Dynamic duo behind Easy Pay
Some things are meant to be. Even with both hailing from the entrepreneur-spirited state of Gujarat, the dynamic duo of Nilay Patel and Vaibhav Joshi met all the way down under in Australia while studying, and bonded for life over a game of snooker.
Having lived in Australia for nine years, Nilay realised there is a huge gap between small enterprise operators in India versus those in developed countries, where modern tech and banking ecosystems are easily available. After completing his Engineering and graduating from the Charles Sturt University, he decided to explore the retail sector and felt the need to conceptualize and eventually launch Easy Pay in 2014. “Offering services and helping organise MSMEs and retailers made me feel like I was creating financial inclusion for all,” recalls Nilay.
In 2022, Vaibhav came onboard as Co-Founder and CEO. An alumnus of the University of Ballarat and ISBT Business School, he has spent over two decades in the BFSI sector witnessing incredible highs and important learnings. “There is immense opportunity in digital lending and growing fintechs in the consumer segment. Our aim is to change the services being offered to MSMEs in India via Easy Pay’s embedded finance Neobanking platform that offers a complete banking experience to MSMEs, rendered in a true-blue digital manner within the regulatory framework, all at a finger’s touch,” he reveals.
Easy Pay is known and celebrated across the industry as being a disruptive and empathetic fintech player with over 4 million downloads and more than 2.5 million users across the country. Their aim is simple – to be a One-Stop Shop for all MSME financial needs.
More than $1 Bn in investments were made in digital lending and the market is expected to grow to $515 Bn by 2030. The key challenge here is to understand their business environment and unique credit needs. “We have a scalable business model, wherein onboarding of new merchants is quick and secure. We stand out for our indigenous Credit AI engine used to scrutinize merchant creditworthiness and maintain 0% delinquency rate, to benefit our NBFCs. We also provide unique VAS such as operational notifications and business projection based on the user’s credit pattern,” details Vaibhav.
Be it business or personal, they aim to be the #1 choice with 1 Mn active merchants in the next 12 months. “We understand the psyche and needs of the customer operating in the outskirts of Gurgaon or the Surti businessman in Katar Gam who wishes to seek a loan to expand. With a single click, you can make payments, transfers, receive a loan, and reap the benefits of personal digital banking. We’re proud to say we are the first and fastest growing Neobanking platform for MSMEs in the country,” adds Nilay.
Fuelling the growth of MSMEs will have a ripple effect on the socio-economic development of a country like India. In that regard, Easy Pay is creating an impact where it matters – empowering the segment that contributes upto a 32% of the country’s GDP by bringing them into the formal banking and financial services fold, a sector where the formal institutions often shy away due to non-availability of credit score. “We hope to align our growth journey with the vision of Digital India and the economic progress of the MSME sector, which in turn will financially empower the nation,” say the duo with pride.
They both make it a point to credit their family for unwavering support which is often the backbone of building a business. “I have a very supportive family and I understand the value of my time with them. Commitment and time management are two critical aspects for a long successful stint. But having a clear vision, razor-sharp focus, and unwavering commitment to achieve our goal has kept us steadfast,” says Vaibhav. Recalling the pandemic when family was the center of our living, Nilay adds, “Amidst the pandemic, challenges at work and home seemed to blur even more, but a balance can be achieved with conscious decision-making and prioritization.”
Innovative and adaptable, both Nilay and Vaibhav are passionate about building businesses that influence positive social change, as well as mentoring potential leaders of tomorrow. “Our endeavor is to create a culture of growth, knowledge and success within the organization. We see many youngsters who are content in following pre-set patterns of work and do not have the drive to challenge the status-quo. But the best way to learn is to step out of your comfort zone and try something different. Change helps us grow, learn and move forward for our betterment and for the greater good,” they say in unison.