BillMart Fintech and Eqaro Guarantees have partnered to offer guarantee solutions designed to build trust between lenders and businesses in the Indian trade finance ecosystem.
With this collaboration, Eqaro’s guarantee products will be integrated into BillMart’s FinTech platform, the companies said in a Friday (Dec. 27) press release.
The combination aims to help lenders minimize risks and provide businesses with secured financing options, according to the release.
“Our goal is to simplify access to credit for businesses and reduce barriers to growth,” BillMart Fintech Managing Director and CEO Ashok Mittal said in the release. “This collaboration strengthens BillMart’s role as a trusted partner for businesses seeking innovative financial solutions.”
Eqaro CEO Vikash Khandelwal said in the release that BillMart’s “technology-driven approach” complements Eqaro’s credit risk management expertise.
“Together, we aim to redefine financial security for businesses, offering them the stability and confidence they need to thrive in today’s competitive environment,” Khandelwal said.
BillMart’s digital lending platform provides businesses across India with access to trade finance and liquidity solutions, using artificial intelligence (AI)-powered analytics to facilitate data-driven lending decisions, according to the release.
Eqaro uses credit analysis technology and reinsurance to offer guarantees in lieu of collateral and cash on behalf of individuals and businesses, per the release.
Thirty-seven percent of Indian microbusinesses and small businesses (MSBs) have recently used embedded lending, according to “The Embedded Lending Opportunity: India Edition,” a PYMNTS Intelligence report commissioned by Visa.
The report also found that more than two-thirds of these businesses said they are highly likely to switch to providers that offer embedded lending.
In an earlier, separate product launch, the Reserve Bank of India (RBI) said in August that it planned to launch a technology platform designed to enable frictionless credit, especially for small- to medium-sized businesses (SMBs).
When announcing the launch of its pilot project for this platform in August 2023, the RBI said it aims to connect separate systems that hinder the timely delivery of rules-based lending.
“With rapid progress in digitalization, India has embraced the concept of digital public infrastructure which encourages banks, [non-banking financial companies (NBFCs)], FinTech companies and startups to create and provide innovative solutions in payments, credit and other financial activities,” the RBI said at the time.
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