In the wake of one year of demonetisation, which was an overpowering attempt to curtail corruption in the system, there are a few platforms who relentlessly worked over a distinguished model to support the SME sector.
These platforms leveraged a digital route to help consumers as well as small businesses, keep up with the situation.
Here are four platforms, which helped SMEs and individuals with their working capital needs:
LoanAdda.com
LoanAdda.com is a financial technology company that delivers a range of custom-tailored financial services with a focus on under-banked consumers across the globe. They use big data analytics and artificial intelligence to bring relevant offers to customers. These automated processes ensure quick customer turnaround and minimal paperwork.
During demonetisation, LoanAdda witnessed a surge in number of applications by small businesses applying for loans to meet working capital requirements.
Instamojo
After Demonetisation, Instamojo introduced a two minute instant on-boarding process for micro SMEs to accept digital payments via WhatsApp, SMS, Email, Facebook, and QR codes among others.
The company claims this is the industry's fastest on-boarding process to accept digital payments.
BankBazaar
BankBazaar is a popular online stop for loans, insurance, and other financial products. During demonetisation, when a lot of people required a quick financial support, BankBazaar was available with a click.
The company made it simpler for consumers to avail loans while comparing the interest rates of various banks.
Razorpay
Post demonetisation, Razorpay introduced a one-hour 'Express Activation' for all offline businesses to start accepting online payments.
This feature allowed merchants to get their account approved and activated within one hour of submitting relevant documents.
Disclaimer: No Business Standard Journalist was involved in creation of this content
