Indian FinTech company Zaggle has reportedly launched a product called Zoyer that brings accounts payable (AP) and credit card payments together on a single platform.
The platform simplifies and automates B2B payments for small- to medium-sized businesses (SMBs) and enterprises, streamlining B2B payables and enabling effective management of operating cash flows and business performance, IBS Intelligence reported Thursday (Sept. 15).
“Beyond digitalizing core invoicing and payment flows, with Zoyer, we are laying a strong growth foundation by enabling businesses to manage liquidity through better allocation of working capital and providing an immediate credit line tied to credit cards,” Zaggle CEO Avinash Godkhindi said in the report.
By embedding Zaggle-branded card products directly into AP workflows for seamless payments, Zoyer enables businesses to securely and efficiently manage vendor payments, utility payments and tax payments, according to the report.
It also offers earned rebates and cash back to help businesses optimize processing costs, and it provides access to immediate credit so businesses can meet their working capital needs, per the report.
Zoyer is the latest addition to the company’s product line of integrated card products bundled with Software-as-a-Service (SaaS)-based business spend solutions, the report stated.
“Enterprises and [SMBs] have a significant need to digitalize B2B payment processes so they can rapidly adapt to changing market dynamics,” Godkhindi said, per the report. “But the segment remains vastly underserved by incumbent solutions and limited self-manageable credit cards or corporate cards.”
Zaggle announced its entry into the neobanking space in May 2021, saying it intended to look at “major challenges” faced by SMBs and help the owners of SMBs monitor the financial status of their companies and manage cash flows.
Read more: Zaggle Debuts Neobanking Service for SMBs
As PYMNTS reported at the time, India’s economy is home to around 20 million mom-and-pop businesses that account for 88% of the brick-and-mortar market.
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