Tuesday
August 29
2017

Why Fintech Startups Are Wooing India’s Small Businesses

For the past 50 years, small and medium-sized enterprises (SMEs) and micro, small and medium enterprises (MSMEs) have powered India’s economy, especially in rural and semi-urban areas. But they often fail to get adequate financial support from government agencies, banks and financial institutions, according to the SME Chamber of India.

India’s booming fintech market could be their savior.

A faster way

Manjunatha BN runs a music store called Sri Sai Musicals in Bangalore. He needed a loan of $7,800 (5 lakh rupees). Unsure of getting one from a bank, he decided to approach Bangalore-based digital lender Capital Float. To his surprise, he received his loan in no time.

Photo courtesy of Possible.

Source: Forbes (link opens in a new window)

Categories
Technology
Tags
financial technology, fintech, India, lending, microlending, MSMEs, SME finance, SMEs