PayNearby partners with MyShubhLife to provide MSMEs with easy access to credit

financialexpress.com:

PayNearby, India’s leading branchless banking and digital network, has announced a strategic partnership with MyShubhLife, an embedded credit platform. This collaboration aims to provide distributors with easy access to revolving credit lines, enhancing financial agility in the MSME sector.

This partnership comes at a crucial time, with a growing demand for digital financial services among MSME distributors, particularly in underserved and remote areas. By leveraging innovation and technology, both companies are poised to meet the evolving needs and drive financial progression at scale.

As per a press release, MyShubhLife’s technology platform, powered by advanced analytics, AI, and machine learning from its Datasciences Centre of Excellence (CoE), enables the scoring of thin credit files and facilitates simple micro-lending experiences for customers. This enables them to secure loans seamlessly, based on PayNearby’s bharosa score parameters.

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PayNearby, with its extensive reach and presence, serves 75% of India through its DaaS network. The platform offers a wide range of services, including cash withdrawal, ecommerce, bill payments, savings, travel and insurance. With over 12+ lakh microentrepreneurs spread across 22,000+ PIN codes, PayNearby is at the forefront of driving financial accessibility across Bharat.

Commenting on the partnership, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “We aim to provide our distributors with enhanced access to revolving credit lines, enabling them to secure better working capital and drive growth in their businesses. This partnership underscores our commitment to empowering our distributors with the