With the objective of enabling small scale Indian manufacturers and traders avail easy funding in order to expand their business, digital lending platform Capital Float has partnered with B2B e-commerce marketplace Of Business.
Buyers on OfBusiness platform can now leverage Capital Float’s Pay Later product to avail instant funds for procuring industrial materials.
Sashank Rishyasringa, the co-Founder of Capital Float, said, “The insights we have gained by closely working with online sellers has aided us in developing this best-in- class product, custom-built to address the needs of buyers on the OfBusiness platform. Our target is to increase our present loan disbursement by three times by the end of September 2016.”
Buyers on this platform often face hurdles in obtaining timely finance to operate and expand their business, due to their lack of credit history based on traditional credit parameters. Capital Float’s tech and big data-driven algorithms however will uniquely underwrite applicants, confirming their eligibility in minutes, while also offering credit limits in real time.
This partnership will help in bringing these informal borrowers into the mainstream credit ecosystem.
Ruchi Kalra, the co-founder of OfBusiness, said, “SME financing in the manufacturing space requires deep understanding of SMEs cash flows. We at OfBusiness, are committed to building a tech-enabled ecosystem for SMEs for all their commerce and credit needs.”
Founded in 2013, Capital Float is the trade name for Zen Lefin Private Limited a Non- Banking Financial Company (NBFC) registered with the Reserve Bank of India. It is a dominant player in the e-commerce lending space that includes partnerships with Snapdeal, PayTM, Shopclues, eBay, Alibaba, UBER and Via.