Happy- India’s fastest-growing digital lending platform offering small & short-term business
loans to MSMEs in India using alternate data. HAPPY is an API-based digital lending platform, aims to reach 1 million customers by the end of 2023, with at least 40% of them being new to credit, thus inching closer to its vision of bringing the credit-invisible micro-MSMEs into the formal credit ecosystem and accelerating the nation’s inclusive growth agenda. Founded in 2016, the company has partnered with multiple merchant aggregators (POS vendors, BC network, E-commerce platforms & more) to enable their merchants with instant loans. They are in-house funded with 21 million dollars.
Overview of Happy’s history and the elements that led to the creation of a digital lending platform.
Happy was established with the intention of addressing the difficulties MSMEs (micro, small, and medium-sized companies) have in obtaining funding. The founder recognised the need for a digital lending platform that could slash red tape and speed up the loan application process for MSMEs. Happy was created to give businesses easy access to capital, facilitating their expansion and success, by fusing cutting-edge technology, data analytics, and a strong understanding of the MSME sector.
Happy, a neo-msme platform, what are its expertise, and the services it provides.
Happy is a unique neo platform that focuses on offering MSMEs digital lending options. Happy provides a variety of services catered to the specific requirements of MSMEs by utilizing cutting-edge technology and in-depth industry expertise. They consist of simple loan applications, prompt approvals, adaptable repayment plans, and attentive customer service. Happy seeks to provide MSMEs with the financial resources they require to prosper and contribute to the economy by expediting the lending process.
How does the platform safeguard the privacy and security of customer data?
Happy provides the security and privacy of client data of the utmost significance. The platform has strict security controls to protect private data. To prevent unauthorized access to consumer data, sophisticated encryption algorithms and secure data storage technologies are used. In order to provide its users with the highest level of privacy and security, Happy also complies with strict data privacy legislation and continually makes investments in a solid cybersecurity architecture.
How fintech can leverage MSME lending more thoroughly than banks.
When it comes to MSME lending, fintech platforms have a distinct advantage over traditional banks. Fintech businesses can effectively collect and analyze enormous amounts of data by utilizing technology, which enables them to make loan choices more quickly. Fintech platforms may assess the creditworthiness of MSMEs more thoroughly by taking into account aspects outside of conventional financial statements according to this data-driven methodology. Additionally, fintech businesses frequently practice lending in a more flexible and agile manner, customizing their services to the unique requirements of MSMEs.
How fintech platforms like Happy are bridging the credit gap for MSMEs in India.
In India, fintech platforms like Happy play a crucial role in bridging the credit gap for MSMEs. Small businesses frequently find it difficult to obtain loans from traditional banks because of their strict lending standards and protracted approval procedures. Happy provides a simple and accessible option with its online loan platform. Happy is able to assess the creditworthiness of MSMEs more effectively, make lending decisions more quickly, and give a bigger number of companies access to the capital they require to expand and succeed.
The expansion and growth plans of the brand?Â
Happy has big goals for development and growth. The platform aims to expand its services to previously neglected areas in India in order to reach more MSMEs there. Happy also plans to launch cutting-edge financial services and products to meet the changing demands of MSMEs. The business intends to establish strategic alliances with key players in the sector and take advantage of technological breakthroughs to continuously improve its products. Happy wants to lead the nation’s MSMEs in digital financing by focusing on scalability and customer-centricity.
Happy aims to provide neo banking features in near future and revolutionize the banking experience by offering its users seamless digital financial services. The brand strives to improve people’s financial lives by offering monetary services along with advanced technology, accessible user interfaces, and a customer-centric philosophy.
Revenue model and profits earned by the brand?Â
Happy makes its revenue while providing value to its consumers by making sure that interest rates are competitive and that the cost structure is clear. The platform’s streamlined procedures and effective digital operations help reduce costs, which raises profitability even more. In order to diversify its revenue streams, Happy also looks at options for strategic alliances and partnerships. The platform anticipates achieving sustainable profitability while establishing long-term value as it continues to diversify its customer base and product portfolio.
Happy also plans to expand its service portfolio by offering other financial services like prepaid expense cards, insurance etc.
