Fintech startup Zaggle ties up with Visa for innovative paymentssolutions for SMEs

Fintech startup Zaggle on Saturday said it has partnered with paymentstechnology major Visa to launch innovative payment solutions for SMEs and startups.

Under this partnership, both the companies will jointly create solutions for small and medium enterprises (SMEs) and startups to improve productivity, efficiency and automate processes and reduce costs along with focusing on easy and faster credit through a unique card which will have forex, prepaid along with credit, Zaggle said in a statement.

Zaggle will leverage Visa's expertise in the payments space to co-create and build new solutions for SMEs and will also be able to acquire new customers and merchants and get the latter's support for newer technological innovations and ideas.

"This partnership will help us expand our services and client base who need to improve automation and digitise spends to bring in more transparency. In addition to this, our collaboration focuses on improving the working capital management of SMEs who are in dire need of a payment instrument that will help them optimize and improve cash flows for all their business expenses, Zaggle founder Raj N Phani said.

The platform adds over 600 SMEs every month, he said adding that with special focus on SMEs in the country which have been hardest hit due to this pandemic, it will be benefitted with a credit line, digitised spend and ability to borrow more by being able to show more digital transactions.

"SMEs remain the backbone of our economy. Now more than ever before, it has become more important for SMEs to assess how to best digitise their businesses," Arvind Ronta, Visa Head Products, India and South Asia, said.

One such innovation is the'Founders Card', a credit card, which Zaggle is planning to launch founders and CEOs of SMEs and startups in the next 45-60 days.

Zaggle currently works with more than 3,000 large customers and will open this platform to a million SMEs and has recently announced free Zaggle SAVE Do-it-Yourself (DIY) AI Powered Expense Management Solution for SMEs along with other cutting-edge API Banking products.