Fintech startup Zaggle joins hands with Visa to launch payment solutions for SMEs, startups – Economic Times
MUMBAI: Fintech startup, Zaggle, has announced a partnership with Visa to launch innovative payment solutions for SMEs and startups. This partnership is aimed at helping SMEs and startups improve productivity, reduce costs and get access to faster credit through a card which would have both inbuilt forex and prepaid.
Zaggle will leverage Visa’s expertise in the payments space to co-create and build new solutions for SMEs. Visa will also support Zaggle for new technological innovations and ideas.
Raj N. Phani, Founder of Zaggle told ET Digital, “For the next three years, we plan to target around 50,000 SMEs, which would include startups as well. We aim to achieve Rs 14,000-15,000 crore of transactions annually.”
Phani mentioned how before taking this move, the firm had spoken to multiple industry forums, startups and SMEs trying to understand their challenges and it took them around six-seven months to come up with an analysis.
Among the innovative solutions of this association lies the ‘Founders Card’ meant for founders and CEOs of startups and SMEs. Phani claimed that it is a first-of-its-kind single payment instrument, which can be used to optimize working capital and digitally manage all the expenses of an SME/Startup.
The credit card will be available in the form of domestic pre-paid, forex pre-paid and corporate credit and various other benefits that really matter to the startup founders The features of the card include managing business expenses of CEOs and senior management, managing their international travel expenses as well as petty cash management like fuel, meal expenses etc.
More so, the Founders card will have other benefits such as discounts on hotels, tickets, cash back incentives, lounge access and so on. Zaggle also has a partner network with companies such as WeWork, MakemyTrip, AWS etc to bring out differentiated value propositions for startups/SMEs.
“As we are waiting for the lockdown to finish and all services to get back to normal, we are hoping to launch the ‘Founders Card’ by August 15,” he said.
Phani also acknowledged that the Covid period turned out to be the best time to launch Zaggle’s partnership with Visa.
Arvind Ronta, Head – Products, India & South Asia, Visa said in a statement, “SMEs remain the backbone of our economy. Now more than ever before, it has become more important for SMEs to assess how to best digitize their businesses. We are glad to partner with Zaggle to produce solutions that empower and assist SMEs and startups in managing working capital and improving productivity by digitizing payments for them.”
To attract SMEs to avail the services of the aforementioned fintech solutions, Zaggle is working on many approaches and incentives such as reward systems on using or swiping the card.
“We are building up a phenomenal ecosystem of various partners. The plan is to bring all the SMEs on a single platform like our founders’ card on which all these solutions are automatically listed,” he said.
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