Finja Lending Services, a subsidiary of Finja; the new-age financial organization, recently announced its partnership with BlueEx for credit collection for the Karyana store/MSMEs (Micro, small and medium enterprises) segment of Pakistan. This will help ease and digitise the cash collection process for these businesses as outstanding invoices can be collected before they become overdue.
This local Karyana store network is an underserved segment that struggles to avail credit services from financial institutions and to maintain inventory specially during the pandemic led lockdown period in the country. Finja aims to digitally transform this sector by providing accessible financial services to empower this most important player.
Mr. Kamran Zuberi (CEO FLS) remarked, “We look forward to taking this partnership forward by enabling lending options across the BlueEx business value chain by providing B2B credit line to to BlueEx; individual loans to SMEs as well as advance payments to BlueEx merchants at the time of order pick up using Finja's advance credit engine and proprietary machine learning.”
Mr Hasan Mubarak (Head of Collections & Alliances) added, “Building collaborations with dynamic partners like BlueEx will help Finja in growing its business exponentially and unlocking value for both companies. Through our combined lending and logistics offerings we can explore new avenues for the benefit of our customers and strive towards our shared vision of a digitally enabled Pakistan.”
Moreover, more areas of potential collaboration are also being explored. BlueEx has signed up for Finja Business, a platform to operate all business operations such as payments, disbursements, e-invoicing/collections for their employees, vendors, suppliers and partners and use it as a digital collection tool. Furthermore, BlueEx employees are offered Finja’s credit line backed Finja card which will allow them the financial freedom to cater to their spending needs anytime.
Both parties are fully committed to working together to explore greater opportunities for digitization.
FINJA, founded in 2016, is backed by leading global venture capital funds including Swedish - Vostok Emerging Finance, BeeNext, a Japanese VC firm and Quona Capital from the United States of America. It is the only fintech company in the country to have acquired an in-principle EMI commercial pilot approval from the State Bank of Pakistan and a NBFC license from the Securities and Exchange Commission of Pakistan.
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