New Delhi, Aug 14 (KNN) NeoGrowth has partnered with Paisabazaar.com to provide swipe-machine-based or POS-based loans to small and medium scale enterprises.

Talking about this development, CEO& Co-founder, Paisabazaar.com, Naveen Kukreja said “We are witnessing a surging demand for quick and hassle-free credit on the Paisabazaar platform, from new-age entrepreneurs.”

He said in the last quarter, SME loans have grown by 153% for us.

One of the biggest enablers in this has been our digital lending partner, NeoGrowth, who is transforming the SME lending space with game-changing innovations, such as POS-based loans, he added.

Piyush Khaitan, MD & Co-founder, NeoGrowth said, “Our tech and touch model for POS-based loans enables us to accurately analyze the business potential of an enterprise and offer a tailor-made loan.”

By partnering with Paisabazaar.com, the marketplace leader in the lending space, we aim to further deepen and widen the reach of POS-based loans, he added.

Paisabazaar.com and NeoGrowth have disbursed POS-based loans worth Rs 6 crore to merchants from 10 cities in over a couple of months, the company said in a statement.

This includes Bangalore-based ‘Oye Restaurants’, which received a POS-based loan of Rs 35 lakh from NeoGrowth, within four days of application on Paisabazaar.com, making it the largest POS-based loan disbursal sourced through Paisabazaar, it added.

NeoGrowth was founded by Dhruv Khaitan, Piyush Khaitan in 2010. It is a proprietary technology platform offers unsecured loans to merchants who accept card or other digital payments from customers.

PaisaBazaar offers all a complete spectrum of lending and investment products for retail customers. It has currently partnered with more than 75 partners across lending and investment categories with 300+ products on offer.