StartupTalky

Tag: Fintech startup

  • MobiKwik Co-Founder Upasana Taku Success Story: India’s First Female Fintech Leader

    With the rise of technology, it was just a matter of time before people shifted to online transactions. While this mode of payment became popular, many companies introduced the idea of e-wallets. One company that stands out in this space is MobiKwik. It is an Indian fintech unicorn that has made digital payments simpler and more accessible for users.

    Behind the success of MobiKwik is a determined leader, Upasana Taku. The company was founded in 2009 by Upasana Taku and Bipin Preet Singh. Taku has played an important role in building the company and taking it to greater heights. Under their leadership, MobiKwik became a prominent player in the fintech industry. In December 2024, the company went public with its IPO opening for public subscription.

    In this article, learn more about MobiKwik’s co-founder Upasana Taku, her education, her career, the challenges faced, and more.

    Upasana Taku – Biography

    Name Upasana Taku
    Birthplace Gandhinagar, Gujarat
    Born 1980
    Nationality Indian
    Education B.Tech in Industrial Engineering (NIT Jalandhar), MS (Stanford University)
    Profession Entrepreneur
    Position Co-Founder, Executive Director & CFO of MobiKwik, Co-Founder of Zaakpay
    Spouse Bipin Preet Singh
    Company One Mobikwik Systems Ltd (MobiKwik)

    Upasana Taku – Early Life and Education
    Upasana Taku – Career
    Upasana Taku – MobiKwik
    Upasana Taku – Coming Out of The Comfort Zone
    Upasana Taku – The Journey of MobiKwik’s Growth and Milestones
    Upasana Taku – Challenges Faced
    Upasana Taku – Success Mantra
    Upasana Taku – Awards & Recognition

    Upasana Taku – Early Life and Education

    Upasana Taku was born into a Kashmiri family in Gandhinagar and grew up in a family of academicians. She completed her schooling in Surat and went on to pursue engineering at the prestigious Dr B.R. Ambedkar National Institute of Technology, Jalandhar. Taku holds a B.Tech degree in Industrial Engineering from that institute. She did her MS in Management Science and Engineering from Stanford University, USA.

    Upasana Taku – Career

    After completing her Master’s, Upasana Taku’s career began in 2004 at HSBC Auto Finance in San Diego. She worked as a Business analyst in product management, where she was successful in many areas, like marketing and outreach, forecasting, and market research. She then joined PayPal in 2006. There, she worked as a Senior Product Manager. During her tenure at PayPal, she learned about payment systems in the Americas, Europe, and Asia. Apart from that, she also gained knowledge about risk detection and fraud management, user experience, and design at PayPal.

    All these experiences laid a solid foundation for the founding of MobiKwik in 2009. In 2012, Upasana Taku launched Zaakpay, a payment service by MobiKwik. It offers mobile and online payment solutions to eCommerce companies in India, staying true to the values of its parent company.

    Currently, Upasana Taku serves as the Co-founder, Executive Director, and CFO of MobiKwik, where she continues to work on the company’s financial strategies and growth.

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    Upasana Taku – Coming Out of The Comfort Zone

    Bipin Preet Singh and Upasana Taku - MobiKwiki Co-Founders | Upasana Taku MobiKwik
    Bipin Preet Singh and Upasana Taku – MobiKwiki Co-Founders

    In 2008, although she had a comfortable life with her corporate job, she realized that she no longer wanted to be a corporate drone. According to her, work was becoming too easy, even though she worked on some high-impact projects and accumulated millions of dollars. But she wanted to come back to India and contribute to the Indian startup ecosystem. Well, this was the turning point of Taku’s career!

    Her family didn’t support her decision to return to India, as they saw it as a big risk. At PayPal, she had a successful career, and she enjoyed a comfortable life. Despite all this, she was back in India in 2008.

    While she was figuring out her next steps, she worked with Drishtee, a rural microfinance NGO, in Bihar and Uttar Pradesh, helping to empower local communities while gaining a deeper understanding of the challenges and opportunities in rural India.

    In the subcontinent, she met a lot of people and extracted ideas about the buzzing sectors and unsolved gaps in the business and startup ecosystem. According to her, a wallet like PayPal was not popular in India. Therefore, users could never imagine a cashless world. Well, the example of India gave the idea to resolve this gap and work for the advancement of technology in the country.

    While working on her ideas and project, she happened to meet Bipin Preet Singh in India through a common friend. Together, they started their fintech venture with a shared vision of disrupting the payments industry in India.

    “It was a time when our parents would go to a nearby shop to recharge phones and that is when the idea of a mobile wallet business struck us which could pave a way to make consumer payments simpler. Fast forward to now, India is at the cusp of a digital revolution and the payments industry is witnessing a disruption like never before. We kind of saw this coming almost a decade ago,” said Taku in an interview.

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    Upasana Taku – MobiKwik

    Upasana Taku MobiKwik | MobiKwik Owner
    Upasana Taku MobiKwik

    Upasana Taku co-founded MobiKwik in 2009 with Bipin Preet Singh, who serves as the CEO and is also her husband. MobiKwik is one of India’s leading mobile wallets and financial services platforms. The app allows users to make payments like mobile recharges, bill payments, and bank transfers. It also offers services like instant digital loans, investment options in digital gold, mutual funds, fixed deposits, and credit card bill settlements.

    A key feature of MobiKwik is Pocket UPI. This allows users to make UPI payments without linking their bank accounts. Under Upasana’s leadership, MobiKwik has expanded its services, making it one of the most trusted and widely used platforms in India.

    Upasana Taku – The Journey of MobiKwik’s Growth and Milestones

    Upasana Taku’s Mobikwik is very simple and need-based. Initially, they launched the company as a recharge platform, and soon, within a few years, it became the face of mobile wallets in the country. At a time when people were dependent on physical cash for a trivial amount like INR 10, Taku revolutionized the sector by bringing the concept of a physical wallet onto the big stage. Presently, a millennial or Gen Z cannot imagine going to a shop for small recharges; all he/she need is to use an app to cover all the recharges. Now, Mobikwik has grown exceptionally as a company. In 2010, the company hired its first employee, and it was somehow very difficult for the team to find someone with the same mindset to serve the community.

    In 2011, the team grew very slowly, with a team member count of six! They were dependent on the home-office sector. Even on their wedding day, Taku and Bipin Preet had to work for the company! Later in 2011, they rented their first office which had five rooms. Within a short period, they were growing at an exceptional pace and were a team of 35 people by June 2012. In September 2012, the team applied for RBI’s PPI license, and they received it in July 2013.

    This was a milestone for the team as it was a symbol of their growth. The first round of the company’s funding was $5 million, which enabled them to shift to a larger office in Udyog Vihar, Gurugram, with 50 employees. The second round of funding came in 2015, they were able to draw funding of $25 million from Sequoia Capital, American Express, Tree Line Asia, and Cisco Investment.

    Under her leadership, MobiKwik achieved major milestones, becoming a unicorn startup in October 2021 and launching its IPO in December 2024.

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    Upasana Taku – Challenges Faced

    Upasana Taku’s journey has not been easy. When she was starting MobiKwik, she faced some tough challenges, especially because she was a woman in a male-dominated field. During investor meetings, she was often asked personal questions like why she wasn’t married by 30 or how many children she had. People even mistook her for her husband’s assistant instead of recognising her as a co-founder. New employees at the company would also question whether they should report to her or a male manager.

    Taku faced gender bias in the investor meetings as well. She shared that some financiers told her they preferred male founders. In response, she would confidently say that her male counterparts might not be able to answer their questions as well as she could. She made it clear that she would never work with such people.

    Despite these challenges, she remained focused, communicated clearly, and continued working towards the success of her company. Even when she was pregnant, she didn’t slow down. Upasana continued working and even attended a board meeting just a day before her cesarean surgery. Coming from a lower-middle-class background, she worked hard to earn a scholarship to study at Stanford University in the US. 

    While things are slowly getting better for women in business, Upasana acknowledges that there is still progress to be made. Her story is a great example of how, with hard work, determination, and courage, women can overcome any challenge.

    Upasana Taku – Success Mantra

    Taku’s mantra “Kick up a storm or die trying” has helped her to stay focused in difficult times. According to her, Tenacity is the key. Hence, her hard work and desire to serve the startup community have made her an inspirational figure for many aspiring entrepreneurs.

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    Upasana Taku – Awards & Recognition

    Upasana Taku - Awards and Recognitions | First Woman to Lead a Payments Company in India
    Upasana Taku – Awards and Recognitions | First Woman to Lead a Payments Company in India
    • Forbes “Asia’s Women to Watch (2016)”
    • Best Woman Entrepreneur Award 2017 by Associated Chambers of Commerce and Industry of India (ASSOCHAM)
    • In 2018, she received an award from the President of India for being the First Woman to lead a Payment Gateway Startup in India.
    • Forbes Asia’s Power 25 Businesswomen (2019)
    • In 2024, she was honoured with the ‘Unstoppable Icon’ award and recognised as India’s Leading Tech Founder & one of the Top 15 Richest Self-made Women in India.
    • In April 2025, Taku was recognized in Fortune India’s “100 Most Powerful Women in Business 2025” list, celebrating her impactful leadership and achievements in fintech.
    • Taku has been appointed as the Vice-President of the Executive Committee at the Unified Fintech Forum (formerly DLAI).

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    FAQs

    Who is Upasana Taku?

    Upasana Taku is the co-founder and CFO of Mobikwik, India’s leading mobile wallets and financial services company.

    What is Upasana Taku age?

    Upasana Taku was born in 1980 into a Kashmiri family in Gandhinagar and grew up in a family of academicians.

    What is Upasana Taku education?

    Upasana Taku’s education includes a B.Tech in Industrial Engineering from NIT Jalandhar and an MS from Stanford University.

    What is Upasana Taku net worth?

    While the exact net worth of Upasana Taku is not publicly available, in 2024, she was recognised as India’s Leading Tech Founder and one of the Top 15 Richest Self-made Women in India by CNBC-TV18.

    What is Upasana Taku’s MobiKwik net worth?

    As of May 12, 2025, MobiKwik’s market capitalisation stands at approximately INR 1,925 crore (around $232 million), based on its current share price of INR 247.80. This reflects a significant decline from its peak valuation of INR 4,102 crore (approximately $494 million) during its IPO debut in December 2024.

    Who is Zaakpay founder?

    Zaakpay, co-founded by Upasana Taku and Bipin Preet Singh (also MobiKwik co-founders), is a payment gateway service provided by MobiKwik. It focuses on fast, innovative digital payment solutions, tackling challenges in payments, reconciliations, and user experience. Recently, Zaakpay received RBI approval to operate as an online payment aggregator, further enhancing its capabilities.

  • Moneyview: Rising to Unicorn Status with Smart Financial Solutions

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

    A new restaurant at the corner of the lane, online offers, sale season, and food applications make life easy by delivering in your footsteps; all of these are so tempting. With over a hundred reasons to spend, one might get concerned about the monthly expenditure. It is cumbersome to keep an account of our expenses in this life of hustle and bustle, but an application like Moneyview, which helps in monitoring day-to-day finances, is the answer to all our money-related issues.

    Moneyview was launched in 2014 by two IIT friends, Sanjay Aggarwal and Puneet Agarwal. Moneyview caters to the user with personal finance management, to keep a check on everyday finances. Be it; electricity bills, or travel expenditures, it has a record of cash expenses and regularly reminds the users of payments that are due. Not only this, but Moneyview also provides loans. What more do we need from an application?

    Moneyview has joined the unicorn club with a valuation exceeding $1 billion on 12 September 2024. After the latest allotment, its valuation has surged to INR 10,086 crore ($1.2 billion), marking a notable increase from its $900 million valuation in December 2022.

    This article is all about this interesting startup that is helping millions of users manage their expenses and live a life of financial discipline.

    Moneyview – Company Highlights

    Startup Name Moneyview
    Headquarters Bengaluru, India
    Sector Fintech
    Founders Puneet Agarwal & Sanjay Aggarwal
    Founded 2014
    Valuation $1.2 billion (October 2024)
    Website moneyview.in

    About Moneyview
    Moneyview – Founders and Team
    Moneyview – Startup Story
    Moneyview – Logo
    Moneyview – Business Model & Revenue Model
    Moneyview – Funding and Investors
    Moneyview – Acquisitions
    Moneyview – Growth
    Moneyview – ESOPs
    Moneyview – Awards & Recognitions
    Moneyview – Partnerships
    Moneyview – Competitors
    Moneyview – Future Plans

    About Moneyview

    Struggling with your monthly budget? Look no further. Moneyview is here to keep you sorted about your expenses. Moneyview is a personal money manager and expense manager app that focuses on making financial management simple, smart, and secure; thereby, enabling end-consumers to manage their day-to-day expenses and finances in a better way.

    Founded in 2014, Moneyview is a versatile personal money manager app, which offers a snapshot of all your finances. It scans texts related to your bank accounts and spending on your mobile phones and gives you a well-organized view of your expenses. It also has a bill tracker, which ensures that you never miss a payment deadline. Recently they have also moved on to giving personal loans to the users.

