Arzooo Credit has prompted an increase in the sales of large appliances like refrigerators, washing machines, and television sets on the platform.
Bengaluru-based fintech FinBox has partnered with electronics retail-tech company Arzooo to extend credit to retailers on the Arzooo platform. Arzooo Credit, the retailer’s Buy-Now, Pay-Later offering, powered by FinBox, will enable it to improve merchant transactions and average order value on the platform.
FinBox BNPL infrastructure, which powers Arzooo Credit, offers a fully embedded in-app experience to borrowers. It offers merchants flexible bullet or installment repayment options over a customizable tenure. The product ensures instant approval and real-time disbursal of credit. Solving the problem of loan ineligibility for small businesses that persists in traditional lending, it utilizes alternative data scores and cash flow insights to underwrite borrowers.
“Our association with Arzooo has helped it close the circuit for its customers by providing everything on its platform – from the variety and competitive prices to logistics and credit. The result is a well-crafted, thoughtful service that promises convenience to the customer and boosts business metrics for the platform. We are thrilled to witness them rake in such impressive numbers and proud to be a part of that journey,” said Rajat Deshpande, CEO, and Co-founder, FinBox.
Arzooo Credit has prompted an increase in the sales of large appliances like refrigerators, washing machines, and television sets on the platform. The platform also logged a significant increase in the registration of sellers.
Rishi Rathore, Co-founder, and COO of Arzooo said, “Together with competitive prices, variety of products and logistical services, credit now helps us come to a huge step closer to our vision of transforming offline retail. We are building the operating system for electronic retail in the country and Arzooo Credit is integral to retail, more so with small and medium retail businesses. Our vision of powering retail with technology necessitates bringing access to seamless credit solutions to retailers which is necessary for them to grow their business. Arzooo Credit is a significant step forward in creating a working capital headroom that will help store owners conduct their business seamlessly.”
The flexible BNPL and embedded credit line options are available to merchants within the app itself. The FinBox-powered credit line uses an alternative data score to ensure cash flow-based lending from a diverse network of lenders. Leveraging this, the platform aims to onboard 50,000 small and medium retail stores across India by year-end. It also expects to expand its operations in western India, focusing on Maharashtra and Gujarat.
FinBox has partnered with multiple platforms such as Arzooo and powers its credit offerings through its digital credit infrastructure which brings together everything from onboarding to risk management in one simple low-code stack. Globally, embedded finance revenues are slated to reach $140.8bn in 2025, a significant jump from $16.1bn in 2020. It enables faster credit decisioning and accounts for borrower data from a variety of sources to disburse in-context loans.
Source: Business World