New Delhi, Sept. 17 -- SMFG India Credit (SMICC), a non-banking financial company (NBFC), has announced a partnership with PhonePe to provide collateral-free loans to merchants on the digital payments platform.

The alliance will enable SMICC to extend Merchant Cash Advance (MCA) facilities to registered traders, particularly those in Tier-2 and Tier-3 towns, with the aim of improving access to working capital.

Ajay Pareek, Chief Business Officer, SMFG India Credit, said the collaboration would help widen the reach of its financial solutions to India's self-employed and small business community.

"By leveraging PhonePe's extensive network and our tailored financial products, we aim to empower these businesses with the capital they need t...