Getty ImagesMumbai based new-age financial services group APAC Financial has launched a digital lending business to extend credit to untapped markets across the country.
The group has fast paced its entry into this business by hiring the management team of an existing Fintech company, led by its CEO Jatinder Mohan Singh Shah.
The firm has already started disbursements through its offices in Mumbai and Delhi. The Digital Lending vertical at APAC Financial, driven by its customer centric philosophy, is aimed at providing timely finance to M&SME retailers on basis of key factors like alternate data, social behaviour, demographics, business vintage, etc. that help in deciding the credit worthiness of a retailer.
“APAC Financial is focussed on underbanked M&SME (Micro, Small and Medium Enterprises) segments, and Affordable Housing across India, including smaller cities and semi urban centres,” Gunit Chadha, Founder, APAC Financial, said in a statement. “Each of these businesses are priority for any government & regulator, with a social inclusion imperative. We are building a granular portfolio, addressing customer needs across M&SME segments, with both digital and physical branch models.”
The first product launched by the APAC Financial is LAPR or Loan Against POS receivables to retailers & kirana stores.
LAPR is a credit facility offered to merchants based on the card sales that happen on POS (Point of Sale) machines installed at their outlets. APAC Financial has pilot launched this business in Mumbai & Delhi, with a plan to enter new markets and enabling more M&SMEs achieve their true business potential by availing much needed & timely financial assistance.
The group has fast paced its entry into this business by hiring the management team of an existing Fintech company, led by its CEO Jatinder Mohan Singh Shah.
The firm has already started disbursements through its offices in Mumbai and Delhi. The Digital Lending vertical at APAC Financial, driven by its customer centric philosophy, is aimed at providing timely finance to M&SME retailers on basis of key factors like alternate data, social behaviour, demographics, business vintage, etc. that help in deciding the credit worthiness of a retailer.
“APAC Financial is focussed on underbanked M&SME (Micro, Small and Medium Enterprises) segments, and Affordable Housing across India, including smaller cities and semi urban centres,” Gunit Chadha, Founder, APAC Financial, said in a statement. “Each of these businesses are priority for any government & regulator, with a social inclusion imperative. We are building a granular portfolio, addressing customer needs across M&SME segments, with both digital and physical branch models.”
The first product launched by the APAC Financial is LAPR or Loan Against POS receivables to retailers & kirana stores.
LAPR is a credit facility offered to merchants based on the card sales that happen on POS (Point of Sale) machines installed at their outlets. APAC Financial has pilot launched this business in Mumbai & Delhi, with a plan to enter new markets and enabling more M&SMEs achieve their true business potential by availing much needed & timely financial assistance.
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