Solv Partners With Standard Chartered Bank to Launch MSME Credit Card

Bengaluru, June 26th, 2020:   The Standard Chartered powered Solv MSME Credit Card empowers owners of micro, small & medium businesses with short-term working capital, helping them manage the impact of COVID-19 led slowdown

On the occasion of International MSME Day, Solv, a B2B digital platform for Micro, Small and Medium Enterprises (MSMEs), announced the launch of a credit card tailor-made for the MSME segment, in partnership with Standard Chartered Bank, India. The Solv MSME Credit Card provides business owners with a ready means to meet ongoing business expenses including supplier payments, fuel, logistics, purchase of raw material, utility payments and others working capital outlays, in addition to also leveraging multiple benefits of the Solv platform that helps small businesses trade goods with each other and expand their customer base across India.

Amidst the COVID-19 slow-down led cashflow issues that MSMEs are facing, Solv MSME Credit Card is unique in its timing and host of customisation that allows for short-term revolving credit availability for small businesses and is supported by a leading multinational Bank in India.

The Solv MSME Credit Card doesn’t charge any joining fee to the MSME, and is packed with cashback and reward features tailored for the MSME sector. With this one-of-a-kind credit card, MSMEs can also offset losses due to fuel price hikes by enjoying a 5% cashback on fuel transactions; effectively making more than two litres of petrol free for them on a fuel spend of Rs. 4000 every month.  Additionally, micro & small businesses can strengthen their digital credibility, which is fast becoming a must-have for success in the current business environment.

Commenting on this partnership, Jinesh Shah, MD & Head, Alliances, Partnerships and Mortgages, India, Standard Chartered Bank said, “The Bank firmly believes that MSMEs are the growth engine of the country and will propel India‘s next wave of development. We are committed, along with Solv, to help the MSME sector realise its full potential. Solv’s mission to enable MSMEs digitally and find innovative solutions for their challenges progresses further with the introduction of this affiliate credit card and we are happy to partner with them in this important initiative.”

Speaking about the Solv MSME Credit Card, Nitin Mittal, CEO, Solv said, “The Solv MSME Credit Card is another step in our continuous endeavour to help MSMEs overcome their growth challenges. This credit card will help small business owners tide over immediate crises such as paying for daily expenses and logistics costs with ready access to funds from a reputed, reliable partner at an affordable rate. In the long run, it will empower them to do much more with their businesses by giving them the freedom that comes with having enough liquidity at one’s disposal.”

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