Fintech platform FlexiLoans.com has partnered with Vivriti Capital to provide working capital financing of over ₹300 crore to Micro, Small and Medium Enterprises (MSMEs) across the country.
MSMEs can apply for loans online and receive in-principal approval within 24-48 hours digitally without manual intervention.
The partnership will be powered by FlexiLoans.com’s technology and credit underwriting platform ‘BiFrost’, which has been integrated with Vivriti’s Co-lending platform ‘CredAvenue’The partnership is aimed at reaching out to more 10,000 MSMEs in the next 12-18 months, the company said in a statement.
Deepak Jain, Co-Founder, FlexiLoans.com said, “FlexiLoans has been scaling its co-lending platform since the IL&FS crisis a couple of years ago to service the wide range of ecosystem and boost assets under management growth. Vivriti has been our long-standing lending partner and its digital-first approach, deep lending expertise syncing perfectly with our co-lending ideology”.
Gaurav Kumar, Co-Founder, Vivriti Capital and CEO CredAvenue said, “The partnership is built on the combination of a deep technology integration via APIs and substantial capital base. We expect to unlock immense market potential and scale with it in the near future. CredAvenue’s co-lending platform has been specifically designed to enable scale-up of such partnerships for Banks, NBFCs and Fintech players vis automated discovery, underwriting, operations and reporting modules on one single portal”.
Since its inception in 2016, Flexiloans.com has disbursed more than ₹1,000 crore to over 30,000 customers across 1,500 cities in India. It receives over 1 lakh applications per month, largely from Tier-II, III and Tier IV cities.