    According to the co-founders, Moneyview is an application designed to give you a single view of what’s happening with your money. It tracks all the daily expenses by sifting through the debit/credit card messages received from the bank on your phone. Thus, letting you know your expenditure on a daily, weekly, and monthly basis. Moreover, it tries to understand your spending pattern and reminds you to pay your bills on time. Unlike other apps, Moneyview organizes all the data through SMSs, without one having to manually segregate them.

    Since 2016, Moneyview comes in 6 local languages, namely Hindi, Gujarati, Bengali, Tamil, Telugu, and Kannada. The main reason to have local languages is to be able to fully solve the users’ problems. Currently serving more than 10 million users, Moneyview assures to have a security system like the best banks in the country. The company uses personal client information only to provide a better experience. The information is encrypted which helps in avoiding any data loss or misuse.

    The Moneyview App Has Three Big Features

    The first feature gives the consumers a single view of where their money is. It lists out all the financial accounts that one has like bank accounts, credit card accounts, loan accounts, etc. Get a graphical view of your ‘Available to spend’ before you hit your budget.

    The second features tell you where your money is going. How you are spending your money? It also auto-categorizes your spending; it assembles facts like out of 50,000 bucks you have spent so much on food, rent, and shopping.

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    The third feature is the app is integrated with tools for users to start making better financial decisions. The first tool is a budget management tool. It enables real-time budget management. You can set up your budget for a particular month and at any given point in time the app will tell you how much more you can spend in the remainder of the month.

    Also, the company assures that the Moneyview app is safe. It uses 256-bit data encryption for data management, to keep the customer data safe and secure. Besides, it is important to know that the app decodes only the transaction-related messages on your phone, and not your OTP or other personal information.

    Technological Tools

    Technology is the backbone and the key facilitator in the app’s offerings. Moneyview makes use of sophisticated natural language processing and information retrieval techniques to create intelligent norms. These are then utilized by the app to produce a very accurate picture of the users’ financial data in a way that they can simply and effortlessly understand. Therefore, it uses its patent technology that systematizes the data from these messages to deliver a simple and smooth view of the users’ finances through the app.

    All You Need to Know about Moneyview Personal Loan

    Moneyview, a fintech startup, is a loan financer, which also helps in planning overall finances. It can provide loans ranging from INR.10,000 to INR. 5,00,000 within a day or less. The application pulls data about banking, bills, and expenses from the client’s SMS box. It provides the user with a view of their bank balance, income spent, and income dues. The application is designed for all smartphones and is also a lightweight application, which can run and be updated even without internet connectivity.

    Moneyview offers personal loans of up to INR 5 lakh for a period of 3 to 60 months. You can simply download the Moneyview Loan app and apply for a Personal loan. You just need to fill in the required details and upload the documents required through the Moneyview Loan app. After your profile is verified, you receive the NACH (National Automated Clearing House) form and loan agreement on the app. After submitting a signed copy of the NACH mandate, and loan agreement, Moneyview disburses the amount to your bank account normally just within a few hours.

    Eligibility criteria for receiving Moneyview Loans are:

    • Your age should be between 21-57 years
    • Your salary should come by bank transfer
    • Income criteria vary based on whether an applicant is salaried or self-employed, the applicant’s CIBIL score ( minimum 300 required), credit history, and the applicant’s location

    Documents required for Moneyview Loans

    • ID proof (Aadhar card or PAN card)
    • Address Proof
    • Bank Statement of Salary Account
    • Income Tax Return Verification Form for the last 2 years, in case of self-employed persons

    The best part about Moneyview Loans is that the entire process from documentation to verification is paperless and digital.

    Moneyview Loan’s interest rates vary from 16% pa to 24% pa. EMI payment can be done manually through the app or one can also opt for the auto-debit option. Besides, users can go for foreclosure of Moneyview Loans anytime after payment of 3 EMIs.

    Moneyview Loan Status Check

    Moneyview offers its users the facility of loans ranging from INR 5,000 to INR 5,00,000. You can easily check the loan status in Moneyview. If you’re wondering about easy ways to Moneyview loan status check, then:

    • You first need to visit the website of Moneyview and then click on the Sign in option
    • You then need to log in to your loan account with the help of your registered email address
    • After that, you need to check out the Dashboard and then scroll down to the Application Status tab, where you will be able to check your loan application status.

    Moneyview – Founders and Team

    Moneyview was founded in 2014 by two IIT friends, Sanjay Aggarwal and Puneet Agarwal.

    Moneyview Founders - Puneet Agarwal and Sanjay Aggarwal
    Moneyview Founders – Puneet Agarwal and Sanjay Aggarwal

    Puneet Agarwal

    Puneet Agarwal graduated from IIT-Delhi in 1995 and moved to the US to complete his MBA from Purdue University – Krannert School of Management. He was there for the next 17 years, working at different companies including McKinsey, Capital One, and Google, where he was a product management director. Puneet started his career working as a consultant for McKinsey for about three years. He then worked with Capital One, Bling Nation, and as a Product Management Director for Google. Puneet has been an entrepreneur for 7+ years now and also advises and invests in start-ups.

    Sanjay Aggarwal

    Sanjay Aggarwal, the co-founder of Moneyview, is an IITian who completed his BTech degree in 1993, from the Indian Institute of Technology, Delhi. Later, he continued working as an engineer at Ciena Corporation, and Yahoo, among others. Sanjay Aggarwal has vast tech experience working with companies like Appian Communications Inc., Ciena Corporation, and Yahoo! After this, Sanjay founded minglebox.com, an education portal providing content on colleges, courses, exams, and admissions, in the year 2006.

    Moneyview has a team that is of around 201-500 employees, which helps in securing the data of the clients. The company’s core value is to bring simple solutions and have control of your money at the same time.

    Moneyview – Startup Story

    It was a dream of both the co-founders, which started one day while sipping coffee at Starbucks. The dream was to make India financially fit through a mobile app. After Puneet came back to India in the year 2013, he moved to Bengaluru, to gauge the start-up scene and start something of his own. While looking for a place to stay in the city, he reunited with his IIT senior, Sanjay. It was the same time when Sanjay was exiting his venture, Minglebox. He along with Sanjay started Moneyview in the year 2014. They then realized at an early stage, in the year 2016, that providing the application in local languages would help solve the problems of users better. Their target is to provide young India with an application that helps to keep a check on their expenses.

    In the beginning, Moneyview only provided the users with guidance to save, this helped in gaining data. In the year 2016, Moneyview became a complete fintech product. ‘We believe that access to financial services is a basic right to all individuals’ is the core belief of the start-up founders. Moneyview is now a paperless application, allowing users to set budgets, view their bank account details, manage bills, and record cash expenses.

    Moneyview Logo
    Moneyview Logo

    The logo design of Moneyview communicates trust and innovation, aligning with Moneyview’s mission of empowering users with financial control.

    Moneyview – Business Model & Revenue Model

    With Moneyview, Sanjay and Puneet are focusing on establishing a trusted brand in the personal finance management application segment. They are also looking at moving from just notifying users of their savings, to notifying them about potential investments that can be made.

    “Our aim is to help our users stay on top of their finances with zero effort. With our focus continuously on adding features and offerings that help our users stay financially fit. For instance, one of the things the app helps the user with is to start saving more by managing his expenditure. The users will soon be able to find smart ways to invest their savings from within the app,” quotes Moneyview co-founders Sanajy and Puneet Agarwal.

    Since Moneyview is a free application, the company does not have a fixed revenue model. It follows month-on-month metrics, and as claimed by the founders in a 2015 interview, the company was growing at almost 100 percent.

    In 2016, Moneyview tied up with ICICI Prudential Mutual Fund and launched Green Account, a feature that lets the users of Moneyview App, invest through the app. Moneyview earns a commission on every investment made through the app.

    Moneyview Financials

    Moneyview Financials FY22 FY23 FY24
    Operating Revenue INR 222 crore INR 577 crore INR 1,012 crore
    Total Expenses INR 240 crore INR 515 crore INR 1,190 crore
    Profit/Loss INR 17.7 crore INR 163 crore INR 171 crore
    Moneyview Financials for FY22, FY23, and FY24
    Moneyview Financials for FY22, FY23, and FY24

    In FY23, Moneyview’s revenue increased by 160%, growing from INR 222 crore in FY22 to INR 577 crore in FY23. Expenses increased by 114%, from INR 240 crore to INR 515 crore. Even with higher costs, Moneyview made a strong profit of INR 163 crore in FY23, compared to just INR17.7 crore in FY22.

    The company recorded a 20% growth in its revenue from operations, which became INR 98.45 crore in FY21 from INR 81.45 crore in FY20. The losses of Moneyview were also restricted by 31%, thereby making it stand at INR 46.81 crore (FY21) from INR 68.30 crore in FY20

    In FY24, Moneyview reported a revenue of INR 1,012 crore, a notable increase of 75% from INR 577 crore in FY23. Total income also improved considerably, increasing from INR 677 crore in FY23 to INR 1,389 crore in FY24, representing a growth of approximately 105.6%.

    Moneyview’s profit rose slightly from INR 163 crore in FY23 to INR 171 crore in FY24, an increase of about 4.9%. However, total expenses more than doubled, growing from INR 515 crore in FY23 to INR 1,190 crore in FY24, an increase of about 130.5%.

    Moneyview – Funding and Investors

    Moneyview has raised a total of $190.4 million so far. Its most recent funding came from a Series E-II round on September 12, 2024, where $4.6 million was invested by Accel India and Nexus Venture Partners. This new funding pushed Moneyview’s valuation up to $1.2 billion, making it a unicorn. Earlier, in a Series E round, the company raised $75 million, led by Tiger Global Management, at a valuation of $900 million.

    Date Stage Amount Investors
    September 12, 2024 Series E- II $4.6 Million Accel India and Nexus Venture Partners
    December 26, 2022 Series E $75 Million Apis Partners, Tiger Global Management
    March 9, 2022 Series D Round $75 Million Tiger Global, Winter Capital, Evolvence India, Accel and more
    December 14, 2018 Series C Round $13 Million Accel
    January 31, 2016 Venture Round $8.61 Million –
    April 1, 2015 Venture Round $6.90 Million Tiger Global, Accel India, Ribbit Capital
    October 1, 2014 Series A $1.32 Million Accel

    Moneyview is also looking at investing a part of this funding in consumer acquisition activities and building the brand. Moreover, looking at expanding their team size while looking at hiring, the co-founders aim to double their technical team strength by the end of this year. Starting with just the two of them, currently, the company can now boast of an active functioning team of 55+ individuals. Their primary spending remains to be on the technology they’re using to power the product.

    Moneyview – Acquisitions

    Moneyview acquired Jify on September 12, 2024. Jify is a platform offering on-demand earnings access, through a share swap. Jify’s investors, Accel and Nexus, received Moneyview shares in the deal. This acquisition will enhance Moneyview’s financial services and expand Jify’s reach, marking a significant step in Moneyview’s growth into various financial products.

    Moneyview – Growth

    Currently, Moneyview has a user base of over 10 million. The Moneyview app currently has customers across 400 Indian cities. Besides, Moneyview loan has also received positive reviews from customers. The Moneyview Loan app is rated 4.2 in the Google Play Store.

    Moneyview currently boasts over 1 million app downloads per month and it takes pride in catering to more than 200 mn underserved customers. Currently, as per Moneyview, the business has grown 4X in the previous year and is presently disbursing loans at an annualized run rate of $700 million.

    With the steady rise in the number of Indians opting for digital payments, Sanjay and Puneet are planning to take Moneyview to new heights.

    Moneyview – ESOPs

    Moneyview has expanded its ESOP pool, where it has added INR 72 crore worth of stock options, as of May 28, 2022. The earlier 1,33,338 stock options of Moneyview were increased to INR 1,75,390 options. Its new ESOP pool is now worth INR 300 crore ($40 million) including the recent expansion worth INR 72 crore.

    Moneyview – Awards & Recognitions

    To list, some of the major awards and recognitions that Moneyview witnessed in recent times are:

    • Moneyview has been ranked as the Best App in the year 2015 by Google, India.
    • It was also a runner-up in the IBM start-up challenge.
    • It was listed in the ‘Top 100 Startups in India 2018‘ by SutraHR.

    Moneyview – Partnerships

    Moneyview partners are many including the ICICI Prudential Mutual Fund, with which the company has collaborated to launch an app-based solution – the Green Account platform.

    Through the Green platform, it will offer two exclusive products—Savings+ and Tax Saver+—allowing users to take a step ahead towards financial fitness by saving money and growing it faster.

    Savings+ is designed as a suitable alternative to traditional saving options. It allows users to park them in Liquid Funds offered by ICICI Prudential Mutual Fund. Meanwhile, the Tax Saver+, the second product offered through this partnership, helps users save on their taxes by investing in Equity Linked Savings Scheme (ELSS) option provided by ICICI Prudential Mutual Fund.

    Moneyview has tied up with more than 3 banks as lending partners. Moneyview is also inviting individuals to join them as loan partners. Interested individuals can visit the Moneyview website, register as a loan partner, and start earning by referring anyone who is looking for a Moneyview personal loan. The online credit platform has partnered with over 15 financial institutions to date to expand and better its credit offerings.

