Buildd Associates with BuzzWomen to Provide WhatsApp based Microfinance Program

2024-11-24 11:24:56 News & Society

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New Delhi, February 17, 2023: Buildd, a pune-based embedded finance API & Banking-as-a-Service (BaaS) platform has announced their association with BuzzWomen, 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 loan is completed on 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 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 revenue share from its product stacks. We have been working on the BuzzWomen program since 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 home, 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 "offline or physical stores checkout finance" product in association with multiple large Banks & NBFCs.

About Buildd:

Buildd is a developer-first tech platform founded in 2021, their DIY BaaS & embedded finance sandbox permits fintechs, B2B/B2C SaaS enterprises, D2C aggregators, B2B ecommerce platforms, NBFCs, Banks, to design their products in a plug and play manner and go live faster. The "Buildd stack" provides customized SDKs & APIs as a white label solution for all things finance ? virtual cards, deposit accounts, credit lines, receivables factoring, B2B payments, KYC/AML compliance management, onboarding, escrow and more, providing not only a native white label software but also a comprehensive finance product solution. Buildd has network of multiple banking partnerships & committed capital lines from Banks

The company had raised an oversubscribed round 12 months back, and within a short span of time established itself as one of the leading Embedded finance & Banking-as-a-Service (BaaS) platforms with its potent combination of vertical FinSaas modules. They have onboarded several prominent partners via their Whatsapp based microfin flow, EASY EMI Stack, Fund transfer, Creditline APIs, and have built up a robust pipeline for the upcoming Escrow and Card-as-a-Service products. For further information please visit buildd.in.

About Buzz Women:

Buzz Women is a not-for-profit organization based in Bengaluru that provides financial, management and entrepreneurial skills to rural women from economically challenged backgrounds. Our mobile academy buses reach remote villages to train women in finance, entrepreneurship, and personal development, followed by a long-term behavioral change intervention. In the last seven years, Buzz has touched the lives of 150,000 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. Our model has also proved its success in The Gambia, and we believe that our approach can become a game-changer in achieving the first Sustainable Development Goal of 'No poverty'.