4 FinTechs promoting financial independence in India

By Leandra Monteiro

The emergence of FinTechs in India is transforming how the people of India bank and manage their finances. The application process to acquire credit readily has been simplified and is now quicker and less expensive. FinTechs have played a crucial role in creating financial inclusion for those without substantial financial resources. Additionally, the credit line gap among Indians has been considerably narrowed down. Intending to promote financial independence in the country, FinTechs assist regular people in finding ways to borrow, save, invest, and manage their money using technology and financial literacy.

Below is the list of FinTechs that are revolutionizing the financial space and paving the way for more financial inclusion.

• mPokket

mPokket has expanded its portfolio to provide instant loans to students and salaried professionals as well with no paperwork required at all. It aims to give wings to the dreams of people who like to stay away from the pressure related to providing any collateral. Loans ranging from INR 500 to INR 30,000 can be credited directly into digital wallets or bank accounts and can be paid back over three months at your convenience. mPokket has catered to more than 2+ million customers with over 7+ million app downloads so far and has proven incremental in improving the quality of lives of those who were new to credit.

• Simpl

Launched in 2015, Simpl has empowered consumers and merchants by innovating commerce solutions in terms of building relationships between online retailers and their customers. It focused on improving the commerce experience between the parties and letting them have more control over their commerce experience. It currently boasts 7+ million users and 23,000+ merchants with over 49+ million transactions done so far.

• Moneyboxx

Moneyboxx is a company that provides small-ticket business loans to micro and small enterprises which are based in Tier III and beyond cities. It operates in providing business loans ranging from INR 50,000 to INR 3,00,000 to micro-entrepreneurs who are basically in essential segments such as livestock, kirana, retail traders, and micro-manufacturers. The idea is to engage MSME customers who find it difficult to become a part of an organized financial system and require credit to run their businesses. With the vision of becoming the “Lender of Choice” for deserving micro-enterprises in India, the company is helping them build capital assets and working capital needs. It is delivering easy, cost-efficient, and technology-driven financing solutions to aspiring micro-enterprises.

• Biz2X

As a TurnKey global SaaS platform, Biz2X is enabling financial institutions by bringing automation and superior experience to small and midsize business customers. It has proved its mantle in helping banks run their lending operations at scale. It leverages Artificial Intelligence (AI) to provide enhanced loan management, servicing, and risk analytics services. It provides an in-depth analysis of the financial health of borrowers with ongoing monitoring insights.