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Have a look at 5 FinTechs solving problems of SME’s during Covid

Fintech, financial inclusion, Philippines, Filipino, SME FinanceThe COVID19 triggered pandemic has adversely impacted the small and medium businesses and enterprises in India by just adding up to their already existing liquidity crisis. According to certain surveys and reports, over 80 percent of the SME’s have either shut ships or are at the verge of losing business due to unavailability of credit. While the government has taken measures to counter the economic repercussions faced by the segment that is a major contributor to the national GDP, there are certain FinTechs that are trying to solve the liquidity problem by providing faster, cheaper and convenient loans. They are also solving the SMEs other technological problems from taxes to payments.


IBS Intelligence has listed five such companies.


Receivables Exchange of India Ltd (RXIL) was incorporated on February 25, 2016 as a joint venture between Small Industries Development Bank of India (SIDBI) – the apex financial institution for promotion and financing of MSMEs in India and National Stock Exchange of India Limited (NSE) – premier stock exchange in India. RXIL operates the Trade Receivables Discounting System (TReDS) Platform as per the TReDS guideline issued by Reserve Bank of India (RBI). RXIL is the first entity to receive the approval from RBI on December 01, 2016 to launch India’s First TReDS Exchange. TReDS is an electronic platform for facilitating the financing / discounting of trade receivables of Micro, Small and Medium Enterprises (MSMEs) through multiple financiers. These receivables can be due from corporates and other buyers, including Government Departments and Public Sector Undertakings (PSUs).

Owing to the COVID-induced cash crunch being faced by MSMEs, the TReDS platform recently also waived off its digital onboarding charges. RXIL is the first TReDS to provide online onboarding to MSMEs, overcoming the challenges posed due to the lockdown due to COVID.



Biz Analyst is a mobile application that securely connects to your Tally ERP 9 application and gives you real time access to your Tally data anytime / anywhere. From Sales, purchase, expenses, reports, dashboard to managing your debtors/creditors or understanding your business trends or getting detailed information by Voucher, Ledger, Item etc., the app gives you everything.


Loans4SME connects small businesses with lenders to provide cash-flow based loans. With a product suite tailored for high growth companies and a seamless, technology driven approach to lending, we provide a collateral free solution for every financing need your business has. They have built a network of lenders including banks, NBFCs, venture debt firms and family offices. According to their collaterals, they have experts that help SMEs navigate the complex debt financing landscape so businesses get timely capital.


Power2SME is India’s first buying club for Small & Medium Enterprises, building the bridges between SMEs in the manufacturing industry and raw material suppliers. The company was formed in 2012 with a vision to facilitate smooth business operations for SMEs by sourcing input raw materials at the most competitive price points across multiple products in categories like Metal, polymer, chemicals, yarn and more. Buyers typically gain easy access to a wider marketplace at competitive prices, a diverse assortment of trusted brands to choose from, credit facilities and timely doorstep deliveries.Power2SME caters to over 50,000 SMEs and has over 400 reliable and competitive suppliers.


Hylobiz connects an SME’s business and financial services digitally and seamlessly, without having to undergo any new systems adoption. The Bengaluru based outfit uses a micro-services architecture based neo-banking platform that seamlessly connects with SME legacy tools (accounting, invoicing, ERP) on one end and the multiple banking infrastructure, financial services access, and third-party integrations on the other end. It captures data of receivables and payables, and thus, digitisation acts as a primary offering. Riding on this transactional data for the SMEs, the start-up says it is able to bring in the secondary offerings around insurance and efficient working capital access through partner banks.

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