Washington D.C., November 21 2022 – Progcap joins the SME Finance Forum as the newest member of our global membership network. Our members are SME financing experts from 80+ countries who share the common goal of expanding access to finance to small businesses worldwide through knowledge exchange and innovation.
“When we started in 2012, we were in an exploratory phase for the first few years. Since 2016, we’ve been implementing our mission to build a global membership to support better SME financing, and since then, we’ve established a network with over 240 active member institutions, which operate in over 190 countries sharing the common purpose of helping under-served enterprises. We are delighted to welcome Progcap to further grow our mission.” said Matthew Gamser, CEO of the SME Finance Forum.
Progcap, a leading fintech in supply chain finance, is solving for the credit, technology, operational and financial gaps in the $800 Bn general trade channel in India. The Company is systematically addressing all the banking needs of the distributor-retailer segment by offering them well-structured financing products akin to their business needs. Progcap envisions itself as the “Operating System” at the intersection between the Distributors and Retailers, providing an end-to-end platform that powers finance and technology solutions to empower last mile merchant and trade retailers. The Company is also solving for the payments, software, accounting, business Insights and ordering & inventory management requirement of the merchants thereby helping them to grow their business
Progcap has demonstrated exceptional growth trajectory and has facilitated working capital credit of over $1.5 billion till date. The Company has partnered with 75+ anchors including key fortune 500 brands and has over 800,000 retailers on its platform. Progcap has successfully navigated through the Covid period and has grown 15x+ across key metrics in the last 2 years while maintaining best in class asset quality with NIL write-off. The company has raised in the excess of $100 Mn and is backed by the likes of Google, Tiger Global, Sequoia Capital, Creation Investments, GrowX and Beams
"By joining the SME Finance Forum, we hope to gain access to a vast network of other peer fintechs, and participate in member working groups”, said Himanshu Chandra, Director of Progcap.
About SME Finance Forum
The SME Finance Forum was established by the G20 Global Partnership for Financial Inclusion (GPFI) in 2012 as a knowledge center for data, research, and best practice in promoting SME finance. As an implementing partner for the GPFI, the International Finance Corporation (IFC) was tasked with managing the initiative. The Forum operates a global membership network of +240 members that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs.
To see all SME Finance Forum members, please visit: https://www.smefinanceforum.org/members/member-list
Fintech and AI company specialized in identifying and underwriting small businesses, generating credit score using alternative data. Progcap aims to be the first full-stack retailer-focused digital bank in India.