Aims to onboard and digitise 2000–4000 MSMEs annually.
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Created to serve the tailored needs of MSMEs across an array of sectors, including FMCG, pharma, agriculture, e-commerce, and others
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Primed to cater to MSMEs in the Gulf regions such as Saudi Arabia, the UAE, Qatar, and Oman
Mumbai, October 2023: Safexpay, a leading digital payments company, launches NeuX, an enhanced neobanking platform for MSMEs, corporates, and B2B businesses. The new platform aims to solve multiple challenges and digitise the entire business operation. Its objective is to digitally transform the B2B payment and workflow landscape by offering a comprehensive banking and payment management system. The company targets 50–70 million merchants (distributors and retailers) in the key sectors to provide a comprehensive B2B digital solution.
Safexpay aims to onboard 2,000–4,000 MSMEs and B2B businesses across the country annually. Additionally, the platform has been developed to manage approximately ₹1 billion per year in payment transactions.
In the B2B payment landscape, challenges include managing multiple partners with complex ERP and banking relationships, high integration costs imposed by traditional banks and B2B players, the persistence of outdated payment modes despite numerous players, and a lack of comprehensive solutions that cater to all parties’ needs. NeuX tackles these challenges while serving as a comprehensive B2B platform, facilitating seamless payments through payouts, and introducing a value-added services layer atop existing payout platforms.
It provides businesses with access to superior integrated technology that simplifies operations, encompassing purchase and sales management, inventory control, and taxation. This signifies the onset of a new age in digital business. Customised to the requirements of companies aiming to scale their operations, improve efficiency, and enhance security, NeuX offers a comprehensive solution.
Ravi Gupta, Founder and CEO of Safexpay, shared his views about NeuX’s launch, stating, “NeuX marks a significant step towards consolidating the digital payments ecosystem under one roof, enabling businesses to efficiently manage workflows and other critical tasks. We aim to extend this service to businesses that will assist in accelerating their growth along with the country’s growing economy. With India being home to over 60 million MSMEs, we are committed to empowering them in their transition from offline to online operations, thereby streamlining their business processes. MSMEs contribution to India’s economy is immense. As they grow, they contribute on a larger scale. By guiding and supporting them with digital payment tools, the economy can benefit from increased employment, innovation, and entrepreneurship.”
NeuX has been designed to serve the tailored needs of MSMEs across an array of sectors, including FMCG, pharma, agriculture, e-commerce, and others. It even caters to entities with or without supply chain modules, making it a versatile solution for those looking to digitise their workflows. Unlike conventional neobanking services limited to payouts, it provides a holistic value-added service like a B2B workflow management solution that guides businesses through purchase creation, inventory management, and product and service sales. While payments remain pivotal, NeuX transcends this role, serving as a vital enabler of a seamless and uninterrupted business journey.
While designed for Indian MSMEs, it is also primed to cater to MSMEs in the Gulf region, namely Saudi Arabia, the UAE, Oman, and Qatar. Safexpay recently announced its venture into the GCC region—Saudi Arabia, Oman, and Qatar—to offer white-labelled payment aggregation, payout solutions, and contactless payments. It pledged to invest $8–10 million in the GCC region and expects an annual growth rate of 80–100% by 2025.
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