ASCHHEIM, Germany and BANGALORE, India, November 22, 2017 /PRNewswire/ --
The leading global financial technology company Wirecard has entered into a unique alliance with Capital Float, the largest digital lending platform in India. Through this alliance, Capital Float will offer its recently launched Proprietor Finance product to Wirecard's agents, comprising of thousands of small retailers in India. The goal is to offer these retailers a unique revolving credit facility called Pay Later. Developed in-house at Capital Float, this working capital finance solution helps SMEs to make vendor payments on time.
The small retailer segment in India, comprising a total market of over 15 million retailers, has traditionally been underserved by conventional financial institutions. These businesses can now avail hassle-free working capital from Capital Float, which will help them manage their inventory and cash flows. Pay Later will serve a significant portion of Wirecard's partner base - digital remittance shop owners - as it will enable them to geometrically increase scale of transactions on the platform, resulting in sizeable larger earnings for the retailers.
"We are excited to announce our partnership with Wirecard. With close to 20 years of vintage in payment services, they possess immense multinational expertise and a robust network of small retailers. Through this collaboration, we believe that we can expand our borrower base to newer SME segments. We are currently providing finance to Wirecard agents in the greater Chennai area to start off with and we intend to expand our scope to other metros and large tier 1 cities over the next few months. We aim to disseminate more than thousand loans to Wirecard agents in the near future," said Gaurav Hinduja, Co-Founder of Capital Float.
"We are pleased to be collaborating with Capital Float, the leading digital lending company in India. We are convinced that their top notch processes and products will significantly bolster the business relationships we have with our agents across India. By enabling them with lines of credit, they will be able to maximize their income on the Wirecard platform," said Georg von Waldenfels, Executive Vice President Consumer Solutions and Member of the Board of Wirecard India.
Wirecard AG is a global technology group that supports companies in accepting electronic payments from all sales channels. As a leading independent supplier, the Wirecard Group offers outsourcing and white label solutions for electronic payments. A global platform bundles international payment acceptances and methods with supplementary fraud prevention solutions. With regard to issuing own payment instruments in the form of cards or mobile payment solutions, the Wirecard Group provides companies with an end-to-end infrastructure, including the requisite licences for card and account products. Wirecard AG is listed on the Frankfurt Securities Exchange (TecDAX, ISIN DE0007472060, WDI). For further information about Wirecard, please visit http://www.wirecard.com or follow us on Twitter @wirecard.
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About Capital Float:
Capital Float is the pioneer of digital lending in India. With its technological expertise and Big Data Analytics competencies, the company has significantly simplified the process of applying for and disbursing loans. Capital Float frequently evaluates and services segments that are high potential, but traditionally underserved by financial institutions.
Founded in 2013, Capital Float is the trade name for Zen Lefin Private Limited, a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India. The company has partnered with ecosystems across various verticals such as e-commerce (Amazon, Flipkart, PayTM, Shopclues, eBay, Alibaba, Amazon, etc), travel and hospitality (VIA and Yatra), retail (Mswipe, Pine Labs, Bijlipay, ICICI Merchant Services), digital remittances (Payworld, Eko) etc. The company has raised funding from esteemed venture capitalists like Ribbit, SAIF, Sequoia, Aspada and Creation Investments Capital Management, LLC. Capital Float is headquartered in Bangalore with offices in Delhi, Chennai and Mumbai. http://www.capitalfloat.com
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SOURCE Wirecard AG