    Moneyview – Competitors

    As far as the financial management space is concerned, Moneyview is not the only personal assistant available. There are others such as ‘Walnut’ to track expenses, get bank balances, and split bills with friends; Times Internet-backed money management app, ‘Smartspends’; expense manager ‘Gullak’, which claims to have registered over 1 million downloads; and Aditya Birla’s ‘MyUniverse’.

    As bigger and more applications are building at a high speed, the market is getting tougher. Moneyview believes to be competing with applications like:

    In the coming months, it will be interesting to see how this company will bring the necessary differentiation to rise above its competition and generate a value proposition in the minds of its customers.

    Moneyview – Future Plans

    The company is currently looking to have $1 billion in assets under management (AUM) over the next 12 months. Moneyview is also eyeing to be more profitable in the upcoming fiscal.

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    Money View – FAQs

    What is the Moneyview app?

    Moneyview is a fintech company founded in 2014, which has an app that is user-friendly via which the users can track and organize expenses, bills, and account balances. Furthermore, with the Moneyview app, they can also avail of personal loans.

    Who is the owner of the Moneyview company?

    The Moneyview has been founded by Puneet Agarwal and Sanjay Aggarwal, who are among the Moneyview owners.

    Does Moneyview provide loans?

    Yes, in addition to helping you keep track of your daily finances, Moneyview also provides loans ranging from INR 10,000 to INR 5,00,000 within a day or less.

    Who are some competitors of Moneyview?

    Some Moneyview competitors are Faircent, Lendingkart, and Capital Float.

    Does Moneyview provide loans?

    Yes, in addition to helping you keep track of your daily finances, Moneyview also provides loans ranging from INR 5,000 to INR 5,00,000 within a day or less. Its instant loan can also be approved within 2 minutes.

    Who are some competitors of Moneyview?

    Some Moneyview competitors are Faircent, Lendingkart, and Capital Float.

  • Khatabook- How it is Reducing the Burden of Accounting?

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

    In our haphazard daily life, we tend to get busy with several things and forget about payments and maintaining a log of all the financial transactions. This, sometimes, becomes extremely hectic and might even affect businesses adversely in a whole host of ways. However, with the emergence of numerous business management software, businesses and individuals can manage their businesses effortlessly. Khatabook is one of such reliable software solutions that makes managing business and personal ledgers a breeze!

    Founded in 2018 in Bangalore, Khatabook is hailed as India’s fastest-growing SaaS company. Khatabook reminds you through WhatsApp or SMS when the money is due to be paid or collected. forgetting the due dates of payments to be made. Besides, handling multiple businesses will no more be a deal with Khatabook!  

    The micro, small and medium businesses of the country simply has a new name, Khatabook, which brings safe and secure business and financial solutions to increase efficiency and reduce costs.

    Here’s diving into Khatabook’s journey in this StartupTalky article, where we will find out more about Khatabook Founders and Team, Funding and Investors, Startup Story, Tagline and Logo, Growth, Business and Revenue Model, Challenges, Competitors, Future Plans and more.  

    Khatabook empowering MSMEs to go digital.
    Khatabook empowering MSMEs to go digital.

    Khatabook – Company Highlights

    Startup Name Khatabook
    Headquarters Bangalore, Karnataka, India
    Founders Ashish Sonone, Dhanesh Kumar, Vaibhav Kalpe, Jaideep
    Sector Fintech
    Founded January 2019
    CEO Ravish Naresh
    Area Served India
    Valuation $600 Mn+
    Website www.khatabook.com
    Parent Company Kyte Technologies

    Khatabook – Latest News
    Khatabook – About and How it Works?
    Khatabook – Founders and Team
    Khatabook – Startup Story
    Khatabook – Mission and Vision
    Khatabook – Tagline and Logo
    Khatabook – Business Model
    Khatabook – Revenue Model
    Khatabook – Growth
    Khatabook – Acquisitions
    Khatabook – Awards and Achievements
    Khatabook – Partnerships
    Khatabook – Challenges Faced
    Khatabook – Funding and Investors
    Khatabook – Competitors
    Khatabook – LayOff
    Khatabook – Future Plans
    Khatabook – FAQs

    The latest campaign of Khatabook #DhandeKaDoctor featuring MS Dhoni, urging small businesses to use Khatabook to maintain their account.

    Khatabook – Latest News

    9th November 2021 – Khatabook has decided to shut down MyStore, the eCommerce enablement of the company, which has been a core product of the company, effective from 15th November onwards.

    24th August 2021 – Khatabook concluded its Series C round of funding with a fundraise of $100 million led by Tribe Capital, Moore Strategic Ventures, Alkeon Capital, B Capital Group, Sequoia Capital, and more.

    3rd February 2021 – Khatabook released its 2020 statistics. In 2020, Khatabook activated merchants in >95% Indian districts, recording over $100Bn+ in transactions with over 150Mn+ customers.

    13th January 2021 – Out of the 7 Indian startups in Y Combinator‘s latest top companies’ list, Khatabook is one among them. India has emerged as an important market for Y Combinator.

    Khatabook – About and How it Works?

    Founded in January 2019, Khatabook is the fastest growing Saas company in India and one of the fastest-growing SaaS company in the world. It has become India’s leading business management app for MSMEs with 20M+ downloads in a remarkably short period of time. It operates the Android-based Khatabook app that enables companies to keep a digital log of their financial transactions and accept payments online.

    Khatabook enables micro, small and medium merchants to track business transactions safely and securely. The app is available in over 12 vernacular languages, catering to a diverse audience in the country.

    It helps businesses and individuals manage the business and personal ledgers on their phones and computer devices along with helping them recall the due dates with the help of effective SMS and WhatsApp reminders about the same. This Bangalore-based mobile app service shares WhatsApp and SMS reminders to users when the money is due to be paid or collected.

    The Khatabook app has a free ‘Payment Reminders’ feature. With this feature, an automatic SMS is sent to your customers every time a transaction is recorded. Khatabook lets its users keep all details of credits and debits for any number of customers across multiple businesses ready and handy on their phones. Furthermore, Khatabook also helps its customers sync their transactions automatically, download, share and maintain reports of all the transactions, reap all the benefits of the effective QR code-based payments with 0% fees on transactions and more. In short, this app lets merchants do stress-free business.

    Khatabook – Industry Details

    Khatabook’s founder Ravish Naresh revealed on Twitter that Khatabook activated merchants in >95% Indian districts with 150Mn+ Customers. Based on the Indian MSME Data, Khatabook conducted research and analysis on the credit behavior of people across the country and also the impact of Covid-19 on small businesses.


    Here are some of the major findings:

    • Business volumes on credit are 45% higher for South Indian states vs the national average.
    • Credit given out by Khatabook merchants dropped by 40% in the initial Covid months. It has continued to recover to 80% of pre-pandemic levels by December.
    • Average days to recover debts increased by 25% during COVID for Khatabook Merchants.
    • Sectors like travel, construction, apparel were more impacted during 2020.

    Khatabook – Founders and Team

    Vaibhav Kalpe originally built Khatabook, which was later acquired by Kyte Technologies in 2018. Kalpe later joined the owning team of Kyte before he left the organization. The founding team of Khatabook currently has Ravish Naresh leading the company as the Co-founder and CEO along with other co-founders – Ashish Sonone, Dhanesh Kumar, and Jaideep Poonia.

    Khatabook - Founders & Team
    Khatabook – Founders & Team

    Ashish Sonone

    The Co-founder of Khatabook, Ashish Sonone is a IIT Bombay Btech graduate in Computer Science. JetSynthesys Pvt. Ltd and Qiosk – News for Professionals were the companies where Sonone worked as a Software Engineer and Consultant respectively before co-founding Frodo and Kyte, in both of which he also served as a Backend Engineer. Khatabook is the third company that Sonone has co-founded.

    Dhanesh Kumar

    Another Computer Science and Engineering from IIT Bombay, Dhanesh Kumar started with Amazon as a Software Developer, who then realized his entrepreneurial and decided to co-found Knit Messaging, Kyte and now Khatabook, where he is still serving as a Co-founder.

    Jaideep Poonia

    Jaideep is an IIT Bombay alumnus from where he completed his Btech in Civil Engineering before completing S18 from Y-Combinator. Poonia has also been the co-founder of Knit Messaging, Kyte, and Khatabook as Dhanesh Kumar.  

    Ravish Naresh

    Co-founder and CEO of Khatabook, Ravish Naresh completed his Btech from IIT Bombay, much like the other co-founders of the company, after which he co-founded Housing.com, where he also served as a COO. It was after leaving Housing.com, Ravish co-founded Khatabook, where he is still working as a CEO.

    Khatabook currently works with around 300 employees.    

    Khatabook – Startup Story

    The story goes back to 2016, when Ravish Naresh along with his team of college friends, started a digital spend manager app, Kyte.ai. The app helped users understand their expense patterns using their SMS alerts. Kyte initially had good traction but did not reach the expected growth scale. Also, the team realized all their users were based out of metropolitan cities.

    On researching, they found that first-time online users did not deal with digital transactions, and they still rely on traditional khata or ledger books. As per Ravish, they wanted to build something that people want and then try to build a business around it.

    That is when the idea for Khatabook developed, and they started to work on a simple cash management app, which they named Khatabook. The parent company of Khatabook is Kyte Technologies.

    Khatabook – Mission and Vision

    The mission statement of Khatabook says, “Empowering Udhari Khata (Book-Keeping)”.

    “Started with a vision of transforming India’s small shops, today we are the biggest player in the small business segment digitizing a sector that forms the backbone of our economy. We are looking to work closely with the government and financial institutions to strengthen our market leadership and help MSMEs increase their income while making them more efficient and competitive,” said Ravish Naresh, CEO of Khatabook.

    The tagline of Khatabook is Business Hua Easy! The app lets every business go digital instead of following the same traditional method of book-keeping and making it easy to grow their business.

    Khatabook’s logo itself signifies what the company is all about. It maintains a digital record of all the transactions we make, something which our actual ‘Khatabook’ (the diary in which we maintain our financial record) does.

    Khatabook Logo
    Khatabook Logo

    Khatabook – Business Model

    Khatabook is a mobile app that helps small merchants to digitize their accounting and credit balance recording. It helps to reduce the burden of bookkeeping and accounting. It is just like having a khata in your pocket. The business model of Khatabook is making “Bharat” / India come online.

    It is 100% free to use and secure for all types of businesses with which shop owners can record credit (Jama) and debit (Udhaar) of customers. But Khatabook has no revenue source at present.

    Ravish Naresh, CEO of Khatabook, said they’re now developing the app to provide a complete financial solution for small businesses. The startup has plans to bring a host of new features onto the platform and UPI payment is next on the line.

    Khatabook has seen some growth in the past two and a half years, where it has emerged as an integral part of the MSME community in almost every district in India. A majority of the merchant users on the Khatabook platform have embraced the digital practices dumping their offline business practices.

    Furthermore, Khatabook has also introduced 3 other solutions apart from the Flagship Khatabook for the benefit of the MSMEs:

    • Biz Analyst – This is a leading SaaS business management solution from Khatabook designed to offer premium value-added on-demand services like sales and purchase reports, livestock updates, and other MIS reports. Biz Analyst can be integrated with Tally ERP9 and allows an overall view of the business operations.
    • Pagarkhata – This is a staff management platform for businesses by Khatabook which aims to help merchants to turn the staff attendance, payroll/wages, attendance updates, leaves, payments, and other processes digital.
    • Cashbook – Cashbook is another platform by Khatabook built as a cash handling and tracking solution. Furthermore, it also helps with cash sales and expense management.

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    StartupTalkyShubham Kumar

    Khatabook – Revenue Model

    In 2020, Khatabook has active merchants in 95% of Indian districts, recording over $100 Billion in transactions with over 150 million customers.

    Khatabook has recorded total revenue of Rs 17 crore during FY21, thereby registering a 25.3% decline from Rs 24.4 crore. The startup’s revenue from operations, currently recorded at Rs 16.9 crore, witnessed a dip of around 30.7% from Rs 24.4 crore that it posted in FY20. On the other hand, the other income of the startup rose from Rs 12.7 crore in FY20 to Rs 21 crore in FY21.

    Diving into the profit-loss segment, it has been discovered that Khatabook has managed to reduce its loss by 63%, which has been brought down from Rs 89.5 crore to Rs 33 crore. This is primarily due to the selling of its intellectual property, some of which it sold to its holding company, Kyte Technologies Inc. for around Rs 57 crore.

    In FY22, the company experienced significant growth in its operating revenue, surging from Rs 17 crore in 2021 to an impressive Rs 71 crore. However, this growth was accompanied by a corresponding increase in total expenses, which escalated from Rs 109 crore in FY21 to Rs 189 crore in FY22. Consequently, the company’s losses also saw a substantial rise, soaring from Rs 33 crore in FY21 to Rs 111 crore in FY22 during this period.

