How have fintech identified the MSME challenges and addressed them

New Delhi [India], Sep 13 (ANI): It is a well- known fact that MSME sector was suffering from dearth of finance, however, current year has given a much needed boost to the MSMEs in India.
The ultimate aim of financial inclusion required immediate push to be accomplished.
So, here are some startups who have identified the gaps and created channels of smooth finance resource for micro entrepreneurs:
Happy
Promising a unique borrowing experience to Indians, Happy Loans provides customized loan offerings to consumers to meet their specific demands. It even offers micro business loans that start at as low as Rs. 2,000 for durations as short as 30 days. Recently the platform announced to have disbursed more than 18,000+ MSME-based merchants loans.
Aye Finance
Aye has designed an innovative "Cluster Based Credit Assessment" methodology that uses insights of each industry cluster to underwrite the risk of lending to micro businesses. This segment has historically been ignored by banks and formal lending institutions as these businesses maintain asymmetrical books of accounts and seldom have prior borrowing histories, making their credit assessment through the traditional methods a challenge.
Indifi Technologies
Indifi is one of India's leading enablers for SME financing that is improving the access to credit for MSMEs in India, the experience that borrowers get in terms of speed of approval and disbursement, the relevance of the loan product to their business needs, and finding the best rates in the market. Driven by the passion to bridge the gap in SME financing, Indifi has emerged as a technology strong enabler for small businesses to seek seamless access to funding.
CoinTribe
CoinTribe is a leading SME lending focused marketplace that provides quick and easy, collateral free loans to Small Businesses with annual turnover between 1 - 100 Cr. Cointribe believes that effective underwriting is at the heart of solving the gap in SME lending market and is the only online lending platform that has back-tested its credit model with large banks and continues focusing. CoinTribe has partnered with some of the leading Banks and NBFCs to simplify the SME borrowing experience requiring just the basic business and key person(s) details along with business bank statement(s) to arrive at credit approval.
Satya MicroCapital
The firm provides prompt, convenient, and affordable collateral-free credit to unbanked and underserved people through a strong credit assessment and centralized approval system. Also, the platform identified that a lot of women entrepreneurs hesitate visiting branches. To address this and empower the segment, operated fully women operated branches. (ANI)