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Payments and fintech roundup: Sodexo, Fino Payments Bank, Benow and LoanMeet

Sodexo partners with Goodbox for meal card payments

Employee benefits provider Sodexo has partnered with Bangalore-based Goodbox. With this, employees can use Sodexo Meal cards while ordering food at workplaces. Note that Goodbox is also piloting home delivery of groceries from select merchants in Bangalore and Meal card holders can order food and non-alcoholic beverages on the Goodbox app. Sodexo has also partnered with online grocery delivery startup Grofers where users can use the meal card for payments. It also introduced IVR-based payments for Grofers as well. Sodexo says that it has over 11,000 clients and more than 3 million daily consumers across 1,500 cities in India.

Fino Payments Bank partners with dairy associations 

Fino Payments Bank has partneres with Mother Dairy and Gokul Dairy to digitize the payments of milk pourers. Typically at milk collection centres (MCCs), pourers are paid in cash when they deposit milk. Fino Payments Bank will open accounts and provide instant RuPay debit cards. The payment for milk pourers will be directly credited to their accounts. They can withdraw money from the MCCs or from an ATM using the debit card. Fino Payments Bank will add these centres to its banking network to increase its reach. Fino Payments Bank started operations in July 2017 with 410 branches and 25000 access points across 14 states.

Benow acquires Finmo

Digital payments company Benow which acts as an offline merchant acquirer for the UPI, has bought Gurgaon-based Finmo and their flagship product DigiBharat in a cash and stock deal. Details on the size were not revaled but all existing 500 merchants acquired by Finmo will be on-boarded as Benow merchants, over the next few weeks.

Cash Suvidha partners with LoanMeet

Cash Suvidha, a fintech company which gives credit to retailers from distributors in Bangalore and Mysore, has partnered with online lending platform LoanMeet. LoanMeet is a peer-to-peer lending platform and the companies say that they want to bring credit to the inventory financing business from distributors. They will provide a credit line for 30 days and 1-6 months working capital loans up to Rs 5 lakh.

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