Siply, a 7 million-user tech-enabled micro-savings platform, today announced a partnership with MoneyWide, a fintech lending platform, to offer Siply users paperless and instant personal loans at its physical branches. Through this collaboration, Siply hopes to disburse more than 10,000 loans worth 100 crore by FY24.

According to the firm, the fintech aims to reach more than 400 million Indians in its target demographic of middle-income earners and underserved masses such as contract workers, blue-collar workers, gig economy workers, and small business owners.

MoneyWide is a digital lending application that uses proprietary technology to provide 100% digital, paperless, and instant personal loans. MoneyWide is a subsidiary of the PB Fintech Group, which also operates the marketplaces Policybazaar and Paisabazaar.

“Our partnership with MoneyWide is a significant step towards fulfilling our mission, as we aim to provide paperless and instant personal loans to our users through our phygital branches. With a target of disbursement of nearly 10,000 loans, we are committed to bringing sachet financial services to the masses and bridging the gap in the financial landscape of India," said Sousthav Chakrabarty, CEO & co-founder, Siply.

Siply recently acquired myPaisaa's advanced new-age chit platform for $7.5 million, adding new offerings to the platform's suite of financial services, which includes Digital chits, Siply Gold Savings Scheme, Siply Gold Jewellery Scheme, Chhotastock, and more.

Siply also has a micro-credit service, which was launched in July 2021 and has disbursed over 2.43 lakh loans totaling more than 230 crores.