Investment company IIFL Finance is teaming up with buy now pay later (BNPL) startup FinBox to help merchants by offering new digital credit products, IBS Intelligence and others reported on Friday (Aug. 13).
“Partnering with FinBox enables us to access borrowers through its deep partner network with a single integration and offer our credit products digitally. We have collaborated deeply with FinBox’s low-code platform to make our lending process entirely digital and hassle-free,” said IIFL Chief Risk Officer Sanjeev Srivastava.
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Based in Mumbai, IIFL — formerly known as India Infoline Limited — is looking to extend the digital credit offers it currently has available to its B2B merchant clients. With FinBox, based in Bangalore, IIFL can extend BNPL options and other credit products.
IIFL anticipates that its collaboration with FinBox will digitally deliver 10 billion rupees ($134 million) in loans across the next two quarters.
“The FinBox Embedded Finance Platform powers credit on multiple B2B commerce and retailer aggregator platforms,” said FinBox Co-founder and CEO Rajat Deshpande.
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Deshpande added that the company’s partnership with IIFL offers “the flexibility and agility” to introduce state-of-the-art merchant credit services at affordable price points.
“Just like cash-on-delivery kickstarted the Indian B2C eCommerce story, seamless access to cash flow-based BNPL financing is fueling B2B eCommerce,” Deshpande said.
Srivastava also pointed to the artificial intelligence and machine learning capabilities that FinBox possesses as a solution to extend credit to small merchants that have thin or no credit history.
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The B2B BNPL space is gathering momentum around the globe as consumers change how they spend money and become more cautious in the pandemic’s aftermath.
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