This is first of its kind partnership to foster digital loans for millions of small shop keepers & micro entrepreneurs creating a ripple effect on the Indian prepaid market.
HAPPY has announced a strategic partnership with True Balance to provide credit for prepaid, post-paid mobile and DTH recharges to more than 70 million Indian customers of True Balance. Happy has customized a product solution with ticket sizes between Rs. 100 to Rs. 1000.
This is the first time that HAPPY will be disbursing its flagship product ‘Happy Loans’ having ticket size as low as Rs. 100. This is first of its kind partnership to foster digital loans for millions of small shop keepers & micro entrepreneurs creating a ripple effect on the Indian prepaid market. HAPPY has products available on its platform to provide loans to microenterprises and travel players ranging from Rs. 2,000 to Rs. 1,00,000. HAPPY secures credit assessment-related data via its channel partners including remittance platforms such as PoS vendors, Mobile wallet, bank correspondents, e-commerce, travel aggregators etc. This enables the platform to disburse cost-effective loans time-efficiently, having the overall turnaround time as low as 1 minute. The same approach will be followed in True Balance partnership. HAPPY is one of the fastest growing digital lending platforms for micro enterprises. HAPPY reach already expands to 400 cities benefiting over a million micro entrepreneurs through its partners
True Balance is a one-stop payment solution mobile application that provides fast, secure payment options to its users. Some of its offerings include post-paid bill payments, mobile recharges, DTH bill payments, gift cards, P2P payments. True Balance targets financial platform for 1 billion unbanked users who don’t have access to digital payments by providing other various financial services such as insurance, e-commerce, cash loan, etc.
HAPPY’s Founder & MD, Manish Khera, said “HAPPY is on an aggressive expansion spree, given the success of its credit analysis model across a number of market use cases. Since 2017, we have been able to fill in the prevalent data void which used to be a stumbling block for getting credit using our cutting-edge approach despite maintaining lean operations, to minimize the associated risks. Now, the feasibility of our credit analysis model is beyond doubt, thereby helping us to scale the platform on a pan-India level throughout the horizontal market.”
He added, “Our partnership with True Balance couldn’t have been timed any better. We are delighted to join hands with True Balance at this crucial juncture of our market journey.
Commenting on the partnership, Charlie Lee, Founder of True Balance said “India is a potential market for the fintech industry waiting to be tapped with around 1 billion unbanked people yet to be brought under the umbrella of financial inclusion. All our services are meant to empower Indians beyond just the metros and create greater financial inclusion. We are offering for the first time ever, less than Rs.500 recharge loan service to our users. It is designed for the people who need it the most in rural areas. We are delighted to introduce our new fintech service in India in collaboration with Happy.”