Global technology company Wirecard has entered into an alliance with Capital Float to provide small retailers fast and customized loans.
Capital Float, a lending online platform 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 credit facility called 'Pay Later.
'Pay Later' will serve a significant portion of Wirecard's customer base, and enable them to increase scale of transactions on the platform, resulting in larger earnings for the retailers.
"With close to 20 years of vintage in payment services, Wirecard 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 aim to disseminate more than thousand loans to Wirecard agents in the near future." Gaurav Hinduja, Co-Founder of Capital Float said.
Expressing happiness at the collaboration, Georg von Waldenfels, Executive Vice President Consumer Solutions of Wirecard India said, "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."
The small retailer segment in India has traditionally been underserved by conventional financial institutions due to inadequate documentation and ineligibility from a conservative credit perspective.
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