Happy Loans, a fast-growing digital microlending venture announced the disbursement of 4000 micro loans worth Rs 10 crore (USD 1.7
million) within six months of launch. With borrowers in 167 cities
and 25 states, Happy Loans partners with merchant acquirers, money transfer
networks and other partners to offer instant, short-term business loans for
small enterprises (SMEs). Happy Loans has successfully partnered with MSwipe,
EKO, Itzcash, Payworld, Ongo, InstantPay, Wapo, Farmart and others, creating a
total addressable base of over one million SMEs.
Happy Loans enables on-tap borrowing for underserved small
merchants through an easy and completely paperless process. Offering loans as
small as INR 2000 (USD 30) and
for as short as 30 days, Happy Loans helps merchants meet short term cash flow
mismatches without drawing on savings or existing capital. Customers can access funds right from their phone,
with options such as flexible tenure and daily repayment to reduce the burden
of a lump sum repayment.
Commenting on the success of Happy Loans, Manish Khera,
Co-founder and CEO, said, “We’ve
built a model to give our customers a Happy borrowing experience, unlike
traditional methods that require visits to branches, extensive documentation,
and signing endless forms. We’ve seen very strong uptake of our loans and with
the support of current and upcoming partners, we aim to achieve the Rs 100
crore (USD 15 million) disbursement mark and a prospect base of over 5.5
million merchants by FY 18.”
“Moreover, we are working with both machine learning and
blockchain technologies -- emerging pillars of the new banking paradigm -- to
offer a Happy experience to our customers.”
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