New Delhi, February 21, 2023: Buildd, a Pune-based embedded finance API & Banking-as-a-Service (BaaS) platform has announced its association with BuzzWomen, a not-for-profit organization that provides financial, management, and entrepreneurial skills to rural women. With this platform, Buildd is all set to offer WhatsApp-based microfinance programs to a large segment of women entrepreneurs in rural areas in association with Banks & NBFCs.
In the last seven years, BuzzWomen has touched the lives of 3 Lakh women who have shown a 115% increase in their savings post-Buzz’s intervention. 95% of these women today shun money lenders and choose services of formal financial institutions while 20% of them have become entrepreneurs. Buildd has taken a step ahead to support them via Buildd’s WhatsApp-based microfinance Product platform, the entire journey of a loan is completed on the WhatsApp interface & is customizable in local languages.
Commenting on the development, Mr. Sachin Gaikwad, Founder & CEO, Buildd said, “We are glad to be part of such an inspiring & amazing journey, that is helping women of our country towards a better future. Buildd stack helps multiple lending partners be it a Bank or NBFC to use WhatsApp lending stack in a compliant manner & brings in the scale of operations with risk control”. We are the first to get this product out & have already received tremendous response to build more product use cases on top of it.
At Buildd we strive to create value differentiation via creating end-to-end new-age products & tech. We collaborate with Banks, NBFCs & FI’s, while bringing them new business & increasing their revenue, Buildd too gets a part of the revenue share from its product stacks. We have been working on the BuzzWomen program for the past couple of months, it is now functioning at scale, with an outreach of 3 lakh women entrepreneurs I see this as becoming one of the biggest milestones in Women entrepreneurship.”
Commenting on the association, Uthara Narayanan, Chief Change-maker (CEO), Buzz India Trust said, “Apart from how beneficial the financial impetus is to the rural women entrepreneurs, it is fascinating how the entire process is digital. From verification of the CIBIL score to allotment of the loan, to repayment of the loan, everything happens online. The women got the loans from the comforts of their homes, without having to run behind processing any paperwork. It brings us great joy to see rural women who run small businesses like petty shops or tailoring shops, getting such support. Breaking the barriers of access to financial support helps these women progress and prosper faster.”
The company has been rapidly developing industry-specific financial products & has lined up a series of big launches in the coming month, one of the flagship products coming out is an “offline or physical stores checkout finance” product in association with multiple large Banks & NBFCs.