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Digital lending platform FlexiLoans acquires Mumbai-based CreditPeriod.com

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In a bid to strengthen its supply chain financial vertical, digital lending platform FlexiLoans has acquired Mumbai-based CreditPeriod.com.

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Though the financial details haven't been disclosed, as a part of the deal, the co-founder of CreditPeriod.com, Venkatesh Viswanathan will be joining the FlexiLoans team and drive the supply chain finance initiatives.

Founded in 2015, CreditPeriod.com is a Mumbai-based Fintech startup that helps SME buyers to procure goods or services on credit while ensuring the sellers get their money upfront, thereby eliminating credit risk and enabling instant liquidity.

Deepak Jain, co-founder of FlexiLoans, said: "This acquisition strengthens our position in the deeply underserved supply chain market for the SME ecosystem as well as enabling us to underwrite loans using real-time ERP integration with SMEs to solve the credit trust problem."

FlexiLoans caters to the working capital needs of unserved and underserved SMEs across the country. Last year, the company raised Rs 100 crore from a set of investors including Sanjay Nayar, CEO of KKR India, Anil Jaggia former CIO of HDFC and Vikram Sud, former head of operations and technology at Citibank.

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