Financial services company Standard Chartered is expanding its business-to-business (B2B) marketplace Solv, launched in India two years ago, to Kenya‘s e-commerce space.
Standard Chartered Bank Kenya is likely to be among the platform’s financial partners, which offers an online marketplace, support services and loans from multiple small business lenders, according to a Business Daily report on Thursday (March 3).
Based in the city of Bangalore, India, Solv is wholly owned by Standard Chartered and serves micro, small and medium-sized businesses.
According to the report, Solv has signed 1,000 sellers and 30,000 buyers in India who can use its platform to reach new customers. Meanwhile, buyers can use the platform to source quality products at competitive prices from a range of verified and pre-vetted suppliers.
Last month, Solv partnered with Red Bull to help the energy drink maker expand its reach in India.
Continue reading: Red Bull cooperates with B2B marketplace Solv
The two companies say their collaboration will provide retailers, kiranas (corner shops), restaurants and other small businesses using Solv’s platform one-click access to Red Bull products at competitive prices, as well as secure delivery and flexible payment terms without interrupting Red Bull’s tradition of distribution channels.
In addition, the partnership will allow Solv platform users who buy Red Bull stock to take advantage of buyer financing provided directly through the platform, placing less strain on their working capital and cash flow requirements.
Solv will also provide ambient temperature logistics and material handling, allowing Red Bull and its distribution partners to deepen their brand marketing and market penetration.
Last year, Standard Chartered’s Malaysian operations partnered with Indian fintech Pine Labs to launch a Buy Now, Pay Later (BNPL) product that offers 0% repayments on credit cards at more than 25,000 merchants across Malaysia offering the Pine Labs point-of-sale (POS) terminal.
See also: Pine Labs, Standard Chartered Malaysia debut BNPL offering