Press Release | September 2, 2022
Fintech platform StrideOne and digital lender to MSMEs ZipLoan today announced their partnership to dive deeper into the MSME credit space, said StrideOne in a statement. The tech-led financial services provider has also picked up a minority stake in ZipLoan, it said.
StrideOne is building a digital banking platform for startups and their ecosystem. The partnership will enable them to cater to the MSMEs too with access to ZipLoan’s customer base. ZipLoan, providing working capital solutions to over 8 million MSMEs in India, has more than 11,000 customers with an asset base of Rs 150 crore.
Founder of StrideOne, Ishpreet Gandhi, said MSMEs remain “credit starved” and struggle to get working capital loans. The partnership with ZipLoan will help augment financial inclusivity for MSMEs, he asserted.
Kshitij Puri, co-founder and chief executive officer of ZipLoan, said the collaboration will help them scale their operations. “Combining StrideOne’s startup acumen and deep understanding of the entrepreneurial ecosystem in India with our experience of having served over 11,000 MSMEs across five key markets will help us expand both our reach and product suite.”
In the statement released, the company said they were looking forward to bridge technological and financing gaps of MSMEs by leveraging the startups’ ecosystem of vendors and suppliers most of which are MSMEs. Alternative data from such startups (such as ecommerce players or logistics companies) can help in credit modelling to meet the credit demands of their ecosystem partners.