    Here’s a look at the financials of Khatabook:

    Khatabook Financials
    Khatabook Financials

    Operating revenue for the Khatabook increased by 14% in FY23 to Rs 81 crore. Conversely, there was a marginal rise in losses of 4% to Rs 125 crore.
    Due to increased employee benefit costs (wages, salaries, PPF, etc.), which amounted to over Rs 142 crore, the company’s total expenses stayed steady at Rs 223 crore, a slight increase from Rs 189 crore in the year FY22.

    Khatabook – Growth

    Khatabook has registered around 10 Million monthly active users and the numbers are growing.

    Growth had an excellent trajectory, which did take a hit during the lockdown in line with other external factors. With the relaxation of the lockdown, the company started reviving the business at a steady pace. The revival has been faster with users in tier-2 and tier-3 cities of India.

    As a very relevant offering for merchants in the pandemic, the company also launched the MyStore app to enable them to take their stores online in 15 seconds and continue doing business through their preferred communication channels.

    Within a month after the launch, more than 2.5 million merchants across India have installed MyStore. Khatabook also initiated work from home active, 24/7 call center support for merchants. Currently, the revenue model of Khatabook depends on its funding.

    Some key growth highlights would include:

    • 5 crore+ registered businesses
    • A spread over 4000+ cities of India
    • Powered by popular investors like Sequoia Capital, DST Global Partners, Y Combinator, Tencent, B Capital Group and more

    Khatabook – Acquisitions

    Khatabook has acquired Biz Analyst on March 25, 2021, which remains the company’s maiden acquisition.

    Khatabook – Awards and Achievements

    Some of the popular awards and achievements that Khatabook has seen so far are:

    • It was declared as the Winner of Nasscom League of 10 in the Emerge50 Awards 2020
    • The company’s app won the Best Innovative Mobile App award at IAMAI 2020
    • mCube announced Khatabook the winner of the Best Content in a Mobile Marketing Campaign in its awards ceremony in 2020

    Khatabook – Partnerships

    Khatabook currently partners with the former skipper of the India cricket team, M.S. Dhoni, who is an investor as well as the brand ambassador of the company. The strategic partnership was announced on March 17, 2020.

    Khatabook – Challenges Faced

    Khatabook also faced a shortage of money during its initial days just like other new startups. Ravish, the CEO of Khatabook realized that they need to look into serious funding options.

    In the series A phase, they were struggling a bit with the funding. The growth hit them fast, so the seed round took place in 5 bridges. It was the highest in the history of funding for Sequoia.

    “Well, the struggles were mainly money-related. We knew we were working on something important and kept going with it. Often it was difficult to imagine the future of our initiatives with no funding, but perseverance is what got us where we are today,” said Ravish Naresh.

    He also said that the adoption of their product was not only dependent on the app’s visibility and convenience but also on educating users, not just for the app but also for using digital technology in general. The biggest hurdle was to persuade offline shopkeepers to come online and train them for digital transactions.

    Switching away from the convention is understandably tricky and daunting for merchants who mainly have offline workflows. Persuading traditional enterprises to embrace the digital still remains a crucial challenge for them.

    “It is important to build something that people want and then try to build a business around it, and that is exactly what the team did.” said Ravish.

    Khatabook announced the shutdown of MyStore on November 10, 2021. The eCommerce enablement product was one of the core products of the company, which also contributed to the expansion of the company by raising funds along with helping the company with its bookkeeping requirements.

    “Thank you for being a part of the MyStore journey. We are planning on discontinuing the MyStore App. Your MyStore App won’t work from 15 November 2021,” goes a blog post from the company.

    The company has further asked its users to download their invoices by sharing order invoices before doing away with the app.

    Khatabook had previously been dragged into a legal fight with its rival, Dukaan over the plagiarism of the name when MyStore was named ‘Dukaan by Khatabook’, in August 2020. Khatabook later decided to change it to ‘MyStore by Khatabook after a legal battle of around four months. The tagline of the app, however, remains the same, ”Create Your Online Dukaan in 15 Seconds” to date on Play Store.

    Khatabook – Funding and Investors

    Khatabook has raised a total of $186.5M in funding over 4 rounds. Their latest funding was raised on 24th August 2021, from a Series C round. Khatabook is funded by 34 investors in total. Tribe Capital and Moore Strategic Ventures are the most recent investors. The valuation of Khatabook was estimated to be around $600 Million in August 2021.

    Date Round Amount Lead Investors
    Aug 24, 2021 Series C $100M Tribe Capital, Moore Strategic Ventures
    May 20, 2020 Series B $60M B Capital Group
    Oct 1, 2019 Series A $25M –
    Apr 19, 2019 Seed Round $1.5M Surge

    Khatabook – Competitors

    The top competitors of Khatabook are:

    Khatabook – LayOff

    In a strategic move aimed at optimizing costs and prolonging the company’s financial runway, the organization recently made the difficult decision to implement workforce reductions, resulting in the departure of over 40 employees from various departments. These actions were undertaken as part of a broader effort to navigate the challenges faced by growth-stage companies.

    While undoubtedly a tough choice, the company’s leadership recognized the importance of preserving its financial stability and ensuring a sustainable future. This move reflects a commitment to adaptability and resilience in an ever-evolving business landscape, with the hope that these measures will ultimately position the company for long-term success.

    “Khatabook has laid off 42 employees across sales, marketing and analytics, and technology verticals,” said one of the sources requesting anonymity. “People who lost their jobs in the exercise have been given standard severance packages including 3 months salary among others.”

    Khatabook – Future Plans

    Khatabook plans to expand and achieve two to three times business growth by simplifying the traditional way of doing business. Remaining committed to India’s MSME segment, Khatabook will be adding services to streamline and simplify business processes for the merchants.

    “Committing to a goal is essential for business directions and decisions. One thing that pandemic has taught us is that we need to think through the most unlikely scenario and make sure we are relevant in all possible scenarios or are agile enough to change our direction as per the need of the hour,” says Ravish.

    Khatabook has already managed to build a widely accepted tech ecosystem for the MSMEs across the country and will now concentrate on the disbursement of financial services through its tech platforms. These financial services will further enable smooth lending, payment, and deposits in the MSME space.

    Khatabook is eyeing the right partnership opportunities to seamlessly roll out the solutions that would benefit the economic aspirations of countless small businesses.

    Khatabook has announced a buyback scheme of ESOPs worth USD 10 Million in order to acknowledge the contributions of its employees, the ex-employees and the early investors who stayed by the company and helped it grow. The employees who are eligible for the ESOP scheme would be able to sell up to 30% of their vested options. Meanwhile, Khatabook has also expanded its ESOP pool to $50 Mn.

    Furthermore, Khatabook is also looking to strengthen its talent base by hiring employees for the engineering, product, design, analytics, and data science departments.

    Khatabook – FAQs

    What is Khatabook?

    Khatabook is the world’s fastest-growing SaaS company. It is India’s leading business management app for MSMEs that enables companies to keep a digital log of their financial transactions and accept payments online. It’s like having a khata in your pocket.

    Is Khatabook an Indian app?

    Yes, Khatabook is an Indian app founded in 2019 with an aim to reduce the burden of bookkeeping and accounting.

    Which company owns Khatabook?

    Kyte Technologies is the Parent Company of Khatabook.

    Who is the CEO of Khatabook?

    Ravish Naresh is the CEO and Co-founder of Khatabook.

    Who are the founders of Khatabook?

    Khatabook was founded by Ashish Sonone, Dhanesh Kumar, Vaibhav Kalpe (Ex-Khatabook), Jaideep Poonia and Ravish Naresh in 2019.

    How does Khatabook make money?

    The Khatabook revenue model is non-existent at the moment. Naresh says their focus is now on developing the app to provide a complete financial solution to small businesses.

    What is the use of Khatabook?

    Khatabook app enables MSMEs to keep a digital log of their financial transactions and accept payments online.

    What is the valuation of Khatabook?

    The valuation of Khatabook was estimated to be around $600 Million.

  • BANKIT Success Story – Making Digital Banking Accessible to Everyone

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by BANKIT.

    BANKIT operates on a B2B2C business model to provide banking and financial solutions under one roof. The startup was officially founded in 2010, took seven years to research the market, and launched its first service in 2017. Founded by Amit Nigam and Satyajeet Limaye, BANKIT is all set to become India’s most trusted payment solutions company and create a ‘Millionaire Agents Network’.

    BANKIT focuses to give banking and monetary administrations to underserved individuals who face difficulties in financial offices and are not educated enough. The company’s 50,000+ agents are spread across PAN India across level 2, level 3, and level 4 urban areas and towns to help and furnish clients with banking and monetary offices.

    Walkthrough the exciting journey of BANKIT in this article, with highlights on BANKIT’s business model, how it started, its future plans and more.

    BANKIT – Company Highlights

    Startup Name BANKIT
    Headquarters Noida, Uttar Pradesh, India
    Industry Fintech
    Founder Amit Nigam
    Founded 2010
    Launch Date 2017
    Revenue $15.1 million per year (approx)
    Website bankit.in

    BANKIT – About
    BANKIT – Industry Details
    BANKIT – Startup Story
    BANKIT – Founders and Team
    BANKIT – Name and Logo
    BANKIT – Product and USP
    BANKIT – Business Model and Revenue Model
    BANKIT – Startup Launch & Marketing Strategy
    BANKIT – Growth
    BANKIT – Challenges Faced
    BANKIT – Competitors
    BANKIT – Future Plans

    BANKIT – About

    Being a fintech company, BANKIT operates on a B2B2C business model to provide banking and financial solutions under one roof. It partnered with 15,000 neighbourhood retail stores in tier 2 and tier 3 areas of India, which can offer assisted digital financial services like Domestic Money Transfer, Cash out through APES/ micro ATM, also it has its own Prepaid card apart from additional services in Recharges, Utility Bill payments, loan, Insurance, Travel Booking, etc.

    The company has over 80,000 outlets in 29 states that target to strengthen its presence in tier 2 and tier 3 areas with financial services. Recently, the company launched prepaid card solutions for corporates. Also, the vision of the company is to make a “Millionaire Agents Network” (MAN). It wants to maximize the number of agents who are able to make Rs. 10 lakhs as revenue in a year by delivering various BANKIT services.

    BANKIT – Industry Details

    According to Mr. Amit Nigam, the fintech industry is at the evolving stage to become three times more valuable in the coming 3-5 years. Gladly the government is helping companies to modify their services that add extra creation and strengthen the business. The Indian fintech market is expected to reach a valuation of $150-160 billion by 2025.

    BANKIT – Startup Story

    The journey of BANKIT started with Amit Nigam, who was also one of the founding members of Spice Money. During that journey, he understood the gap in banking requirements in backward areas. Hence, the idea of BANKIT arrived, where he targeted to enable the unbanked and underserved portions of the country by protected, secure, and advantageous banking, finance, and payment arrangements. BANKIT provides the fastest and easiest money transfer to around 400 banks, based on IMPS technology. It provides safe and instant domestic money remittances. The company was founded in 2010, took seven years to analyse the market, identify gaps, and determine the need for banking services in different states, and launched its first service in 2017.

    The founders of BANKIT got in touch with a lot of family members and friends to discuss the idea; many of them gave positive feedback and were impressed by the larger mission that it was to serve. A few of them connected and joined hands, and support was extended in terms of manpower to create an incredible team.

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    BANKIT – Founders and Team

    Amit Nigam - Founder of BANKIT
    Amit Nigam – Founder of BANKIT

    BANKIT is the brainchild of Amit Nigam, a fintech leader with extensive experience of more than 22 years who has worked at the top of management in telecom, FMCG, and fintech companies like Airtel and Aditya Birla Group. Amit serves as the Executive Director and COO at BANKIT. He was also one of the founders of Spice Money. He is an experienced leader with skills in leading direct reports as well as cross-functional teams, justifying new product development investments, determining and documenting new product requirements, developing sales forecasts and product pricing, and launching new products into the marketplace. He also supervises the key management of large-scale projects for the company.

    Whereas, Mr. Satyajeet Limaye, Chief Strategy Officer, works alongside Amit Nigam to lead equity deals on both the buy and sell sides, incubating, challenging strategy, and restructuring revenue streams through strategy and financial analytics.

    BANKIT Logo
    BANKIT Logo

    The team at BANKIT wanted to connect and be relatable to the masses and wanted the name to be relatable with its mission of providing banking and financial services to the last mile.

    BANKIT – Product and USP

    BANKIT offers financial services to clients through its retail channels, outlets, and banking specialists. Monetary Services are effectively accessible at neighborhood shops. Individuals can visit the closest specialists for administrations with no reports. BANKIT is a stage that has various Banking, Financial, and Payment administrations under one roof and it continues to add more to it as indicated by the client’s needs.

    BANKIT focuses on providing banking and financial services to underserved individuals who face difficulties in financial offices and are undereducated. The company’s 50,000+ agents are spread across PAN India across level 2, level 3, and level 4 urban areas/towns to help and furnish clients with banking and monetary offices. It offers B2B2C administrations that address dual-purpose occupations for specialists who offer various types of assistance to buyers and help clients with our quick, simple Banking, Financial, and Payment administrations that require no documentation.

