In a significant development, NBFC firm SMFG India Credit (SMICC) announced its strategic partnership with PhonePe on Tuesday. This collaboration aims to provide collateral-free credit to merchants registered on the PhonePe platform.
This alliance facilitates the distribution of Merchant Cash Advance (MCA) loans to a wide range of merchants, particularly those in Tier-2 and Tier-3 towns, as highlighted in a joint statement.
The partnership is set to enhance SMICC’s standing as a leading lender in the digital space while bolstering PhonePe’s commitment to its expansive merchant network by offering accessible credit solutions designed to promote business growth.
(With inputs from agencies.)
