These six fintech platforms are helping non-metro cities overcome the financial divide in 2022.
Our country has one of the fastest productions fintech markets. According to Invest India, more than 67% of India’s 2,100+ fintech companies were founded in the last five years. So over the earlier years, India’s fintech sector has had an incremental growth in capital, with over $8 billion expected to be spread this year in 2021, in several stages.
About Money View
It is a fintech startup and a loan financer that assists with overall financial planning. Within a week or fewer, it can arrange loans spanning from INR 10,000 to INR 5,00,000. The application accesses the SMS box of the client for information on banking, invoices, and spending. It shows the person their bank account balance, income expenditures, and revenue dues. The program is to be written for all devices as well as is a lightweight program that can function and be upgraded even when there is no internet access.
Bengaluru-based Puneet Agarwal and Sanjay Aggarwal founded the company in 2014. Money View is an online credit platform that provides a comprehensive range of customized credit products, including instant personal loans, cards, BNPL, and personal financial management services. It has formed partnerships with over 15 financial institutions to provide credit and financial products through its platform. The startup serves over 200 million underserved people with over one million monthly apps available from the Google Play Store.
It was both co-founders’ dream, which began one day while drinking coffee at Starbucks. Their idea was to use a mobile app to help India become financially stable. After returning to India in 2013, Puneet and Sanjay founded Money View in the following year. They understood early on, in 2016, that giving the software in local languages would help users address their problems more effectively. Their goal is to provide an app that would assist young Indians in keeping track of their spending.
Money View initially merely offered consumers advice on how to save money, which aided in the collecting data. It evolved into a complete financial product in 2016. The founders think that “access to finance is a basic right for all persons.” Money Check is now a digital software that allows users to make budgets, view bank account information, manage bills, and track cash expenses.
In the month of March 2021, Tiger Global, Winter Capital, Evolvence India, and Accel, as well as additional investors like South Park Commons, Trusted Insight, and Dream Incubator, secured $75 million in a Series D fundraising round. It already has $625 million, according to its official release.
According to the report, the startup wants to utilize the new funding to scale its core credit business, grow its employees, and expand its product lineup with services such as digital bank accounts, insurance, and wealth management solutions. The market is becoming more competitive as the number of applications grows at a rapid rate. Money View claims it is in direct competition with online programs such as Faircent, Lendingkart, and Capital Float.
About Bold Loans
Bold Loan, Bold Finance’s initial product, is a franchise-based gold loan credit service that intends to increase credit supply by dispensing gold loans at attractive rates through reputable neighbourhood jewellers. Customers, acquired through existing jeweller shops, gold is appraised, loans disbursed, and the company partners with banks to underwrite loans and store gold collateral.
The fundamental mission of Bold loan is to encourage organized gold lending by addressing the needs of three key stakeholders: clients, jewellers, and banks. The firm claims to provide gold loans via trusted jewellers with a quick turnaround time and exceptionally competitive interest rates to the mid-to-low-income consumer market. It is a Mumbai-based financial services platform catering to Bharat users, founded in 2021 by ex-Mckinsey and Flipkart alumni Nikhil Jain and Durgesh Suthar. The company is on a mission to provide financial freedom to India’s low- and middle-income groups.
Antler India provided an unknown sum of pre-seed capital to the banking and finance platform in January 2022. The pre-seed funding will be used to onboard partners, offline marketing, and operations for the firm.
About Z Fund
Employees may be able to purchase Z-shares. They are frequently offered as part of pay or as part of a reward package in employee benefit schemes.
The Gurugram-based firm allows financial products to be distributed in Tier II and III locations through ZFunds professionals. It argues that for a significant segment of “digital-refusers” who want help and experience in managing their finances, this living thing model, with tech as a facilitator, is the way forward. While digital channels have been established as the industry’s preferred medium, transaction-only platforms find it difficult to gain traction in these sectors.
ZFunds, a mutual fund distribution service launched in 2019 by founders Manish Kothari and Vidhi Tuteja, is on a quest to make financial product purchases and decision-making easier for India’s 500 poorest districts.
ZFunds’ adviser app, which was launched in 2020, gives users in semi-remote and rural India access to the correct savings and investment solutions. The Business boasts having 2,500+ micro-entrepreneurs coaching 12,000+ customers.
It has a monthly SIP book of Rs 4 crore and an AUM of more than Rs 350 crore in 2021. Varanasi, Lucknow, Basti, Hamirpur, Siwan, Gorakhpur, Basti, Mirzapur, Darbhanga, Aurangabad, Deoria, and Darjeeling are among the most active marketplaces in the entire country, with ZFunds serving 2,000 pin codes in 446 districts.
Snapmint Financial Services Private Limited was formed on February 13, 2019. It is a Quasi company registered with the Registrar of Companies in Mumbai. It has a paid-up capital of Rs. 22,000,000 and authorized share capital of Rs. 37,000,000. It is involved in financial intermediation in other ways. [Financial intermediation, which is not handled by monetary institutions, falls into this category.]
Snapmint Financial Services Private Limited’s most recent Annual General Meeting (AGM) was held on 30 September 2019, and its most recent balance statement was issued on 31 March 2019, according to Ministry of Corporate Affairs (MCA) records.
Rahul Agarwal, Anil Gelra Kumar, Suresh Ravindranath Pai, Shreya Deb, and Nalin Sunil Agrawal are among the directors of Snapmint Financial Services Private Limited. Snapmint Financial Services Private Limited (SFSPL) is a non-banking financial company (NBFC) registered with the Reserve Bank of India. Its mission includes building the founding of adequate supply and transparent financial products by utilizing technology, reducing costs, simplifying processes, and expanding its reach to serve the urban population that is currently underserved by banks.
