Payment gateway CCAvenue has partnered with online lending platform LendingKart to launch ‘CCAvenue Finance’. Merchants and consumers of CCAvenue can seek financial assistance through the new initiative, which Lendingkart claims to extend to over 1 lakh online merchants and 8 million checkout consumers.
According to the company, the eligibility criteria for merchants will be clearly defined by CCAvenue along with the funding partners, upon request for loans. Merchants can soon avail customized financing based on their business category and requirement.
For consumers of CCAvenue will extend pre-approved short-term loans at market interest rates. With this initiative, Checkout customers can apply and receive the sanctioned loan amount within a couple of hours straight into their Checkout accounts.
IMPS service by CCAvenue: In March last year, CCAvenue enabled the Immediate Mobile Payment Service (IMPS) for merchant payments, which allows users to make real-time inter-bank payments via mobile phones. To use their IMPS service, users have to click on the IMPS as the payment option on the site or mobile site, enter their Mobile Money ID number (MMID), mobile number and the One Time Password (OTP) given to them by their bank.
Lendingkart funding: Lendingkart had raised $10 million from various investors in July last year. At the time, it said it would use the funding for capacity building, its technology platform, adding to its team as well as for an AI big data scoring system. Founded by Harshvardhan Lunia and Mukul Sachan last year, the platform had also raised seed funding worth Rs 3.8 crore the same year.
Lendingkart’s previous tie ups: Last month, Craftsvilla partnered with Lendingkart, to offer collateral free business loans to small and medium enterprises (SMEs) and sellers.
-In December last year, Paytm partnered with Lendingkart to offer collateral free business loans to small and medium enterprises (SMEs) and sellers.
Other finance tie ups:
-In June 2015, Amazon said it would extend its business loan programme to small sellers in India and seven other countries by the end of this year.
-In the same month, as part of its trade facilitation centre (TFC), Chinese ecommerce player Alibaba tied-up with ICICI Bank to provide trade finance and with certification company SGS to provide credit checks and inspections for the TFC.
– Snapdeal tied up with Capital Float to launch Capital Assist, which essentially serves the same purpose of providing sellers with easy access to working capital loans.