Siply partners with PB Fintech Group’s MoneyWide to offer instant loans
Siply, a technology-enabled micro-savings platform with 7 million users, today announced that it has partnered with MoneyWide, a fintech lending platform, to offer Siply users paperless and instant personal loans at its phygital branches. Siply aims to disburse more than 10,000 loans to the value of FY24 ₹100 crore through this partnership.
Siply, a technology-enabled micro-savings platform with 7 million users, today announced that it has partnered with MoneyWide, a fintech lending platform, to offer Siply users paperless and instant personal loans at its phygital branches. Siply aims to disburse more than 10,000 loans to the value of FY24 ₹100 crore through this partnership.
The fintech aims to make financial services accessible to more than 400 million Indians in its target demographic of middle-income earners and underserved masses such as contract workers, blue-collar workers, gig economy workers and small business owners, the firm said.
The fintech aims to make financial services accessible to more than 400 million Indians in its target demographic of middle-income earners and underserved masses such as contract workers, blue-collar workers, gig economy workers and small business owners, the firm said.
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MoneyWide is a digital loan application that offers 100% digital, paperless and instant personal loans using proprietary technology. MoneyWide is part of the PB Fintech Group which operates marketplaces Policybazaar and Paisabazaar.
“Our partnership with MoneyWide is an important step towards fulfilling our mission as we aim to provide paperless and instant personal loans to our users through our phygital departments. With a goal of disbursing nearly 10,000 loans, we are committed to to bring financial services to the masses and bridge the gap in the financial landscape in India,” said Sousthav Chakrabarty, CEO and Co-Founder, Siply.
This partnership announcement follows a recent $7.5 million acquisition of myPaisaa’s advanced new-age chit platform by Siply and adds new offerings to the platform’s suite of financial services that include digital chits, Siply Gold Savings Scheme, Siply Gold Jewelery Scheme, Chhotastock and more.
Siply also has a microcredit service which was launched back in July 2021 and has disbursed more than 2.43 lakh loans for a total volume of more than ₹NOK 230 million.
Siply became profitable in November 2022, within 2.5 years since its inception, admission ₹NOK 2.12 million in profit. After taking the phygital route, Siply currently has 14 branches in 3 states and 8 cities. The company is also in the process of setting up Siply Seva Kendras in Maharashtra, Tamil Nadu and Kerala in the coming months and has set a target of launching 1000 branches across 115 cities in India in the next 3 the years to bring sachet financial services to the masses.