    The USP of BANKIT is its web-based interface and versatile application, which is easy to use and user-friendly for the end customers. Its portal and app are much more secure, authentic, and easy to use, if a customer is registered (prior done any exchange with BANKIT) his cash can be sent with 2-3 ticks just right away. The startup continues to update its app and portal according to the client’s needs. BANKIT has added numerous new administrations and guarantees free miniature advances for its agents, which was of great importance and ended up being helpful for the representatives just as much as for the clients. BANKIT is a solitary stage for various administrations accessible 24×7.

    BANKIT – Business Model and Revenue Model

    Being a fintech organization, BANKIT works on a business-to-business-to-client plan of action to bring banking and monetary arrangements under one roof. It offers financial services like Domestic Money Transfer, and cashouts through APES/miniature ATMs, and has its own prepaid card separate from extra administrations like recharges, utility bill instalments, insurance, travel booking, and so on. Its cutting-edge arrangements are intended to make monetary exchanges consistent, simple, and fast to engage the Agents.

    The company offers types of assistance to the purchasers through its agent organization, and for help like DMT, it charges customers @1% on the settlement business according to RBI rules. Different models like money withdrawals through AePS/mATM, Mobile/DTH/Fastag, recharges, bill payments, protection, CMS, and so on are either through banks or aggregators. BANKIT gets a commission from them, which it gives to the retail channel.

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    BANKIT – Startup Launch & Marketing Strategy

    As BANKIT’s target group is mainly from rural and semi-urban areas, the team approached retailers through direct marketing via sales personnel. The response received from the same proved to be successful and many retailers joined hands with BANKIT.

    The COVID-19 pandemic and induced lockdown forced a lot of migrant workers from urban areas to internally migrate back to their hometowns. BANKIT utilised this opportunity to help these people get opportunities locally and thus get more people on board for its larger mission.

    BANKIT – Growth and Revenue

    Noida-headquartered start-up BANKIT has a presence in 29 states with more than 70,000 correspondents and 50,000 agents. Its significant business comes from Andhra Pradesh, Orissa, Telangana, Bihar, Maharashtra, Uttar Pradesh, Delhi, West Bengal, Tamil Nadu, Gujarat, Rajasthan, etc. The fintech stalwart’s estimated annual revenue is currently $15.1 million per year.

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    BANKIT – Challenges Faced

    The team has experienced a huge number of difficulties all throughout their excursion, but the one prominent one that can be highlighted is its colossal business work during the Coronavirus lockdown.

    At the point when the Coronavirus began influencing the Indian business market, the test was to re-plan the business and showcase systems totally at an ideal opportunity to settle and develop the business. The team was happy that BANKIT was not simply made due in the hardest season of the World yet, in addition, made the greatest business in lockdown as the interest of banking and monetary administrations gathered by buyers and BANKIT was prepared to give something very similar in those difficult occasions.

    Since BANKIT began its first activity, it has seen that organizations have been confronting a few challenges during this pandemic opportunity to support on the lookout however for them, their huge line of administrations assisted BANKIT to cope in this difficult time and spotlight move on sought after administrations like Cash-out help has turned out a distinct advantage for its business. The company has enlisted the greatest income development and exchanges in the midst of the lockdown and has seen an upward pattern for a few of its contributions.

    BANKIT – Competitors

    Some of the prominent competitors of BANKIT are PayNearby, Fino PaymentS Bank and Spice Money.

    BANKIT – Future Plans

    The organization has kept an objective to add 1 lakh+ such outlets in the metropolitan and rustic piece of the country in this monetary year under its channel extension plan. Additionally, the organization is intending to dispatch another line of items and administrations in the coming months.

    BANKIT wants to be the pioneer in the formation of a new India where everyone has access to banking facilities and doesn’t have to struggle for basic banking and financial needs. With the vision to become India’s largest and most trusted payment solutions company, the team is working to open more than 10,000 digital and brand BANKIT stores across the country. The startup aims to translate the vision of the government of digitizing rural India and making new entrepreneurs.

    FAQs

    What is BANKIT?

    BANKIT offers financial services to clients through its retail channels, outlets, and banking specialists. It partnered with 15,000 neighborhood retail stores in tier 2 and tier 3 areas of India, which can offer assisted digital financial services like Domestic Money Transfer, Cash out through APES/ micro ATM, also it has its own Prepaid card apart from additional services in Recharges, Utility Bill payments, loan, Insurance, Travel Booking, etc.

    Who are the founders of BANKIT?

    BANKIT is the brainchild of Amit Nigam. Mr. Satyajeet Limaye, Chief Strategy Officer, works alongside Amit Nigam.

    What is the USP of BANKIT?

    The USP of BANKIT is its web-based interface and versatile application which is easy to use and user-friendly for the end customers. Its portal and app are much more secure, authentic, and easy to use, if a customer is registered (prior done any exchange with BANKIT) his cash can be sent with 2-3 ticks just right away.

    How much is BANKIT’s revenue?

    BANKIT’s estimated annual revenue is currently $15.1 million per year.

    How BANKIT works?

    BANKIT offers financial services to clients through its retail channels, outlets, and banking specialists. Monetary Services are effectively accessible at neighborhood shops. Individuals can visit the closest specialists for administrations with no reports. BANKIT is a stage that has various Banking, Financial, and Payment administrations under one rooftop.

    Is BANKIT safe?

    BANKIT provides the fastest and easiest money transfer to around 400 banks, based on IMPS technology. It provides safe and instant domestic money remittance. Its portal and app are much more secure, authentic, and easy to use.

    Who are the competitors of BANKIT?

    Some of the competitors of BANKIT are PayNearby, Fino Payment banks & Spice Money.

  • LendingClub: The Success Story of the American Financial Service Provider Company

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by LendingClub.

    It can be safe to assume that one of the most vital parts of everyone’s life is banking and financial benefits. We are all heavily dependent on the bank and the financial sector to effectively use our money for loans, lending, investments, or insurance.

    These days, the options of banks and financial services are endless with many people using different kinds of banking and various financial services like insurance premiums, paying utility bills, online shopping, mobile recharge, etc all through Debit/Credit cards. The introduction of technology in this sector has also made transactions simplified and much easier.

    In order to develop and obtain future financial rewards, multiple financial services are being offered by major banks, such as personal banking, and business banking solutions. In addition to this, banks also offer investment advice or consultancy to assist investors in making the best use of their money.

    LendingClub, which was founded in 2006 in the USA, offers a wide range of financial products and services to help its customers reach their financial goals. The company was founded as the world’s first peer-to-peer lending platform.

    To gain some insights into LendingClub, we have articulated some relevant information on LendingClub’s products and services, its business and revenue model, competition, and the challenges it faced.

    LendingClub – Company Highlights

    Headquarters California, USA
    Sector Financial Services
    Founder Renaud Laplanche, Soul Htite
    Founded 2006
    Type Public Company
    Revenue $679.8 million (2021)
    Total Funding Raised $392.2 million
    Website www.lendingclub.com

    LendingClub – About and How it works?
    LendingClub – Industry details
    LendingClub – Founders
    LendingClub – Mission and Vision
    LendingClub – Business Model
    LendingClub – Revenue and Growth
    LendingClub – Challenges and Controversies
    LendingClub – Funding, and Investors
    LendingClub – Mergers, and Acquisitions
    LendingClub – Investments
    LendingClub – Advertisements and Social Media Campaigns
    LendingClub – Awards and Achievements
    LendingClub – Competitors
    FAQs

    LendingClub – About and How it works?

    LendingClub was founded in 2006 with the motive to lend its financial services. The company is San Francisco, California-based financial services startup. The best part about the company is that it was the first peer-to-peer lender to register its offers as shares with the Securities and Exchange Commission (SEC) and to allow secondary loan trading. LendingClub was the world’s largest peer-to-peer lending marketplace at one point. Around December 2015, the firm announced that $15.98 billion in loans have been originated on its platform.

    LendingClub also provides traditional direct-to-consumer loans, such as vehicle refinancing, through WebBank, an FDIC-insured, state-chartered industrial bank based in Salt Lake City, Utah. The services offered by LendingClub are – Personal loans, business loans, auto refinancing, personal banking, institutional banking, and institutional investors.

    Two years ago, LendingClub announced to shut of its peer-to-peer lending platform. The company no longer provides new loans for individual investing.

    LendingClub – Industry details

    As per reports, it is estimated that the global financial services market is worth $20.49 trillion in 2020. The banking and financial sector industry is said to make up a quarter of the world’s economy. This industry is undoubtedly regarded as the crucial nectar in each one of our lives. Reports also claim that about 6.6 million Americans are employed in the financial and banking sector.

    LendingClub – Founders

    Lending Club was founded by Renaud Laplanche and Soul Htite in 2006.

    Renaud Laplanche
    Renaud Laplanche

    Renaud Laplanche

    Renaud Laplanche had co-founded and served as the CEO of LendingClub for almost a decade. He is currently the co-founder and CEO of Upgrade, Inc., which is a fintech company. Before this, he is also associated with founding another company TripleHop Technologies, which was later acquired by Oracle Corporation. Born in France, Renaud has studied business and law and holds an MBA degree from HEC Business School in Paris, France, and London Business School. In his entire career journey, he has worked on cases related to mergers and acquisitions, joint ventures, and many investment transactions.

    Soul Htite

    Soul Htite is a fintech entrepreneur who co-founded LendingClub. Presently, Soul serves as the founder and CEO of Valt, a software company that offers financial services. Along with Valt, Soul is also the co-founder of Upgrade, Inc. He has worked with multiple organizations such as Oracle, SinoLending, Assured Asset Management, and True North. His main interests are real-time online services and system architecture for high availability and fault tolerance.

    LendingClub – Mission and Vision

    LendingClub’s mission reads as, “to transform the banking system to make credit more affordable and investing more rewarding.”

    The vision statement of LendingClub is, “Our leaders share a vision of expanding financial opportunities for all Americans through responsible innovation.”

    LendingClub – Business Model

    LendingClub operates its business through the fee-based model. The business of LendingClub offers borrowers to post loan listings on its website by providing information about themselves and the loans they want to obtain. After a borrower has visited the website, the company then decides whether the borrower was creditworthy based on the borrower’s credit score, credit history, desired loan amount, and debt-to-income ratio and awards a credit grade to its accepted loans, which set the payable interest rate and fees. A typical loan term is three years, with a five-year option available for a higher interest rate and extra expenses.

    As mentioned earlier, LendingClub offers personal banking, personal loans, institutional banking, institutional investment, business banking and loans, and other related financial services and loans.

    LendingClub – Revenue and Growth

    LendingClub has made a total of $679.8 million in revenue as of 2021. LendingClub generates its income by charging origination fees to borrowers and servicing fees to investors. The operating income is reported to be around $18.4 million.

    LendingClub – Challenges and Controversies

    During early 2016, LendingClub had increasing trouble obtaining investors. As a result, the company raised the interest rate it charged borrowers three times in the first three months of the year. The rise in interest rates, along with fears about the impact of the faltering US economy, resulted in a significant reduction in LendingClub’s share price. The Financial Times stated in December 2017 that LendingClub has failed to escape the impact of a governance controversy in May and that the company has battled to keep major investors buying loans despite internal governance changes. These difficulties have caused it to boost its loss forecast, resulting in additional reductions in its share price. Many other peer-to-peer lending organizations were also having issues at the time.

    LendingClub – Funding, and Investors

    Lending Club is backed by a group of 24 investors. The most recent investors are Two Sigma and Panorama Point Partners. The other investors’ names are – Flint Capital, Employee Stock Option Fund, FinSight Ventures, Sands Capital Ventures, BlackRock, T. Rowe Price, Coatue, and DST Global.

    Lending Club has raised $392.2 million in investment across 15 rounds. Their most recent fundraising came on April 9, 2017, in the form of a Post-IPO Equity round.

    Date Funding Round Fund Amount Investor
    April 9, 2017 Post-IPO -Equity – –
    August 22, 2014 Venture Round – –
    April 17, 2014 Debt Financing $50 million –
    Apr 17, 2014 Private Equity Round $65 million –
    November 13, 2013 Secondary Market Capital $57 million –
    May 1, 2013 Secondary Market Capital $125 million CapitalG, Foundation Capital
    June 6, 2012 Venture Round $17.5 million Kleiner Perkins

    LendingClub – Mergers, and Acquisitions

    Lending Club has purchased two businesses. Radius Bank was their most recent acquisition, which occurred on February 18, 2020. Radius Bank was purchased for $185 million. In 2014, LendingClub purchased its first company called, Springstone.

    LendingClub – Investments

    On September 4, 2019, Lending Club made an investment in Even Financial. The Venture Round – Even Financial investment was valued at $25 million.

    LendingClub – Advertisements and Social Media Campaigns

    LendingClub posts short ad videos on the website called ‘ispot.tv’ on personal loans, business loans, credit cards, debit cards, etc. You can find these videos are short with the right blend of marketing tactics targeted toward their audience with interesting characters and strong dialogue delivery.

