On May 23, 2020 Fintech startup Zaggle informed that it has partnered with payments technology major Visa to launch innovative payment solutions for Small and Medium Enterprises(SMEs) and startups so as to enhance productivity, efficiency, automate processes, reduce costs & focus on easy and fast credit with a unique card which will have forex, prepaid & credit.
Major Highlights
i.The platform will add over 600 SMEs every month. Special emphasis is placed on SMEs in the country who have been severely affected by the pandemic which will benefit with a credit line, digitized spending and ability to borrow more by being able to show more digital transactions. Zaggle will open this platform to a million SMEs.
ii.To attract SMEs to avail the services of the fintech solutions, Zaggle is working on many approaches and incentives such as reward systems on using or swiping the card.
iii.Zaggle also has a partner network with companies such as WeWork, MakemyTrip, AWS etc to bring out differentiated value propositions for startups/SMEs.
Advantages of this partnership for Zaggle
i.Zaggle will leverage Visa’s expertise in the payments space to co-create and build new solutions for SMEs & will gain new customers and merchants and gain the latter’s support for new technological innovations and ideas.
ii.This will help the company to expand its services and client base who need to improve automation and digitise spends to bring in more transparency.
Focus of the collaboration– To improve the working capital management of SMEs, who are in need of a payment instrument that helps it to optimize and improve cash flows for all their business expenses.
Other launch & announcement for SME’s
i.Zaggle plans to launch ”FoundersCard”, a credit card for founders and Chief Executive Officers(CEOs) of SMEs and start-ups in the next 45-60 days(may be by august 15). It is a first-of-its-kind single payment instrument, that can be used to optimize working capital and digitally manage all the expenses of an SME/Startup.
ii.Zaggle builds up a phenomenal ecosystem of various partners to bring all the SMEs on a single platform like the founders’ card on which all these solutions are automatically listed.
iii.Recently has announced free Zaggle SAVE Do-it-Yourself (DIY) AI Powered Expense Management Solution for SMEs along with other cutting-edge API Banking products.
Currently it works with more than 3,000 large customers.
About Zaggle:
Headquarters– Mumbai, Maharshtra
Founder & Chairman– Raj N Phani
Managing Director & Chief Executive Officer(CEO)– Avinash Godkhindi
About Visa:
Headquarters- Foster City, California
Chairman and CEO- Alfred F. Kelly, Jr.
