Tally Solutions, a leading digital solutions provider, is set to launch its account aggregation platform, ‘TallyEdge,’ with a target of onboarding 20 lakh users within the next three years. While primarily targeting MSME users, the platform is also available for individual users, aiming to streamline access to formal lending and bridge gaps between financial institutions and borrowers.
The Bengaluru-based company, known for its digital accounting platform, currently boasts an overall user base of 25 lakh individuals and businesses. With a robust 75% market share in the business management software sector nationwide, Tally Solutions seeks to leverage TallyEdge to extend support to MSMEs grappling with challenges in accessing formal lending channels.
Samir Dixit, General Manager of the West Zone, emphasized the significance of Maharashtra in Tally Solutions’ operations, stating, “With TallyEdge, our goal is to further extend our support to MSMEs facing challenges in accessing formal lending.”
The account aggregator’s addressable market comprises 2.5 crore MSME units operating across the country. TallyEdge is poised to simplify the lending mechanism, facilitating faster inter-bank movement of financial data for account holders. Dixit explained, “It will ease the lending mechanism and bridge the gap between the financial institutions and borrowers.”
Tally Solutions received operational licenses from the Reserve Bank of India (RBI) to operate as an account aggregator. The RBI’s approval aligns with its efforts to enable rapid inter-bank movement of financial data with user consent. The cumulative accounts linked on all account aggregator systems stood at 5.3 crore as of March, with a total of 5.6 crore consent requests fulfilled to share financial data as of February, according to data on Sahamati, an industry alliance platform.
