Bengaluru, February 2023: MyShubhLife, India’s leading digital lending and full-stack financial service platform, and EasyPay the Digital Banking platform for the MSME sector in India, have partnered to offer a line of credit to EasyPay merchants. The collaboration will allow MyShubhLife to utilize its technology and quick processes to tap into the EasyPay customer base and enable quick loan disbursals.
EasyPay and MyShubhLife are dedicated to meeting customers’ unmet credit needs and providing them with a hassle-free digital borrowing experience while promoting the Digital Bharat and financial inclusion agendas. The partnership intends to serve the unorganized domestic retail sector. Easy Pay, an app that serves as a one-stop shop for all MSMEs’ financial needs, serves over 18000 pin codes across the country. Through this collaboration, MyShubhLife will provide formal credit to this large MSME segment.
MyShubhLife has an innovative and robust technology platform that uses data analytics and AI to provide several customized products to its clients based on their working capital requirements. Speaking on the partnership, Monish Anand, CEO, MyShubhLife, said, “Raising capital has been a difficult task for small and medium businesses in India. The last two years have served as a reminder of the credit gap that exists in India’s MSMEs sector. Our credit model and advanced analytics are designed to meet the financing needs of MSMEs or industry segments that have traditionally been excluded from the formal financial system due to issues such as a lack of documentation or poor credit history.”
“Our collaboration with EasyPay will help us democratize credit in India by providing accessible and responsible credit to the vast & unorganized segment. We are very excited about the many possibilities this alliance offers,” he adds.
Commenting on the partnership, Vaibhav Joshi – CEO, EasyPay, said, “Our collaboration with MyShubhLife is an important step toward realizing our vision of bringing digital credit to a billion phones and creating a more inclusive financial system in India. With MyShubhLife, we are committed to leveraging our technology and expertise to close the credit gap and provide small businesses with the financial tools they need to succeed in today’s digital economy. Easy Pay aims to be the #1 preferred choice in the next two years with a merchant community of over 2.5 million.”
Since its inception, MyShubhLife has been a frontrunner in achieving 100 percent digital inclusion in India and actively taking initiatives to that end. MyShubhLife recently partnered with MobiKwik, extending credit to 134 million MobiKwik users.
Besides credit solutions, MyShubhLife has built a complete range of sachet-sized financial products such as SIPs, E-Gold, Insurance, Bill Payments, E-filing taxes, etc., to provide more contextual offerings to its customers, the next half-billion segment.