Wednesday, November 22, 2017
Wirecard, Capital Float Partner to Provide Small Retailers Fast, Customized Loans in India
The leading global financial technology company Wirecard has entered into a unique alliance with Capital Float, the largest digital lending platform in India. Through this alliance, Capital Float will offer its recently launched ‘Proprietor Finance’ product to Wirecard’s agents, comprising of thousands of small retailers in India. The goal is to offer these retailers a unique revolving credit facility called ‘Pay Later’. Developed in-house at Capital Float, this working capital finance solution helps SMEs to make vendor payments on time.
The small retailer segment in India, comprising a total market of over 15 million retailers, has traditionally been underserved by conventional financial institutions due to inadequate documentation and ineligibility from a conservative credit perspective. These credit-starved businesses can now avail hassle-free working capital from Capital Float, which will help them manage their inventory and cash flows. ‘Pay Later’ will serve a significant portion of Wirecard’s customer base, which comprises of digital remittance shop owners, as it will enable them to geometrically increase scale of transactions on the platform, resulting in sizeably larger earnings for the retailers.
“We’re excited to announce our partnership with Wirecard. With close to 20 years of vintage in payment services, they possess immense multinational expertise and a robust network of small retailers. Through this collaboration, we believe that we can expand our borrower base to newer SME segments. We’re currently providing finance to Wirecard agents in the greater Chennai area to start off with and we intend to expand our scope to other metros and large tier 1 cities over the few months. We aim to disseminate more than thousand loans to Wirecard agents in the near future.” said Gaurav Hinduja, Co-Founder of Capital Float.
“We’re pleased to be collaborating with Capital Float, the leading digital lending company in India. We’re convinced that their top notch processes and products will significantly bolster the business relationships we have with our agents across India. By enabling them with lines of credit, they will be able to maximize their income on the Wirecard platform” said Georg von Waldenfels, Executive Vice President Consumer Solutions and Member of the Board of Wirecard India.