Mastercard, SOLV offer business solutions to Indian MSMEs

By Robin Amlot

Mastercard is partnering with SOLV, a B2B platform, to support Indian MSMEs to buy, operate and sell more efficiently. SOLV is a 360-degree digital marketplace platform that aims to help MSMEs to connect and trade with a large network of buyers and suppliers, build their credit scores and gain access to financing and business services such as logistics.

As a member of the SOLV platform small businesses registered as sellers or buyers, can get access to funds when they need it through financial services such as business loans and invoice financing. This offers a largely untapped market access to an on-demand line of credit, thereby helping to foster business continuity.

For its part, Mastercard is offering Indian merchants and small business owners a suite of assets, beyond cards, that can help them grow their businesses efficiently. These include offerings such as the Mastercard Easy Savings program which enables small businesses to enjoy rebates for purchases made on Mastercard Business cards as well as Mastercard Zoho and Mastercard Strands Cash Flow platform that help SMEs to better operate their businesses. SOLV’s platform makes it easier for small businesses in multiple categories to expand, including FMCG, electronics, hospitality, textiles and apparel, medical, PPE and sanitization.

Vikas Varma, Chief Operating Officer, South Asia, Mastercard said: “As MSMEs are the foundation of India’s economy, Mastercard is focused on empowering them with tools that allow them to buy, operate and sell better than they could before. The user-friendly platform also helps MSMEs to track their transactions, make and reimburse payments and apply for loans. Mastercard has been working towards merchant and consumer education, development of low-cost payments-acceptance solutions and last-mile support for Indian merchants to start their digital onboarding. Through this partnership we will be able to further strengthen the Indian MSME sector taking the next step beyond just cards to offer a host of business services to the small merchants.”

Nitin Mittal, CEO, SOLV, said: “We are pleased to partner Mastercard, further strengthening the value proposition for small business customers registered on SOLV’s platform. The Indian MSME sector is staring at a massive growth opportunity led by progressive policies and digital ecosystems. To this effect, SOLV’s platform is an enabler of MSME sector’s growth and aims to be a multiplier of their productivity by easing distribution and finance.”