Amazon augments its Seller Lending Marketplace with fintech lender FlexiLoans to provide MSME credit
FlexiLoans uses its differentiated technology to reach out to the e-sellers including ones devoid of the funding from banks and other financial lending institutions and provide collateral free loans within a short time frame.
FlexiLoans is the first SME fintech lender to integrate using APIs with Amazon and is one of its key fintech partner for its Lending Program. Both companies are working towards achieving deep technology integrations to make lending offers real time and create an enigmatic customer experience.
In a statement, Deepak Jain, Co-Founder FlexiLoans said, "Indian fintech ecosystem needs such close integrations to deliver real value towards SME financial inclusion with great user experience. Amazon is synonymous to shopping for the millennials and Business men across the country are lapping to join the bandwagon. Our curated offers for sellers makes it very convenient for Sellers to manage their working capital and take advantage of India festive season spikes."
Vivek Somareddy, Director, FBA & Seller Flex, Amazon India, in a statement, said, "FlexiLoans has a great understanding of sellers and their needs in an e-commerce business environment. This gels well with our aim to help sellers grow their business on Amazon.”
India’s total e-commerce retail sales in 2018 were pegged at upwards of $22 billion and is expected to growth by another $50 billion with the increase in new sellers and customers exploding from the new digital hinterlands of the country. India achieved a 53% CAGR growth in e-commerce sales in 2013-17, the highest in the world.
FlexiLoans uses its differentiated technology to reach out to the e-sellers including ones devoid of the funding from banks and other financial lending institutions and provide collateral free loans within a short time frame. FlexiLoans competed three years of operations in April 2019, and crossed 10,000 loans and over 400 crores of disbursals. It has received borrowing interest from over three lakh MSMEs in FY 19, over 300% increase from FY 18.