    LendingClub – Awards and Achievements

    Some of the awards won by LendingClub are;

    • LendingClub was named Best Bank or Credit Union for Online Experience by Nerdwallet (2021)
    • LendingClub also won Celent Model Bank Award for Credit Innovation During the Pandemic for their Paycheck Protection Program response.
    • LendingClub won for Top Rated Company Perks & Benefits

    LendingClub – Competitors

    LendingClub has the following competitors

    1. Avant

    2.  Lendable

    3.  SoFi

    4.  Pagaya

    5. Happy Money

    6.  Auxmoney

    7.  SocietyOne

    8. SoLo Funds

    9. Upstart

    10. Primavera Financial

    FAQs

    Who is the CEO of Lending Club?

    Renaud Laplanche is the founder & CEO of Lending Club.

    Where is the head office of the Lending Club?

    The Head Office of Landing Club is in San Fransisco.

    Is Lending Club shutting down?

    Yes, Lending Club is shutting down.

    Why is Lending Club shutting down?

    Yes. As per the company’s website, it’s not economically possible for the company to continue its operation.

  • List of Top 8 Fintech Investors in India

    We are living in an era where fintech is taking over the world. Technology has always given us a revolutionary form in every sector, now it is the turn for fintech. India has become a hub for startups. More and more people are showing their interest in being an entrepreneur. Fintech startups are showing immense growth in the country and as of now, India has over 2,100 Fintech companies. As per reports, by 2025 the fintech market in India is expected to reach $150-160 billion.

    Now, any kind of business needs funds to function, without funds, the survival of a business is not possible. The fintech industry is booming with new business ideas and opportunities alike. Now Fintech startups are experiencing growth and one of the prime reasons is the investors. They are providing these startups with the required funds that their business needs. In this article, we will talk about the different investors in India that invest in fintech startups. So, without any further ado, let’s get started.

    “FinTech is not only an enabler but the driving engine” -Pierre Gramegna

    How Fintech Founders are Planning to Dominate the Indian Bond Market?

    Elevation Capital
    Blume Ventures
    Better Capital
    Kalaari Capital
    India Quotient
    Prime Venture Partners
    Pravega Ventures
    Titan Capital

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    Number of Investments in Fintech in India by Deal Count (2018-2022)
    Number of Investments in Fintech in India by Deal Count (2018-2022)

    Elevation Capital

    Founder – Ravi Adusumalli

    Founded – 2002

    Investment Portfolio – PayTm, FamPay, Uni, Jodo Anthem, Aye Finance, Acko

    Elevation Capital - Fintech Investors in India
    Elevation Capital – Fintech Investors in India

    Elevation Capital which is formerly known as SAIF Partners is a venture capital firm known for investing in some of the most popular startups and is one of the biggest investors in India. The company was founded in the year 2002 by Ravi Adusumalli and since then it has never looked back and provided support to some of the biggest fintech startups in India. Some of the popular Indian fintech startups that have received funding from this venture capital firm are PayTm, FamPay, Uni, Jodo Anthem, Aye Finance, Acko, and more.

    Blume Ventures

    Founder – Karthik Reddy and Sanjay Nath

    Founded – 2010

    Investment Portfolio – Instamojo, Turtlemint, Slice, Zopper, Kaleidofin, Unicoin, smallcase

    Blume Ventures - Fintech Investors in India
    Blume Ventures – Fintech Investors in India

    This Mumbai-based investment firm, founded in 2010 has been showing its grasp by investing in some of the seed-stage and early-seed-stage startups from all sectors of business. The venture capital firm has participated in more than 175 funding deals. Some of the Indian fintech companies it has invested in are Instamojo, Turtlemint, Slice, Zopper, Kaleidofin, Unicoin, smallcase, and more. Blume Ventures is one of the most popular venture capital firms in India that has generously invested in some of the most popular fintechs in India.

    Startups Funded by Blume Ventures
    Blume Ventures invests in the subsequent financing rounds of Funds I, IA, and II portfolio start-ups. They have invested in Unacademy, Dunzo, and much more.
    StartupTalkyMichelle D’souza

    Better Capital

    Founder – Vaibhav Domkundwar

    Founded – 2018

    Investment Portfolio – Rupeek, Open, Slice, Jupiter, M2P, Rupify

    Better Capital - Fintech Investors in India
    Better Capital – Fintech Investors in India

    Better Capital is founded by Vaibhav Domkundwar and the firm is focused on building and investing in promising businesses. This India-based, venture capital firm has been showing its interest in fintech startups from the very beginning. Better Capital’s investment portfolio includes more than 200 companies among which 40 are related to fintech. The venture capital firm has invested in some of the popular fintech startups like Rupeek, Open, Slice, M2P, Jupiter, Rupify and others.

    Kalaari Capital

    Founder – Vani Kola

    Founded – 2006

    Investment Portfolio – Threedots, Upstox, AffordPlan, Toffee Insurance, WeRize

    Kalaari Capital - Fintech Investors in India
    Kalaari Capital – Fintech Investors in India

    Kalaari Capital is a popular Indian Venture Capital firm that is founded by a woman, Vani Kola. The headquarters of the Kalaari Capital is situated in Bengaluru. The investment firm founded in 2006 mainly looks for promising and early seed-stage startups from multiple sectors to invest in. Kalaari Capital has invested in the likes of Threedots, Upstox, Toffee Insurance, AffordPlan, WeRize and other fintech startups.

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    India Quotient

    Founder – Madhukar Sinha and Anand Lunia

    Founded – 2012

    Investment Portfolio – Lendingkart, LoanTap, Upwards, Propelld

    India Quotient - Fintech Investors in India
    India Quotient – Fintech Investors in India

    The venture capital firm mainly focuses on early-stage businesses and invests in them. The company focuses on multiple sectors including Fintech, Edtech, b2b sectors dealing with fintech, Health-tech, SaaS, consumer brands and others. The headquarters of the company is situated in Mumbai. The company has invested in more than 70 deals and among them, 9 are related to fintech startups. Some of the popular fintech startups that the venture has invested in are Lendingkart, LoanTap, Upwards, Propelld, and more.

    Prime Venture Partners

    Founder – Amit Somani, Sanjay Swamy and Shripati Acharya

    Founded – 2011

    Investment Portfolio – Niyo, AffordPlan, KredX, Knight FinTech

    Prime Venture Partners - Fintech Investors in India
    Prime Venture Partners – Fintech Investors in India

    Prime Venture Partners was founded in the year 2011 and since then it has funded many fintech startups. The company was founded by Amit Somani, Sanjay Swamy and Shripati Acharya and the headquarters is situated in Bengaluru. The company has also invested in the sectors of Edtech, SaaS, and health care. Some of the major fintech startups that Prime Venture Partners have invested in are Niyo, AffordPlan, KredX, Knight FinTech, and more.

    Pravega Ventures

    Founder – Mukul Singhal, Rohit Jain and Vinay Menon

    Founded – 2016

    Investment Portfolio – ePayLater, Flexmoney, Mintoak, MyShubhLife

    Pravega Ventures - Fintech Investors in India
    Pravega Ventures – Fintech Investors in India

    Another prominent fintech investor in India on the list is Pravega Ventures, founded by Mukul Singhal, Rohit Jain and Vinay Menon. The headquarters of the company is situated in Delhi. Pravega Ventures has contributed to more than 26 funding deals till now. The venture capital firm focuses on tech-related startups which include fintech as well. It has invested in fintech startups like ePayLater, Flexmoney, Mintoak, MyShubhLife, and more.

    Titan Capital

    Founder – Kunal Bahl and Rohit Bansal
    Founded – 2015
    Investment Portfolio – LogiPe, Jupiter, Credgencies, Razorpay, Tinkerr, Astu Credit

    Titan Capital - Fintech Investors in India
    Titan Capital – Fintech Investors in India

    Titan Capital is a venture capital firm whose headquarters is situated in Gurugram. The most interesting thing is that the firm is founded by Kunal Bahl and Rohit Bansal who are the founders of Snapdeal. The firm focuses on funding seed-stage and pre-seed-stage startups. It was founded in the year 2015 and since then Titan Capital has participated in many funding deals related to different sectors of startups. Titan Capital has invested in fintech startups like LogiPe, Jupiter, Credgencies, Razorpay, Tinkerr, Astu Credit, and more.

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    Conclusion

    For any kind of business, investment is necessary. Investors willingly provide businesses that they deem to be potential with the needed funds. Fintech startups are growing in numbers in India, and it seems like it’s just the start of the real game. Naturally, investors are also looking to invest in fintech startups as financial services have become an important need and the market is growing quite fast. With time, many other venture capital firms will also start investing generously in fintech startups.

    FAQs

    What is Fintech?

    Financial technology is abbreviated to FinTech and it comprises companies that use technology to offer financial services.

    How many fintech startups are there in India?

    There are more than 2100 fintech startups in India as of 2022.

    What are some Fintech investors in India?

    Some of the fintech investors in India are:

    • Elevation Capital
    • Blume Ventures
    • Better Capital
    • Kalaari Capital
    • India Quotient
    • Prime Venture Partners
    • Pravega Ventures
    • Titan Capital

  • Top 16 Fintech Startups in the USA

    Fintech or financial technology in the last decade has been one of the world’s most promising sectors. FinTech has changed the way finances are conducted with mobile banking, investing, and blockchain apps. According to the Modern Knowledge World, the centerpiece of this technology trend is the United States where 1,491 startups and $58,5 billion invested in the sector.

    Yet banks are not the only financial institutions that have changed technologies. Digital financial access is embedded in entire markets, including digital loans and mobile stock systems, e-commerce payment networks, and digital currency exchanges.

    In this article, we will talk about some of the top Fintech startups in the USA. So, let’s get started.

    What is Fintech?
    Evolution of Fintech in the USA
    List of Top Fintech Startups in the USA
    Stripe
    Chime
    Plaid
    SoFi
    Coinbase
    Ripple
    Toast, Inc
    Spur
    Credit Karma
    Opendoor
    Root
    Paydiant
    Kraken
    Robinhood
    Brex

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    What is Fintech?

    Fintech means Finance + Technology which refers to the amalgamation of both into software that seeks to improve and automate the delivery and use of financial services. Fintech defines any business offering financial services through software or other technologies, from smartphones to cryptocurrency payment applications.

    Fintech firms have changed nearly every part of the finance sector in recent years. Ten years earlier, individuals had to visit a branch or bank to apply for a deposit, a credit or to transfer funds literally from one bank to another. At present, Fintech has made it possible, without having to ever step into a bank to spend, borrow, save, and move funds through online and mobile services. Although conventional institutions are picking up technologies from fintech steadily.

    Evolution of Fintech in the USA

    Fintech was even longer than most people believe. Though Fintech’s current version helps you to pay for a coffee cup with a smartphone app, financial infrastructure history goes back to the first credit cards accepted by the public at the end of the 1950s.

    Financial technologies developed and implemented many significant milestones in the mass market after the credit card, such as ATMs, Electronic Shares, Mainframe Bank computers, and internet stock investment. Many modern technologies improved the financial system that most people used, but had to think seldom about every day.

    Today, solutions from the Fintech industry challenge existing banking infrastructure, for example by using a payment app on the mobile wallet, rather than the carriage of physical credit cards in a physical wallet.

    Fintech’s various markets have been revolutionized, particularly in the financial, commercial, insurance, and risk management industries. Fintech firms include startups, technology companies, and existing financial institutions leveraging digital innovations such as big data and artificial intelligence to enhance financial services usability and performance, blockchain, and edge computing.

    List of Top Fintech Startups in the USA

    Stripe

    Founder – Patrick and John Collison

    Founded – 2010

    Stripe Logo | Top Fintech Startup in USA
    Stripe Logo | Top Fintech Startup in the USA

    Stripe is an Irish-American financial service and SaaS company founded by Patrick and John Collison. Stripe provides payment infrastructure for businesses of all sizes from startups to large enterprises that use Stripe’s software, and APIs to accept payments, send payouts, and manage their businesses online.

    Zoom, Shopify, and Amazon are some of their clients. Stripe claims to be the world’s most powerful and end-to-end API. In 2019, Stripe launched a new corporate credit card and small business loans, which are automatically repaid from payments it processes for borrowers.

    Chime

    Founder – Chris Britt

    Founded – 2012

    Chime Logo | Top Fintech Startup in USA
    Chime Logo | Top Fintech Startup in the USA

    An increasing crowd of startups bets on your smartphone for banking. Chime, headquartered in San Francisco, has experienced its sales explosion over the past year and provides a debit card with no annual or overdraft charge. According to a person familiar with the topic, it is set to hit almost $200 million in 2019, a fourfold increase over 2018. With many significant tactics, Chime has drawn 5 million clients – or about 3.3 million users, based on an annual average of 1.5 accounts per client. Chime allows you to pay for a direct deposit to control the main functionality.

    Plaid

    Founder – Zach Perret and William Hockey

    Founded – 2013

    Plaid Logo | Top Fintech Startup in the USA
    Plaid Logo | Top Fintech Startup in the USA

    Plaid was founded by Zach Perret and William Hockey. Plaid provides a simple front-end module that streamlines the onboarding experience. It can be implemented with 2-3 lines of coding. Plaid connects payment apps like Square Cash and personal finance apps like Acorns to users’ bank accounts to transfer and track funds. American Express, Venmo, Coinbase, and Betterment are some of their clients.

