Digital micro-lending startup Happy Loans expands reach to over 200 cities

Happy Loans successfully disburses 4000 loans worth INR 100 million within six months, strengthens foothold in digital micro-lending

Happy Loans, a fast-growing digital micro-lending venture today announced the disbursement of 4000 micro loans worth INR 10 crore (USD 1.7 million) within six months of launch. With borrowers in 167 cities and 25 states, Happy Loans partners with merchant acquirers, money transfer networks and other partners to offer instant, short-term business loans for small enterprises (SMEs). Happy Loans has successfully partnered with MSwipe, EKO, Itzcash, Payworld, Ongo, InstantPay, Wapo, Farmart and others, creating a total addressable base of over one million SMEs.

Happy Loans enables on-tap borrowing for underserved small merchants through an easy and completely paperless process. Offering loans as small as INR 2000 (USD 30) and for as short as 30 days, Happy Loans helps merchants meet short term cash flow mismatches without drawing on savings or existing capital. Customers can access funds right from their phone, with options such as flexible tenure and daily repayment to reduce the burden of a lump sum repayment.

Commenting on the success of Happy Loans, Manish Khera, Co-founder and CEO, said, “We’ve built a model to give our customers a Happy borrowing experience, unlike traditional methods that require visits to branches, extensive documentation, and signing endless forms. We’ve seen very strong uptake of our loans and with the support of current and upcoming partners, we aim to achieve the INR 100 crore (USD 15 million) disbursement mark and a prospect base of over 5.5 million merchants by FY 18.”

“Moreover, we are working with both machine learning and blockchain technologies — emerging pillars of the new banking paradigm — to offer a Happy experience to our customers.”

Part of the ArthImpact group, Happy Loans was founded by Manish Khera and Gautam Ivatury, recognized pioneers with decades of experience in digital finance. Happy Loans leverages technology to create a new-age, fairer way of banking – fun, accessible by all, and available anytime and anywhere. The company’s loans for India’s 50 million-plus small merchants are less costly and more reliable than informal borrowing.

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