BillMart Fintech and Eqaro Guarantees have teamed up to provide offer guarantee solutions intended to build more trust between lenders and businesses in the Indian trade finance sector.
With this latest collab, Eqaro’s guarantee products will now be integrated into BillMart’s Fintech platform, the firms revealed this past Friday.
The combination reportedly aims to assist lenders with reducing risks and offer businesses with secured financing options.
BillMart Fintech Managing Director and CEO Ashok Mittal said:
“Our goal is to simplify access to credit for businesses and reduce barriers to growth. This collaboration strengthens BillMart’s role as a trusted partner for businesses seeking innovative financial solutions.”
Eqaro CEO Vikash Khandelwal added that BillMart’s technology-driven approach complements Eqaro’s credit risk management expertise.
Khandelwal further noted:
“Together, we aim to redefine financial security for businesses, offering them the stability and confidence they need to thrive in today’s competitive environment.”
As explained in the announcement, BillMart’s digital lending platform provides businesses across India with access to trade finance as well as liquidity solutions, using artificial intelligence (AI)-enhanced analytics to enable data-driven lending decisions.
As mentioned in the update, Eqaro leverages credit analysis tech along with reinsurance to provide guarantees in lieu of collateral and cash on behalf of individual clients and business organizations.
Notably, 37% of Indian microbusinesses and small businesses (MSBs) have reportedly used embedded lending, according to industry reports.
The report revealed that the majority of these firms are quite likely to switch to providers that support embedded lending solutions.
These types of services could make it easier for smaller firms to maintain operations while acquiring the resources they need in a more efficient sustainable manner.
The Reserve Bank of India or RBI has previously stated:
“With rapid progress in digitalization, India has embraced the concept of digital public infrastructure which encourages banks, (non-banking financial companies or NBFCs), FinTech companies and startups to create and provide innovative solutions in payments, credit and other financial activities.”
