MyShubhLife, one of India’s largest embedded finance platforms, has announced its partnership with PayWorld, a fintech platform focusing on retail merchants across India. Through its NBFC Ekagrata, MyShubhLife will provide PayWorld’s retailers with easy access to credit for their working capital needs. Both MyShubhLife and PayWorld share the vision of widening access to financial and banking services nationwide.
Through its embedded technology, MyShubhLife will leverage the vast retailer base of PayWorld to provide merchants with flexible and affordable credit offerings that are easily accessible.This partnership will serve the entire PayWorld network, comprising over 10 lakh banking points spread throughout 720 districts and 28 states. This alliance is an opportunity for both companies to realize their shared goal of inclusive financial growth.
MyShubhLife has an innovative and robust technology platform that uses data analytics and AI to provide customised products to its clients based on their working capital requirements.
Monish Anand, CEO and Founder of MyShubhLife, says, “The company has always focused on building a solid data-science-based platform to help speed up financial inclusion, thereby making credit more accessible”.
“Collaboration and innovation are essential to drive the democratisation of credit. This collaboration will help us achieve our shared goal of making credit more easily accessible and frictionless to retail merchants who have historically found it hard to get credit. Small retailers have often been excluded from the formal financial system due to a lack of documentation and poor or no credit history. We are excited to be able to change that through this alliance with PayWorld,” he further adds.
Commenting on the partnership, Mr. Amit Tyagi, CEO PayWorld, said, “Our mission is to bridge the financial divide between India and Bharat. While India complains of getting too many unsolicited calls for loans, a Bharat customer, despite being honest, hard-working, and capable, is denied credit owing to the absence of credit history, collateral, and access. With this partnership, our PayWorld Captains will be able to add wings to their growth dreams and will be able to serve their communities even better. Our vast network and robust services would act as a catalyst for MyShubhLife, helping them reach the remotest corner of India.”
Since its inception, MyShubhLife has been a game changer in achieving digital inclusion in India by providing easy credit to the large segment that was otherwise underserved by leveraging the latest technology. MyShubhLife has recently partnered with companies like MobiKwik, Pine Labs, Easy Pay and Spice Money to offer credit to their large base of customers.
Besides offering 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.
