Sub-K is a digital finance (Fintech) company that offers affordable, accessible and, scalable financial and payment services to BoP segment. Sub-K seeks to bridge the digital divide, and create a ‘financially included’ society, through a robust and widespread retail distribution network and in-house Fintech solutions.
Sub-K is one of the largest companies to disburse funds on behalf of banks. They undertake cash collections and cash rotations responsibility on behalf of banks.
The biggest challenge faced by Sub-K’s agents was cash deposit after banking hours. The problem was severe during the pandemic, when collection & deposit both were hampered.
The following problems were faced by Sub-K agents and customers:
These problems impacted Sub-K’s recovery v/s capital funding.
PayNearby offered two solutions to Sub-K considering their challenges:
These modules helped Sub-K optimize their cash deposit TAT, improve customer service and reduce cash management risk.
Through this solution, PayNearby has helped Sub-K increase cash deposits from ₹1.1 lakhs (per day / month) to ₹76 lakhs (per day / month) in a span of 2 months from launch. Our services have helped Sub-K in their cash management & reduce loss due to intraday cash deposits.
Our seamless collection process has helped Sub-K optimize their collection team operations and reduce mishaps associated with cash management. 700+ Sub-K field agents now use PayNearby platform and collect ₹175 cr in cash on monthly basis.
Sub-K has also displayed tremendous growth to their banking partner, thereby gaining their trust & prospects to grow new market.