The credit and payment reporting fintech platform Recordent has launched cRediCart, a one-stop solution for all financing needs of small and large companies, in collaboration with Banks and lending platforms – FT Cash and LC Bidding. cRediCart acts as an umbrella that contains a complete range of financing-related products to help businesses reach and maintain their growth goals.
CRediCart recognizes how the COVID-19 pandemic has deeply affected businesses, and aims to offer fast-paying loans with affordable interest rates. Recordent has partnered with two distinct partners to offer two alternative financing solutions to help companies achieve their growth goals.
Financing opportunity below Recordents cRediCart is unsecured short-term loans in connection with FT Cash. Under this, Recordent will market short-term loans / business loans, especially for distributors, retailers or e-commerce sellers who can pay back through their POS machines with small equal daily installments. The loan amount here is up to INR 25 lacs at reasonable interest rates, from 1.5% per month. Unsecured short-term loans also include a digital application and are unsecured, and also enable easy collection via POS for companies.
The second financing solution offered below cRediCart is in partnership with India’s first of its kind LC Discounting website, LC Bidding. Recordent will market the LC Discounting feature that allows companies trading based on underlying LCs to discount these LCs at the best prices, through pricing across 25+ networks of banks and NBFCs. Businesses can save up to 2% on discounts with this agreement. LC Bidding also provides document processing assistance. This type of financing places no restrictions on the applicant and is one of the cheapest ways of financing.
Speaking of financing solutions, cRediCart, Mr Winny Patro, CEO, and co-founder, Recordent, said, “This is the need of the day. This effort will give a helping hand to many businesses that have suffered the consequences of the pandemic. Our focus is on offer seamless digital application of these financing options.We offer a range of financing products so that companies can choose according to their loan needs.With minimal documentation, dedicated relationship managers / support and fast payment of the loan amount, we believe cRediCart will help many companies recover “Get back on your feet and grow tremendously in the years to come. This step is crucial for companies to strengthen and thrive.”
“SMEs are the biggest drivers of growth for our economy. Our primary goal is to continue to add solutions to our stack that unlock cash flow for SMEs and help them achieve assured business growth. ” by Mr Manish Ajwani, Chief Business Officer – cRedicart.
“Besides, this is just phase one for us. Our future plans include launching invoice discounts and early payments as well, in line with our vision of creating transparency and trust between buyers and sellers. We want to harness the power of aggregated data to provide better credit decisions from lenders and lower interest rates for the loan applicant, he adds.
Recordent is a technology platform that helps companies improve collection by crediting their customers with payment data; and reduce risk by providing insight into customers’ payment history. The company works closely with 50+ SMB industry associations and plans to continue to establish meaningful partnerships to add value to the association’s members in their credit management practices by improving collections and reducing credit risk. Together with FSDA India, Recordent has recently engaged with the Bombay Industries Association and Taloja Industries as well.
In November 2021, Recordent raised $ 400,000 in angel funding from the family office of Kantamaneni & IIM Calcutta Innovation Park and other angel investors from India and the United States.