    SoFi

    Founder – Mike Cagney and Dan Macklin

    Founded – 2011

    SoFi Logo | Top Fintech Startup in the USA
    SoFi Logo | Top Fintech Startup in the USA

    SoFi began out as a small business with just one commodity by launching a fintech service mainly for refinancing student loans. The organization sells several items today, but refinancing student loans remains its flagship commodity. SoFi is a value-driven organization with a task to help our members earn a living. We develop new financial goods and services that can enable customers to borrow, save, buy, save and safeguard their cash more, gain financial freedom, and meet their ambitions—from homeownership to pension plans, to paying student loans, and more.

    Coinbase

    Founder – Brian Armstrong and Fred Ehrsam

    Founded – 2012

    Coinbase Logo | Top Fintech Startup in the USA
    Coinbase Logo | Top Fintech Startup in the USA

    CoinBase has become a regular on-ramp for new crypto-investors as the leading mainstream cryptocurrency exchange in the United States. Coinbase provides a broad range of items, including cryptocurrency investment, an integrated trade network, institutional custody accounts, a retail investment wallet, and a secure U.S. dollar coin. Coinbase has taken the lead in offering crypto custody services to organizations since having developed its position as a stable and regulatory crypto-exchange and a personal wallet and new currencies tailored to cater to those wanting more anonymity. The company has become a pioneer in the crypto industry.

    Ripple

    Founder – Arthur Britto, Jed McCaleb and Chris Larsen

    Founded – 2012

    Ripple Logo | Top Fintech Startup in the USA
    Ripple Logo | Top Fintech Startup in the USA

    Ripple is both a peer-to-peer (RippleNet) and a digital currency transferrer (ripple XRP). The platform itself is a protocol for open-source transactions between two parties. All currencies, such as sterling currencies, bitcoins, and air miles, among others, can be traded on the site. In 2019, XRP sold $500 million to MoneyGram, using sales to raise and invest up to $50 million, currently using XRP in 10% of its Mexico purchases across borders.

    Toast, Inc

    Founder – Steve Fredette, Aman Narang and Jon Grimm

    Founded – 2012

    Toast, Inc. Logo | Top Fintech Startup in the USA
    Toast, Inc. Logo | Top Fintech Startup in the USA

    Toast, Inc. is a Boston, Massachusetts-based cloud restaurant tech firm. Toast, Inc. was one of the leading technology names when the calendar was turned towards 2020. In the secondary markets, shareholdings of the private enterprise that produces restaurant apps were in strong demand. In mid-February, current investors contributed about $5 trillion in investment, almost double the previous year.

    Spur

    Founder – Glenn Clayton

    Founded – 2017

    Spur Logo | Top Fintech Startup in the USA
    Spur Logo | Top Fintech Startup in the USA

    Spur simplifies human capital by leveraging a digital interface to provide embedded financial services on an hourly basis for its staff. Your business plan saves time and resources and allows staff to improve their financial status. Spur was developed by companies who want to take up the responsibility of job management less time and more time for their enterprises, their clients, and their hourly employees.

    Credit Karma

    Founder – Kenneth Lin

    Founded – 2007

    Credit Karma Logo | Top Fintech Startup in the USA
    Credit Karma Logo | Top Fintech Startup in the USA

    Credit Karma is known best for its free credit and loan reports. It is however a platform that provides its customers with the ability to create a stronger financial future. If you wish to use Credit Karma you should give your name and the last four digits of your Social Security number. You should have simple personal information. Credit Karma can then view your loan report, and collect and make it available to you with your consent. For users who utilize credit card reviews, personal, home-and-auto loans, or auto insurance, Credit Karma earns a big reference fee.

    Opendoor

    Founder – Eric Wu, In Wong and Keith Rabois

    Founded – 2014

    Opendoor Logo | Top Fintech Startup in the USA
    Opendoor Logo | Top Fintech Startup in the USA

    Home sellers in 21 cities can submit all-cash deals online from Opendoor and collect offers within 24 hours. The application initiated last year helps customers to arrange their own guided tours and deliver houses to sell in six cities, Dallas and Phoenix included. You only present details and pictures of your home through their website to sell your home with Opendoor. All these advantages Opendoor especially apply to veterans, openings, relocators, or people who have to sell their homes quickly. Opendoor also appreciates the ease of online and straightforward deals and costs for the youngest generation.

    Root

    Founder – Alex Timm and Dan Manges

    Founded – 2015

    Root Logo | Top Fintech Startup in the USA
    Root Logo | Top Fintech Startup in the USA

    Founded by Alex Timm and Dan Manges, Root raised $100 Billion for a $1 Billion valuation in 2018 and entered the unicorn club. Root provides car insurance to drivers. Root qualifies customers and sets their rates by first monitoring their driving with a smartphone app measuring 200 variables. After monitoring they provide a quote and allow their customers to change policy. Last year, Root brought claims processing in-house and expanded into renters’ insurance, offering to cover property whether stolen from a customer’s car, apartment, or hotel room.

    Paydiant

    Founder – Kevin Laracey, Chris Gardner and Joe Paratore

    Founded – 2010

    Paydiant Logo | Top Fintech Startup in the USA
    Paydiant Logo | Top Fintech Startup in the USA

    Paydiant, Inc. is a PayPal-owned financial technology agency. It offers cloud-based services for supermarkets, insurers, point of sale, and ATM vendors. The enterprise is located in Auburndale, Massachusetts, and was founded in 2010.
    The North Bridge Investment Partners and General Catalyst Partners funded Paydiant for $ 7.6 million in 2011. In 2012 and 2013 Paydiant earned $12 million and $15 million in grants.

    Kraken

    Founder – Jesse Powell

    Founded – 2011

    Kraken Logo | Top Fintech Startup in the USA
    Kraken Logo | Top Fintech Startup in the USA

    Kraken was founded by Jesse Powell in the year 2011. This US fintech startup deals with the trading of cryptocurrency. It is a big marketplace where buyers, sellers and traders gather together for exchanging all kinds of digital assets. The platform has over 9 million customers from over 190 countries. The headquarters of the company is situated in California, The United States of America. Kraken also has released an app for its international customers in 2021.

    Robinhood

    Founder – Vladimir Tenev and Baiju Bhatt

    Founded – 2013

    Robinhood Logo | Top Fintech Startup in the USA
    Robinhood Logo | Top Fintech Startup in the USA

    Robinhood is a fintech company that provides an online platform where you can invest and trade without giving any commissions. The company was founded by Vladimir Tenev and Baiju Bhatt in the year 2013. The company’s aim is to make investing familiar and easy for everyone. The headquarters of the company is situated in California, The United States of America.

    Brex

    Founder – Henrique Duburgras and Pedro Franceschi

    Founded – 2017

    Brex Logo | Top Fintech Startup in the USA
    Brex Logo | Top Fintech Startup in the USA

    This fintech company mainly deals with technology companies and provides them with business credit cards and accounts for cash management. The company was founded in the year 2017 by Henrique Duburgras and Pedro Franceschi. The company also offers financial management tools to the business of its customers. The headquarters of the company is situated in California, the United States of America.

    Conclusion

    During the COVID–19 pandemic, particularly in emerging markets, the Fintech industry continued to help expand access to financial services with strong growth in digital financial services of all kinds. For poverty reduction and economic development, access to quality financial resources is important. The access and use of basic financial resources for poor people, in particular women, will increase wealth, strengthen resilience, and better their lives. Fintech developments aim to lower the costs of service supply, enable more customers to be served and reduce the need for face-to-face contact, critical to the pandemic’s continued economic activity.

    FAQs

    How does technology help finance?

    The impact of technology on financial services allows the customer to avail of easy digital transactions.

    How does technology affect the financial industry?

    The arrival of smart analytics helps the financial industry to understand its customer better and provide services accordingly.

    What are the new financial technologies?

    Blockchain, Robotics, Artificial Intelligence, Cryptocurrency, and many more.

    Is Chime a legit company?

    Yes as they’re FDIC insured, so it’s a safe place to keep your money.

    What are the top Fintech companies?

    Square, PayPal, Goldman Sachs, Green Dot, MercadoLibre, and many more.

    Do FinTech companies pay well?

    Yes, the USA is the top earner making $169,000 annually.

    Is Fintech a good career?

    Fintech would be considered a good career opportunity for people who are seeking to build their career in the field of finance domain.

    Which is the largest Fintech company in the world?

    Ant Financial.

    How do banks use Fintech?

    Banks are using fintech technology in the form of mobile banking apps.

    What are Fintech tools?

    Artificial Intelligence, machine learning, mobile computing, and more enable borrowers to access funding.

  • CredAble Startup Story: An en-Abler of Working Capital

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by CredAble.

    CredAble provides working capital and related liquidity programs for enterprise supply chains, leveraging its trade finance expertise, partnerships with capital providers, and its world-class technology platform. Founded by Nirav Choksi, Rajiv Ramnarayan and Ram Kewalramani, the goal of this fintech startup is to make ‘CredAble’ synonymous with ‘Working Capital’ and hence the mission statement is Think Working capital… Think CredAble.

    Since its inception in 2017, CredAble has enabled in excess of INR 6,000 crores and more than 11,000 borrowers covering over 100,000 transactions with 0% NPAs. This has culminated as an outcome of the team’s single-minded focus on execution. CredAble aims to disburse in excess of USD 1 billion per month going to USD 2 billion per month.

    StartupTalky interviewed the co-founders, Nirav Choksi & Ram Kewalramani to get insights on the Success Story and Growth Hacks of CredAble. Know all about CredAble funding, founders, business and revenue model, how it started, marketing strategies, and more.

    CredAble – Company Highlights

    Startup Name CredAble
    Founders Nirav Choksi (CEO), Ram Kewalramani (MD) and Rajiv Ramnarayan (Founding Partner and Board Advisor)
    Headquarters Mumbai
    Founded 2017
    Industry Fintech
    Funding $58.59 mn (August 2022)
    Current Team Size 112+ (as of August 2022)
    Website credable.in

    About CredAble – Mission & Vision
    CredAble – Products/Services Offered
    CredAble – Industry Details
    CredAble – Founders & Team
    CredAble History – How it Started?
    Launch of CredAble
    CredAble – Name, Tagline and Logo
    CredAble – Business Model & Revenue Model
    CredAble – Marketing Strategies
    CredAble – Funding and Investors
    CredAble – Growth and Revenue
    CredAble – Challenges Faced
    CredAble – Competitors
    CredAble – Recognition and Achievements
    CredAble – Future Plans

    About CredAble – Mission & Vision

    CredAble provides working capital and related liquidity programs for enterprise supply chains, leveraging its trade finance expertise, partnerships with capital providers, and its world-class technology platform.

    The goal is to make ‘CredAble’ synonymous with ‘Working Capital’ and hence the mission statement is think Working capital… think CredAble.

    CredAble’s vision is to create holistic financial inclusion that would triple the availability of working capital, wherein the ripple effect has a significant growth in India’s GDP.

    The co-founders of CreAble highlight the Culture Statement of the company – “There are 6 Core Culture statements that we at CredAble completely align to and this is how we stay on our Mission”, said they:

    1. We are Audaciously breaking boundaries
    • Proposing ‘out of the box’ solutions to customers
    • Solving big problems that matter

    2. We are humbled

    • By the partnership and support of our shareholders
    • By the opportunity to make a difference in this world

    3. We are Generous

    • We give ourselves fully
    • We share our knowledge and insights freely with all

    4. We are enablers of Context to Content

    • We are aware of ‘Why’ of ‘What’ we do every day
    • Create a Powerful contextual relationship

    5. We set the measure

    • Set the benchmark of excellence in everything we do
    • Highest standard of customer and employee satisfaction

    6. We are responsible

    • For fulfilling our purpose
    • For transformation of our society and environment

    Tools used by CredAble to run CredAble

    CredAble – Products/Services Offered

    CredAble’s focus is to expand financial inclusion for the MSME base through its solutions like:

    1. Post-Invoice Early Payment Program enables all suppliers, irrespective of size and stature, to get working capital against their invoices in exchange for a discount. These discounts are derived using CredAble’s proprietary credit assessment model that takes into consideration multiple data points, thereby, enabling the vendor to get access to working capital at their respective bankable rates. The program is designed for vendors to avail working capital on tap without collateral and recourse.
    2. Just in Time (JIT) Financing is a pre-invoice financing program designed to bridge the gap between payment obligations and receivables from Corporate. It is based on the occurrence of ‘billable events’ and funding milestones like Purchase Order, Proof of Delivery, Goods Received Note, Goods Acceptance Note, or client-approved MIS. CredAble’s platform automates financing and real-time tracking of such transactions.
    3. Financial inclusion through tokenization enables access to working capital for multi-layer supply chains encompassing vendors and sub-vendors. Each series of tokens issued through the CredAble platform represents an underlying invoice value and has a finite expiration period. Tokens can be encashed at any point by vendors and sub-vendors up to expiration at their specified cost of finance. This is enabled through CredAble’s proprietary platform which digitizes the entire process right from issuance to settlement. A first in the Indian industry.

