It was only established in 2013, but small business bank SMERGERS, based in India, already has its sights set on the world.
On Wednesday (Feb. 17), that vision came closer to reality as the bank announced that it is launching operations in the U.S., U.K., Canada, Australia and the U.A.E.
In its announcement, SMERGERS said it hopes to expand its business model of small business banking disruption into new jurisdictions. The bank specializes in providing an online platform for SMEs interested in selling their businesses and a portal through which business owners can connect to potential investors, acquirers and advisors.
“With our impact in the Indian market, we are excited to bring our platform to the international SME and investor community,” said SMERGERS CEO Vishal Devanath in a statement. “When it comes to financing, investment management, buying a business or selling a business, SME business owners are left on their own.”
He added that SMERGERS and its team provide the support these entrepreneurs need when seeking investment or takeovers and that the bank’s team was built to have the expertise about the new markets into which SMERGERS is entering.
SMERGERS is used by small and medium-sized businesses in India to connect with buyers, venture capitalists, other banks, other companies, investors and other players. According to reports, the platform streamlines the process of finding the right resources to support and fulfill a deal.
“Many businesses we spoke to stay away from other online business-for-sale classified marketplaces, due to the risk of fraudulent users and information leaks,” the CEO continued. “To combat this problem, we regulate the marketplace to ensure interactions between genuine businesses and investors.”
Devanath added that SMERGERS has already had early success with SMEs not based in India using the platform and that the platform has built a network of strategic partners in its newest markets to fuel the global expansion.