GetVantage earmarks USD 5 mn to fund online sellers during festive season
Fintech firm GetVantage has planned to facilitate disbursement of USD 5 million in debt to brands that are selling products online based on their revenue record, the company said on Friday. The firm claims that it provides revenue-based funding without any collateral within 7-10 days of getting the application.
“All businesses have been adversely affected because of the pandemic. Bounce Back Capital was designed to help business owners and brands have quick access to the working capital they need to not just get back to business but bounce back stronger than ever,” GetVantage CEO Bhavik Vasa said in a statement. GetVantage has partnered with non-banking financial services to facilitate the lending of the fund.
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“We will provide support between USD 6,000 and USD 0.5 million to a venture, based on their revenue, in less than a week or 10 days. We have funded businesses across 20 different categories in the past 12 months. Now, brands are growing in our portfolio,” Vasa said. The company said it has amassed a pipeline of over 1,500 businesses and is on track to fund over 250 brands in the next nine months.