mewt, a enterprise banking aggregator, onboards 125K Indian MSMEs; Poised to achieve 1 mn small companies by 2022-end

●      Simplifies enterprise banking by unifying all financial institution accounts underneath one supercharged account

●      Hits the milestone of 1 million transactions, $25 million transaction quantity in simply 2 months

●      Reaches small companies throughout 531 tier-2 and tier-3 cities throughout India

Bengaluru: mewt, the first-of-its-kind enterprise banking aggregator for MSMEs of Bharat, in the present day introduced that it has efficiently onboarded 125,000 MSMEs on its platform inside a span of simply two months (Jan-Feb 2022). mewt simplifies enterprise banking by unifying state-run banks, personal banks and neo-banks underneath one supercharged account. The corporate has additionally asserted its intention to achieve 1 million small companies throughout India by the tip of 2022.

For the nation’s 80 million+ SMEs, inconsistent money movement makes it difficult to deal with payables resembling cheques and EMIs, forcing these small enterprise homeowners to borrow short-term credit score from family and friends typically. Greater than 80% of the small and medium-scale companies surveyed by mewt had been discovered to be writing cheques, growing their probabilities of bouncing attributable to unsteady money movement. mewt’s tremendous account eliminates these challenges by offering a one-stop-shop banking expertise with a compiled view of all financial institution accounts, the power to pay in a single go from all financial institution accounts, planning bills by monitoring loans and EMIs, in addition to the issuance of limitless post-dated digital cheques.

Mewt’s supercharged account unifies state-run, personal and neo banks

The Bengaluru-based firm, based by entrepreneurs Rishabh Jain and Kushal Prakash, has witnessed a transaction quantity of $25 million in these two months and is at the moment including over 3,000 new MSMEs each day to their platform.

Commenting on the corporate’s development, Founder and CEO of mewt, Rishabh Jain, mentioned, “Each my mother and father run small companies, so I’ve been witness to the form of points they face and the shortcomings within the monetary providers at conventional banking establishments. I realised there was an enormous hole between the company banking choices and the necessities of the SMEs. By way of mewt, small companies are enthusiastic about having a private banker on their telephones at their fingertips. This can be very encouraging to see the good response we have now obtained from small companies throughout the nation’s 531 tier-2 and tier-3 cities. We look ahead to making enterprise banking a no brainer for MSMEs of Bharat.”

In 2021, mewt raised over $500,000 seed capital from BEENEXT and a slew of angel buyers. Remarking on mewt’s fast development, Anirudh Garg, Investor at BEENEXT, added, “Enterprise privilege banking is at the moment reserved within the nation for under massive enterprises. With the facility of know-how, mewt is unlocking the door of high-quality enterprise banking for SMEs who don’t must be monetary specialists to make use of the platform. The corporate’s development is a testomony to the crew’s deep understanding of Indian SME wants and the necessity for a fintech unifier resembling mewt.”

As a part of its development plans, mewt appears to increase its crew with new expertise who’re devoted to constructing merchandise for Bharat. Within the coming months, the corporate plans to make its app obtainable in a number of regional languages throughout the nation to be able to make it extra accessible to small enterprise homeowners.