Actyv.ai has collaborated with Unity Small Finance Bank to deliver B2B Buy Now Pay Later (BNPL) solutions to SMBs. It offers an AI-based platform with B2B BNPL options for supporting small and medium-size businesses with affordable, and secure BNPL solution.
GL Kumar, Chief Business Officer, Business Banking, Unity Bank, said, “Our partnership with actyv.ai will enable us to utilize a robust AI platform and offer SMBs timely access to credit, thereby helping them avoid supply bottlenecks and shortages in funds”.
Established in November 2021 by Centrum Group and BharatPe, Unity Bank lends to small and medium businesses along with supply chain finance. This partnership between them will help them to use each other’s distribution network and credit appetite for providing AI-based and ring-fence credit to small and medium businesses.
The BNPL market with respect to transaction value was around $4.9 billion in 2022. It is expected to grow at Compound annual growth rate of 32.5% to touch $15 billion in size by the end of 2026.
This increase will be affected by a surge in short term credit demand along with increasing consumer demand for online shopping, according to a data report by GlobalData.
According to Raghu Subramanian, Founder of Actyv.ai said that through sustainable options, the platform will help in enhancing the financial agility and efficiency of all stakeholders.