SFSPL provides both secured and uninsured loans (durable consumer loans, property loans, stock loans, plant and machinery loans, car loans, structured finance, and so on) (Personal loan, business loan, etc.). Other than process fees, the pricing system for these mortgages is transparent, and there are no loan-related or ad-hoc service expenses.
It was founded in 2017 by IIT Bombay classmates Nalin Agrawal, Anil Gelra, Abhineet Sawa, and Rahul Agarwal, allows Gen Z customers to shop for any lifestyle category product, whether it is clothes, accessories, or mobile phones – using small instalments and no-cost monthly payment options.
The website allows customers to purchase mobile phones, gadgets, and a variety of other things in a five-minute online transaction. The majority of Snapmint’s items are available on with no EMIs for three-month plans, and customers can pick and choose the goods, and EMI plans they want.
Snapmint claims that the entire procedure takes just under 10 seconds to complete because no physical documents are necessary to obtain EMI plans for purchase; it is a digital, hardship-free experience. It combines with India’s brands (merchant partners) to provide a seamless offering that enables merchant partners to grow both their revenues and their total client base.
This platform boasts of having over four million users, many of them from Tier II/smaller towns, and it covers more than 27,000 pin codes across India. Snapmint not only allows retail customers to buy with fast credit and save money, but it also allows retailers to reach a far more extensive client base and get more bang for their marketing budget.
Prashasta Seth, CEO and CIO of Prudent Investment Managers, led a $9 million Series A financing for the fintech business in March 2022.9 Unicorns, Anicut Capital, Negen Capital, Livspace founder Ramakant Sharma, Usama Fayyad – Chairman of Open Insights and Head of Northeastern University’s Institute for Experiential AI, among many other angel investors, participated each round.
It wants to use the funds to develop its merchant network, create a portfolio of revolutionary BNPL services, and power the purchases of over 450 million Indian consumers.
During two months in March 2022, the platform has onboarded 125,000 MSMEs (Jan-Feb 2022). It unifies state-run banks, private banks, and neobanks under one single account, simplifying corporate banking.
The company has also stated that by the end of 2022, it hopes to have reached one million small enterprises across India. In the last two months, it has processed $25 million in transactions and is on track to add over 3,000 new MSMEs to its platform every day. BEENEXT and a bevy of angel investors helped mewt raise over $500,000 in seed money in 2021.
It is looking to expand its workforce with new talent dedicated to producing goods for Bharat as part of its expansion objectives. To make its software more approachable to small business owners, the company wants to make it available in different local languages across the country in the coming months.
The startup offers just one banking experience, including a consolidated view of all bank deposits, the option to pay from all bank accounts in one transaction, budgeting by monitoring loans and EMIs, and the issue of limitless post-dated digital cheques.
Small companies in the country’s 531 Tier-II and III cities have reportedly responded positively to the startup.
Bengaluru-based mewt is a financial service aggregator that modernizes banking for Bharat SMEs. It was founded in 2020 by BITS Pilani alumni Rishabh Jain and Kushal Prakash. The platform is a league-season digital substitute for traditional banks, whose one-size-fits-all strategy fails to meet the needs of several cash-strapped SMEs.
About Quick traders
QuickTrades, which is supported by the Jabalpur Smart City Incubation Center and supervised by Incubation Masters, has a 5,000-strong user base and wants to offer one-on-one stock market lessons. Its goal is to teach people the fundamentals of the stock market in order to allow new traders to enter the market and be able to invest and trade on their own.
The fintech business also offers a stage guide to stock market trading, from creating an account to building a profitable portfolio. There are already 100+ trades/investors using its services, with the majority claiming to be profitable thanks to the 10+ onboarded skilled technical analysts who provide research through the QuickTrades application.
Ankit Shrivastava, a Jabalpur-based angel investor, invested Rs 15 lakh in the platform in February 2022. QuickTrades, a Madhya Pradesh-based fintech firm founded in 2020 by Aayush Agrawal and Nikhil Soni, provides live alerts for potential trading opportunities discovered by skilled technical analysts. It offers customers to purchase individual trading analyses as well as subscriptions to its experts for the entire day, week, or month. On the app, users can examine experts’ historical performance as well as their forecasts.
Bold Finance, a Mumbai-based banking and finance platform catering to Bharat users, was founded in 2021 by ex-Mckinsey and ex-Flipkart alumni Nikhil Jain and Durgesh Suthar. The company is on a mission to provide financial freedom to India’s low- and middle-income groups.
Bold Loan, Bold Finance’s initial product, is a franchise-based gold loan credit service that intends to increase credit availability by dispensing gold loans at attractive rates through reputable neighbourhood jewellers. Customers are acquired through existing jeweller shops, gold is appraised, loans are disbursed, and the company partners with banks to underwrite loans and store gold collateral.
Bold Loan’s fundamental mission is to encourage organized gold lending by addressing the needs of three key stakeholders: clients, jewellers, and banks. The firm claims to provide gold loans from trusted jewellers with a quick turnaround time and exceptionally competitive interest rates to the mid-to-low-income consumer market.
The startup claims that working with Bold Loan helps jewellers supplement their incomes by allowing them to offer gold loans. They have also gained access to a well-structured system for customer service and loan management, as well as risk mitigation through underwriting and gold storage through banks.
Edited by Prakriti Arora