Happy Loans, Mswipe disburses 12,000 loans to MSMEs in 15 months

New Delhi, Sept 4 (KNN) In partnership with Happy Loans, Mumbai based merchant acquiring Mswipe has disbursed close to 12,000 loans to MSMEs in last 15 months.

The average loan value stands at Rs 31000 and together, they aim to disburse loans worth Rs 750 cr. to small and micro merchants on the Mswipe platform, by end of the financial year 2020. 

Before sanctioning the loans, Happy Loans evaluates merchants across 100 variables.

The two primary criteria that are majorly used to evaluate merchant profile includes Mswipe Risk Score (a score generated based on analysis of transaction patterns of merchants on Mswipe’s terminals) and the Mswipe Merchant Profile(leverages artificial intelligence and machine learning to generate a detailed merchant profile.)

Happy Loans provides payback options the amount can be deducted from the payments they receive through Mswipe terminals.

The company said that almost 50% of these merchants hail from Tier 2 and Tier 3 cities. Some of the cities where loans have been disbursed include Nagpur, Bhilai, Lucknow and Solapur. 

Mswipe, Chief Executive Officer, Manish Patel, said that of the 25-30 million small enterprises in India, the vast majority are just beginning to establish a digital profile.

At Mswipe he said “we are passionate about creating digital solutions that can help small merchants grow their business and their families’ well-being. Offering easily accessible credit in a responsible way, through our partnership with Happy, is a perfect fit for our mission and growth strategy.”