Happy Loans and InstantPay on Monday announced their strategic partnership to expand its capacity and reach to offer a wide variety of loan products to the merchants.
Through this partnership, Happy Loans will now add over 25000 customers of InstantPay into their network, which will help them in expanding their network. InstantPay will cater to their merchants by offering them new products to empower their customers with more business opportunities and have an edge over its competitors.
Happy Loans will use the vast amount of data to determine the creditworthiness and finance requirement of different merchants, using cutting-edge algorithms to identify the optimal targets for the company's funds. Depending upon the nature of the merchant's requirements, varying in terms of quantity, term, and mode of delivery the loan will be sanctioned.
"We are extremely proud and privileged to have entered into a partnership with InstantPay. We look forward to working with them to address the problem with financial exclusion and promote the growth of micro-entrepreneurs across the country," said founder and CEO Happy Loans, Manish Khera.
"We are excited to partner with Happy Loans to disburse working capital to our 25000 merchants, currently untouched and excluded by mainstream financial institutions. It is really magical to see loans getting disbursed within seconds, thanks to their data-driven approach. With a successfully executed pilot, we have gathered enough data to extend this facility to 25,000 merchant partners in the next year," said founder and CEO, InstantPay, Shailendra Agarwal.
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