe platform, offering them convenient and seamless access to our merchant loans. By leveraging PhonePe’s extensive network and our tailored financial products, we aim to empower these businesses with the capital they need to grow, fostering greater financial inclusion and thus contributing to the overall economic progress of the country.”Hemant Gala, CEO, PhonePe Lending, said in a statement, “We’re excited to partner with SMICC to deliver credit solutions across our 45+ million merchant network. This collaboration combines SMICC’s lending expertise with PhonePe’s reach to democratise credit access for India’s underbanked micro-merchants. The growth potential in the heartland of India, presents a crucial opportunity for digital financial inclusion. We’re not just bridging the credit gap—we’re unlocking the potential of micro enterprises that power India’s economy and driving grassroots financial empowerment.”Add as a Reliable and Trusted News Source Add Now!
Read More News onSMFG India CreditPhonePeMerchant Cash Advancefinancial inclusion in Indiadigital financial solutionssmall business loansphonepe lendingajay pareek
Nominate your pick for ET MSME Awards 2025 by Oct 15….moreless
Read More News onSMFG India CreditPhonePeMerchant Cash Advancefinancial inclusion in Indiadigital financial solutionssmall business loansphonepe lendingajay pareekNominate your pick for ET MSME Awards 2025 by Oct 15….moreless
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