New Delhi, Dec 18 (KNN) The FinTech firm Cash Suvidha, has entered into new collaboration raising over USD 2.7 million from various financial institutions, in an attempt to facilitate more credit to the Small and Medium Enterprises (SMEs) in the country.

Founder of Cash Suvidha, Rajesh Gupta in a press interview informed of the latest development.

Gupta said that with the new infusion, the growth plan of the firm will be looking at increasing the loan book and reaching out to newer regions to facilitate credit.

The funds will directly be looking at further lending to Small and Medium Enterprises (SMEs) and personal loans, in regions including Delhi NCR, Bengaluru, Pune, Hyderabad and Mumbai, Gupta informed.

The main challenge the SMEs face is with regard to the working capital, with increased lending the firm attempts to address the gap, he added.

At present Cash Suvidha receives over 15,000 loan applications per month and has disbursed a total amount of Rs. 102 crore since its formation in 2016.

Delhi-based Cash Suvidha is a trade name of Usha Financial Services Pvt. Ltd. that offers safe, scheduled and sophisticated business loan in order to maintain a sustainable growth.

It carries out its process through an online infrastructure that involves online application acceptance, screening  and approval. (KNN/DA)