Kinara Capital, a fintech that promotes MSME financial inclusion in India, won two international prizes at the Global SME Finance Forum 2024 in São Paulo, Brazil. Kinara Capital received the Platinum Award in the NBFI, MFI, Fintech Global category and the Silver Award in the SME Financier of the Year—Asia category. Kinara Capital has been recognised for encouraging MSME growth in India and displaying innovation and leadership in expanding financial inclusion.
The Global SME Finance Forum is an annual event organised by the SME Finance Forum, an initiative under the G20 Global Partnership for Financial Inclusion (GPFI), and managed by the International Finance Corporation (IFC), a World Bank member.
Speaking on the remarkable achievement, Hardika Shah, Founder & CEO of Kinara Capital, said, “We are deeply honored that Kinara Capital won the SME Financier of the Year in both the Global and the Asia categories from SME Finance Forum and IFC. These recognitions affirm our role in revolutionizing MSME financing and our commitment to uplifting the underserved small business entrepreneurs in India. We have remained unwavering from our mission of MSME financial inclusion and will continue to deliver innovative solutions empowering MSMEs to thrive and contribute to India’s economy.”
India has the second-largest MSME sector in the world with over 63 million MSMEs that contribute to nearly 30% of the country’s GDP. The World Bank has identified the MSME credit gap in India to be at over USD 400 billion which presents a large opportunity to drive impact.
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Kinara Capital’s multilingual myKinara App and doorstep customer service make credit more accessible to underserved MSMEs, allowing them to go from loan inquiry to loan disbursement within 24 hours. Kinara Capital has moved away from relying solely on credit agency scores and property collateral to determine creditworthiness. Instead, its own AI/ML data-driven credit decisioning technology makes correct loan judgements based on over 100 different characteristics. This technology-enabled credit assessment also removes human prejudice from the process, which has proven particularly useful for female entrepreneurs.
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