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Lending startup ftcash on Tuesday mentioned it has acquired licence from the Reserve Financial institution of India (RBI) to arrange a non-banking monetary firm.
Ftcash goals to disburse loans value Rs 100 crore within the present fiscal, in response to a launch.
The Mumbai-based agency makes use of proprietary algorithm to analyse creditworthiness of the debtors. It caters to underserved SMEs (Small and Micro Enterprises), together with retailers, pharmacies, garment shops, vehicle retailers and mom-and-pop shops.
Based by Sanjeev Chandak, Deepak Kothari and Vaibhav Lodha in 2015, the corporate has partnerships with Northern Arc, Ugro and Ambit to supply credit score to clients.
“We’ve over 60,000 retailers in our community presently and have disbursed over Rs 600 crore value of loans until now. We count on the disbursals to develop by thrice by 2023,” Co-Founder and Chief Government Officer Chandak mentioned.
He mentioned almost 80 per cent of the full MSMEs in India lack entry to lending.
“The NBFC licence will permit us to bridge this credit score hole whereas providing loans with minimal documentation together with day by day reimbursement choices by way of PoS (Level of Sale) with equated day by day installments,” Chandak mentioned.
Until now, the corporate mentioned it has raised USD 10.2 million (over Rs 83 crore).
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