BetterPlace wants to make 10 million workers creditworthy by 2025

Pravin Agarwala, co-founder and group CEO of BetterPlace / Photo credit: BetterPlace

BetterPlace, an India-based software-as-a-service and workforce management platform, has launched BetterPlace Money, which will enable enterprises to provide frontline workers with easy access to short-term loans at low interest rates.

It offers customizable repayment plans to suit workers’ needs, facilitating their eligibility for formal credit and other benefits, according to a statement.

The aim of this new initiative is to make over 10 million global frontline workers creditworthy by 2025.

The company plans to extend its services to cover the Asia-Pacific and Gulf Cooperation Council regions in the coming months. It also aims to partner with banks and non-bank financial companies in the next two years to offer products such as early wage access, microinsurance, and microinvestments.

“While lack of reliable data and high cost of servicing this segment has prohibited the supply of credit, lack of financial awareness among frontline workers has also restricted the demand,” said BetterPlace co-founder Pravin Agarwala.

Recently, BetterPlace also acquired Troopers, a Malaysian firm that specializes in part-time staffing and recruitment services, for an estimated US$15 million to US$20 million.