Business

Zaggle, Visa tie up for SME payments

Zaggle, a financial technology start-up, has announced a partnership with Visa to launch payment solutions for SMEs and start-ups.

“This new partnership will concentrate on creating solutions specific to SMEs and start-ups to improve productivity, efficiency and automate processes and reduce costs along with focusing on easy and faster credit through a unique card which will have forex , prepaid along with credit,” according to the company.

As part of the partnership, Zaggle will leverage Visa’s expertise in the payments space to co-create and build new solutions for SMEs.

Raj N. Phani, founder, Zaggle, said,”This partnership will help us expand our services and client base who need to improve automation and digitise spends to bring in more transparency.”

“ In addition to this, our collaboration focuses on improving the working capital management of SMEs who are in dire need of a payment instrument that will help them optimize and improve cash flows for all their business expenses,” he said.

“The platform adds over 600 SMEs every month. With special focus on SME’s in the country who have been hardest hit due to this pandemic will benefit with a credit line, digitized spend and ability to borrow more by being able to show more digital transactions,” he added.

Arvind Ronta, head, products, India & South Asia, Visa said, “SMEs remain the backbone of our economy. Now more than ever before, it has become more important for SMEs to assess how to best digitize their businesses.”

Meanwhile Zaggle is planning to launch this credit card for founders and CEOs of SMEs and start-ups in the next 45-60 days. It is a single payment instrument which can be used to optimize working capital and digitally manage all the expenses of an SME/start-up.

“As we know and understand, SMEs or small businesses face difficulties in investing in technology that helps them reduce costs and work efficiently. There is a need as well as huge demand to manage their expenses digitally. With the launch of the Founders Card, it will become easier for founders of SMEs to manage their expenses and working capital better,” said Avinash Godkhindi, MD & CEO, Zaggle.

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Printable version | Jun 4, 2020 4:45:26 PM | https://www.thehindu.com/business/zaggle-visa-tie-up-for-sme-payments/article31660334.ece

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