FinTech firm Zaggle through its group company ZikZuk has introduced Founders Card, a credit card for SME owners with an aim to build a book of ₹250 crore in the first one year of business.
As a part of its growth strategy, the company aims to reach out to one lakh SME’s in the next 2 to 3 years.
“Companies today use multiple payment instruments for running their business (credit, prepaid, forex). There is no single platform where all these expenses and disbursements can be seamlessly tracked. The Founders Card is a single payment instrument which can be used to optimise working capital and digitally manage all the expenses of a SME/start-up,” Zaggle said.
Raj N, founder of Zaggle, said “To ensure proper risk management for its portfolio, the company will get directly hooked into the customers accounting system which will enable continuous risk assessment and monitoring. This credit facility offered by ZikZuk will enable SMEs to streamline their working capital cash flows and is in sync with global developments and offerings in this space.”
The base for lending will be the cashflows of SMEs and the offering will be complementing existing systems, he added.
