Small businesses are the heart of developing economies, but for millions of entrepreneurs in emerging countries, the lack of access to formal financial services has become a major bottleneck. LIRIDI, a London-based startup, is aiming to change this by providing a Buy Now, Pay Later platform that connects micro-business owners with local merchants and financial institutions. By empowering small-scale entrepreneurs with access to credit and affordable financing solutions, LIRIDI is enabling sustainable economic growth in some of the world’s most underserved markets.
What is LIRIDI?
LIRIDI is a digital platform that provides purchase financing for micro-business owners and entrepreneurs in emerging economies. Founded in 2019, LIRIDI’s goal is to create a global cloud-based platform that connects underbanked micro-business owners with domestic merchants and local financial institutions. LIRIDI’s pilot market is in Sri Lanka, where the company has established a local subsidiary and a core team with extensive experience in the local micro-finance market.
What makes LIRIDI unique?
LIRIDI’s platform leverages technology to enable seamless and secure purchase financing for micro-enterprises, while also providing a range of benefits for merchants and financial institutions. The LIRIDI App, which is available for Android, makes it easy for micro-business owners to get goods and services whenever they need them and at a fair price. By using LIRIDI’s mobile application, micro-business owners can pay for purchases later, bypassing the need for costly loans or traditional credit.
How does LIRIDI benefit merchants and financial institutions?
LIRIDI’s platform also helps local merchants and financial institutions to better serve their customers. By joining the LIRIDI network, merchants can offer their customers access to flexible payment options, which can help boost sales and increase customer loyalty. At the same time, financial institutions can tap into LIRIDI’s platform to reach new customers and reduce the risks associated with lending to small-scale entrepreneurs.
What is LIRIDI’s impact on communities?
LIRIDI is making a significant social impact by providing affordable and accessible financial services to micro-business owners and entrepreneurs, who often face significant barriers to entry into formal financial systems. By partnering with local organizations and designing financial health and digital education programs, LIRIDI is helping to build more resilient and prosperous communities, where entrepreneurship and innovation can thrive.
LIRIDI is changing the game for micro-enterprise financing in emerging countries. By leveraging technology and innovation, LIRIDI is empowering small-scale entrepreneurs to grow their businesses and contribute to the development of their communities. With a team of experienced professionals and a clear vision for the future, LIRIDI is well-positioned to make a lasting impact on the lives of millions of people around the world.
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