B2B Marketplace Solv Expanding to Kenya

Financial services firm Standard Chartered is expanding its business-to-business (B2B) marketplace Solv, launched in India two years ago, into Kenya’s eCommerce space.

According to a Business Daily report Thursday (March 3), Standard Chartered Bank Kenya will likely be among the financial partners of the platform, which offers an online marketplace, support services and credit from multiple lenders for small businesses.

Based in the city of Bangalore, India, Solv is wholly owned by Standard Chartered and serves micro-, small- and medium-sized businesses.

Solv says it has signed up 1,000 sellers and 30,000 buyers in India, per the report, who can use its platform to reach new customers. Buyers, meanwhile, can use the platform to source quality products at competitive prices from a range of verified and pre-screened suppliers.

Last month, Solv formed a partnership with Red Bull to help the energy drink maker expand its reach in India.

Read more: Red Bull Partners With B2B Marketplace Solv

The two companies say their collaboration will give retailers, kiranas (corner stores), restaurants and other small businesses that use Solv’s platform one-click access to Red Bull products at competitive prices along with assured delivery and flexible payment terms, without interrupting Red Bull’s traditional distribution channels.

In addition, the partnership will let users of Solv’s platform who buy Red Bull stock use buyer financing provided directly through the platform, thus placing less strain on their working capital and cash flow requirements.

Solv will also provide ambient temperature logistics and material handling, which will let Red Bull and its distributors to deepen their brand marketing and penetration.

Last year, Standard Chartered’s operations in Malaysia formed a partnership with Indian FinTech firm Pine Labs to launch a buy now, pay later (BNPL) product that includes 0% installments on credit cards at the upwards of 25,000 merchants across Malaysia who offer the Pine Labs point of sale (POS) terminal.

See also: Pine Labs, Standard Chartered Malaysia Debut BNPL Offering