Fast Emerging Fintech Companies On Indian Turf - Tech and Environment

Technology has expanded at a fast pace in recent years taking every field of human activity in its fold and (needless to mention) banking and finance is not left untouched and innovation has tapped upon it, only to uncap tremendous potential functionality. In such strive, even India, as a fast emerging hub of technology is not far behind and in almost every area, technology has great impact felt. Referring to Banking and Finance, consumers have been facilitated by such mega wave of sophistication. Researchers of product and markets have been hugely amazed by such promising trends that consumers are given multiple options of making payments, sales and revenue generation grow manifolds.

As such, following such incredible tech boom across the globe, scores of Fintech start-ups have sprung up in India resulting in proliferation of digital banks, payment wallets, UPI apps and a gamut of such service solutions….

We highlight a handful of prominent Fintech start-ups below, which made headlines which regularly made headlines in the year flown by, but for good reasons obviously and about which, all of us, should well-informed:

• Paytm:

Launched by One97 Communication in 2010, with a vision of bringing about a sea-change in digital recharges and in bill payment, Paytm didn’t fell short of exploring newer avenues appeared possible by virtue of tech innovation, and efforts culminated in jaw-dropping success too. Impressing big giants around the world, there was pitched in a huge investment and support, such as from Alibaba Groups, Silicon Valley Bank, Alipay and Sapphire Venture to name a few. Later, Paytm won accreditation from RBI too, for e-wallet, making it possible to pay for a range of services through it and demonetisation era saw its user base growing manifolds.  For e-commerce, we have Paytm Mall while for smooth trading experience, we are equipped with Paytm Money and still, technocrats continue to sail new seas with intent of refining user experience as well as for quick and verified payment across industries.

• PhonePe:

Located in Bangalore and started in 2015 by Sameer Nigam and Rahul Chari, its functional base is UPI and is widely in use for making payments for a variety of purposes, such as recharges, bills, money transfers while PhonePe Wallet is also widely (as well as wifely) accepted for payments in lieu of online shopping.

This is a single integrated platform before us and in just the following year, PhonePe changed hands with Flipkart while during last year, a mega funding was raised by this arm to the tune of 1441 crores to expand and to innovate.

• Mobikwik:

An array of financial services have been immensely supported by this digital platform, which was founded in the year 2009. Users are encouraged to sum up in Mobikwik Wallet only to be spend later as E-Wallet and even small loans were offered by this app on easy terms and quickly.

• ETMoney:

Such is regarded as the most phenomenal platform ensuring quick and sophisticated range of financial services. Also, one is encouraged to make investment in market, managing funds, seeking loans and it also keeps users informed or in-form about prevailing market trends. Further, one is empowered to make investment in Mutual Funds but without losing a penny, get any insurance type. As the scope of service offering continues to expand, ETMoney users are found in more than 1300 Indian cities as of today.

• PayU:

Unlike the popular 4 letter word #4%# U, this is such a express facility with website and apps owners to accept payments from any place and at any time. It now comes to be known as PayUbiz and is a prominent payment gateway provider to Indian businesses which operate online.

As such, customers get a delightful experience powered by brand assurance when they enter into any transaction on clients’ website. Currently company proudly caters to around 3.5 hundred thousand businesses across industries by equipping them with unique payment options, while customers are charmed with a host of payment options, i.e. credit cards, UPI, Wallets, Net Banking, EMI, Buy Now and Pay Later. Payments arising from across the world, are accepted with such a facility.

• Policy Bazaar:

Floated in 2008 and located in Gurgaon, this Fintech start-up is just a reliable source where consumers can get to know about the incredible deals offered by banks and insurance companies, in respective fields, providing a sort of manipulative aggregation of insurance policies. Sans doubt, info is purely clear, precise and enjoys a strong preference among consumers in terms of reliability, whenever they consider anything like.

7). Loan Tap:

One can easily get to know about a range of loan schemes here, such as business loans and working capital and can opt for the preferred choice right away. Applicants can easily get the loan amount disbursed, following the eligibility criteria verification there and then. In other words, this is such a premium app through which working professionals can apply for loans. In addition, on the basis of requirements and financial depth, one can select the loan scheme that fulfils their requirements.

Some of the popular products are home loan, home loan, personal loan, car loan, aforementioned business loan, EMIs, educational loan and certain other financial services.

8). LendingKart:

Start-up launched in 2014, by Harshvardhan and Mukul Sachan in Ahmadabad and by simply harnessing the potential of technology in line with critical data research, companies can easily gauge credit capability of applicants. But, to the help of SMBs and traders, capital funds are provided to them as well.

9). Ezetap:

Yet another promising manipulation of technology by virtue of which, mobile based easy payment solutions are being facilitated. As a matter of fact, the company has gained wider appreciation to have redefined the PoS (Point of Sale) criteria when handy mobile devices are treated like PoS terminals by simply giving way to card-readers which are programmed right our headphone jack and are placed in our device. Across the country, there has surfaced a huge favour for such products and services offered thereby in ultra-smooth way.

10). Capital Float:

Founded in Bangalore, Fintech start-up extends a range of funding and crediting services to SMBs in a bid to ensure flow of cash, crucial to function properly. Such loans are generally short-term type and can be applied easily, through a secured internet connection with necessary scanned documents.

Now friends, as we have a huge challenge of economic recovery ahead after some months of lockdown, we should just keep fingers crossed that digital way of payment, transactions and loans etc (simply put Fintech), will prove to be the best weapon to grapple with possible recession due.