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    CredAble – Industry Details

    CredAble is focused on enabling working capital for India Inc. Currently, there is a USD 75 billion working capital gap in India. Furthermore, there are approx. 75 million MSMEs, of which, only 16% have access to formal credit, thereby, creating a USD 350 billion credit gap.

    The Covid 19 pandemic only exasperated the MSME sector, as major financial institutions such as banks started to reduce their MSME credit lines and diverted the same to large corporates, which further fueled the need to create financial inclusion for the MSME segment. With India’s current quarter-on-quarter GDP growth rate at 1.6% for FY 2021-22, of which the MSME contribution is approximately 30% will further fuel the requirement of working capital for India Inc.

    Fintechs such as CredAble will become the backbone for working capital availability for India Inc going forward.

    CredAble – Founders & Team

    Nirav Choksi, Ram Kewalramani and Rajiv Ramnarayan are the founders of CredAble.

    CredAble Team
    CredAble Founders and Team

    Nirav Choksi | Co-Founder & CEO, CredAble

    He has been an entrepreneur for almost 25+ years and has incubated and scaled businesses raised debt and equity financing, and built multi-disciplinary global teams in the areas of technology, private equity, and international commodities. Nirav heads the Sales, FI Coverage, Tech & Human Capital functions at CredAble.

    Prior to CredAble, Nirav co-founded and led Equentia Natural Resources Pte Ltd., a multi-commodity trading and structured finance company with offices in Singapore, Jakarta, Dubai, and Mumbai. ENR is amongst the top 5 importers of Indonesian Thermal Coal for the private sector in India with revenues in excess of $500 Million a year and trading volumes of over 10 Million MT. ENR also has a significant structured trade finance and debt arbitrage operation. Prior to that Nirav has founded several companies in the internet and technology space and has had 3 successful exits. He is an active early-stage investor in tech-enabled consumer-led ventures and has invested in over 25 opportunities. Nirav studied computer science and economics at the University of Michigan.

    Ram Kewalramani | Co-Founder & Managing Director, CredAble

    He has had a career spanning over 18 + years working in leadership positions. Ram has gained invaluable insight and expertise in the domains of Investment Banking, Marketing, Finance, and Operations. As an acknowledged veteran of the Employee Transportation industry, he brings valuable industry insights, experience, and connections to further the establishment of the vision behind CredAble. Ram heads the Fincon, Credit Risk & Risk Operations functions at CredAble.

    Prior to founding CredAble, Ram spent 14 + years in investment banking and P&L leadership capacities. Previously, he was a shareholder and CEO of People Premier Logistics, a successful employee transportation business. Prior to becoming an entrepreneur, Ram was an investment banker with Centrum Capital and Grant Thornton.

    Rajiv Ramnarayan | Founding Member and Board Advisor, CredAble

    Rajiv Ramnarayan acts as a Founding Member and Board Advisor of CredAble. Ramnarayan has completed a BEng. (Hons.) in Electronic Engineering from Sheffield Hallam University. Starting as an Industrial Trainee with IBM, Ramnarayan has served as a Business Development Associate at Laing O’Rourke, a Partner at Doehle Danautic Logistics, and is still serving as a Co-Founder and CEO at Equentia Natural Resources Pte Ltd.

    Current Company Size, Work Culture & Hiring Funda –

    CredAble values employees like the way it values its clients and strongly follows the below-mentioned culture statements:

    • We are Audaciously breaking boundaries
    • We are humbled
    • We are Generous
    • We are enablers of Context to Content
    • We set the measure
    • We are responsible

    At CredAble, the hiring process is efficiently streamlined to ensure to hire the right talent for the right job. They have detailed BEI interviews both at the Functional & HR interview evaluation stages. The CredAble team currently consists of a 51-200 member workforce.

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    CredAble History – How it Started?

    The founders in their previous avatar, have had a great deal of exposure to the working capital gap in India. Nirav, who comes with over 25 years of work experience across IT Services, Commodity trading, Trade Finance, was dealing with banks to create structured trade finance flows for his trading business. Ram, who comes with over 18 years of work experience, was the CEO of a large logistics business which required him to constantly focus on raising working capital, but always found it difficult given the traditional approach used by banks and NBFCs. This amalgamation of experience made both the founders believe that they were the most pertinent people to co-create programs that would enable working capital for India inc.

    CredAble started its journey to enable working capital within the logistics sector. The product was split into two categories namely JIT financing and post invoice financing. This permutation & combination of the product reduced the cash-to-cash cycle of the logistics borrowers from an average of 110 days to under 24 hours! All of this was enabled through technology without any human intervention. Once this model was proven, these offerings were expanded to multiple sectors.

    Their initial conversations were with CFOs/procurement heads of large corporates who were extensively outsourcing their logistics requirements and were facing multiple challenges from their vendors, who were unable to cope with the clients’ requirements due to the shortfall of working capital. With the validation from the success of these programs, CredAble’s model expanded to include all types of vendors and not only logistics vendors.

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    Launch of CredAble

    The team’s strategy has always been to enable working capital using the Anchor down approach wherein they were looking to tie up with large corporates to enable working capital for their entire supply chain ecosystem.

    While it was a new concept in India, the founders were extremely confident of the programs and value add that they were creating for all the stakeholders. The initial approach was to reach out to all connections and showcase CredAble’s value proposition. While the response was positive the preliminary movement was slow. As they demonstrated the impact, there were higher levels of acknowledgment & acceptance which catapulted CredAble’s outreach. Word of mouth quickly enabled CredAble to onboard multiple large and multi-national clients.

    “While we have a large coverage team as well as partnerships, our largest clients have been converted through existing referrals and word of mouth”  Co-founders of CredAble added.

    Since its inception, CredAble has enabled in excess of INR 6,000 crores and more than 11,000 borrowers covering over 100,000 transactions with 0% NPAs. This has culminated as an outcome of the team’s single-minded focus on execution.

    CredAble – Name, Tagline and Logo

    Given the focus of the business was to “enable credit” the name CredAble was apt.

    The tag line – We Must because…. We Can, symbolizes the company’s approach – “Nothing is impossible as long as we believe we can!!!” In order to change the existing traditional mindsets, the first step is to believe we can.

    CredAble Logo
    CredAble Logo

    While they were designing the logo it was important that all stakeholders understand who they are and what they do. The emphasis of ‘A’ in CredAble is to showcase it as –

    1. An en-Abler of working capital, and
    2. To depict upward growth “↑”. This in turn would create an impact not only for India Inc but the GDP as a whole.

    CredAble – Business Model & Revenue Model

    CredAble is a B2B supply chain finance company that develops partnerships with corporate entities to “extend a scalable supplier and dealer/distributor financing platform.”

    The CredAble revenue model is a fee-based model. Here, we should understand that CredAble doesn’t levy any fixed, upfront or registration costs for either the corporate or their suppliers and distributors. Besides, the company’s own NBFC also participates in some of its supply chain financing programmes, which helps create a yield-based income.

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    PaisaDukan is a RBI certified P2P lending platform. Read about the success story of PaisaDukan and about its founders, funding, revenue model, products and idea
    StartupTalkyChayanika Goswami

    CredAble – Marketing Strategies

    CredAble’s Marketing campaigns have been holistic in approach with key properties introduced to cater to each business need.

    Some of its well-received marketing properties include –

    • Insights by CredAble – It takes interesting popular concepts in today’s day and age, and tries to come up with its working capital assessment for people to understand its importance and potential. CredAble’s recent coverage on IPL working capital was well-received (One can get more information on CredAble Case studies here –  credable.in/credable-case-studies/)                  
    CredAble Marketing
    An excerpt of CredAble’s recent coverage on IPL working capital
    • Candid by CredAble – In this interesting talk show, CredAble’s CEO and host Nirav Choksi talks to industry leaders within enterprise ecosystems to get into their thought process, it’s fun and engaging content filled with interesting anecdotes. This has gained traction and the company has already rolled out 3 episodes.
    • Working Capital 101 – The company deems it to be its responsibility to share knowledge around new concepts around working capital which can be very helpful for businesses. Hence, as a step – it launched working capital 101 under business insights which churn out content weekly around helpful concepts around working capital and financing.
    CredAble Working Capital 101
    • Extensive organic marketing initiatives on professional social media platforms like LinkedIn for both Talent & the organization success stories.
    • Product Explainer videos to educate CFOs, Vendors, Banks, Financial Institutes on how CredAble programs have been enabling working capital.

    “The success of our marketing lies in growing organically and giving tangible results to our clientele” as said by the founders of CredAble.

    CredAble – Funding and Investors

    CredAble last raised $9 mn from a Corporate Round on August 2nd, 2022, led by Axis Bank and OAKS Asset Management. CredAble last raised around $30 mn in its Series B funding round led by Plutus Wealth Management and the existing investor, OAKS Assets Management (formerly known as Alpha Capital).

    The company has raised $58.59 mn so far, which includes its bridge round worth $4.42 mn (Rs 33.18 cr) in October 2020, its Series A round of $12.59 mn (Rs 100 cr), and its primary seed round of $2.5 mn.

    Date Name of the Funding Round Deal Value Lead Investors
    August 2, 2022 Corporate Round $9 mn Axis Bank and OAKS Asset Management
    October 19, 2021 Series B OAKS Asset Management and Plutus Wealth Management
    October 29, 2020 Series A –
    June 12, 2018 Series A Alpha Capital
    March 17, 2017 Seed Round –

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    CredAble – Growth and Revenue

    Starting with 3 employees, initially, when it was launched in March 2017, CredAble now has somewhere between 51-200 employees, which indicates that it has grown strong year-on-year. CredAble’s employee count rose to 12 by March 2018, and with the passage of another year, this went up to become 70 employees.  

    CredAble went live in October 2018, and since then, it has processed Rs 300 crore+ worth of transactions on a monthly basis. Furthermore, CredAble boasts of boarding more than 100 corporate customers, 300K+ small business borrowers, and 30+ financial institutions as well as banks on its platform. CredAble has witnessed 500% YoY growth, as per the platform’s statements.  

    CredAble’s total income has been reported to be registered at Rs 8.35 crore in FY22, which earlier stood at 2.46 crore in FY21 and Rs 27.64 crore in FY20.

    CredAble – Challenges Faced

    “It was a new concept and hence took time to be understood and accepted. The solutioning aptitude versus selling a product worked well for us to showcase the value we created to make working capital accessible to all” Co-founders of CredAble added.

    CredAble, as an early-stage business, has had its own challenges along the way. Fostering a widespread acceptance of the non-traditional supply chain finance programmes, long sales cycles, long turnaround time in technology integration and others of CredAble, was tough indeed.

    “However, customer acquisition follows a domino effect on our business. After securing our first few clients, which took a bit of time, the rest have started to follow at a much faster pace,’ added the Co-founder of CredAble.

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    CredAble – Competitors

    Competitors of CredAble are:

    • CreditFair
    • ZestMoney
    • Aye Finance
    • KredX
    • Taulia
    • Demica

    CredAble – Recognition and Achievements

    • The Fintech and Deep Tech categories at NASSCOM Emerge 50 Awards 2020
    • The Best Supply Chain Finance Solution of the Year 2019 at the Inflection 2019, a leading supply chain summit.
    • The Oracle Startup Cloud Accelerator Program 2018
    • SAP Startup Studio Cohort 2020
    • The Best FinTech Startup 2018 at by the Maharashtra Government

    CredAble – Future Plans

    The future plan is to cover all aspects of Working Capital by the means of enabling true financial inclusion for millions of MSMEs. “We are already covering all metro cities within India and have set up business teams to increase our outreach. The goal is to disburse in excess of USD 1 billion per month going to USD 2 billion per month” the Co-founders of CredAble mentioned.

    FAQs

    What is CredAble?

    CredAble provides working capital and related liquidity programs for enterprise supply chains, leveraging its trade finance expertise, partnerships with capital providers, and its world-class technology platform.

    Where is the headquarters of CredAble?

    The CredAble headquarters are located in Mumbai, Maharashtra, India.

    Who are the founders of CredAble?

    Nirav Choksi, Ram Kewalramani, and Rajiv Ramnarayan are the founders of CredAble.

    What is CredAble’s tagline?

    CredAble’s tagline – We Must because…. We Can, symbolizes the company’s approach – “Nothing is impossible as long as we believe we can!!!” In order to change the existing traditional mindsets, the first step is to believe we can.

    How does CredAble make money?

    • Early – Fees percentage over the savings generated for the Anchor.
    • Lending – Net Interest Margin and upfront processing fees on the Asset Under Management (AUM)

    Who is the CEO of CredAble?

    Nirav Choksi is the Co-founder & CEO of CredAble.

    How much funding has CredAble raised?

    CredAble raised $58.59 mn in funding to date, as of August 2022.

  • muvin: India’s Teen-centric Pocket Money App

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by muvin.

    Neobanking services are revolutionising both the financial and Fintech sectors in India. Fintech ecosystem is gearing towards better usage of Artificial Intelligence and improving customer satisfaction with popular neobanks in India like- RazorPayX, Jupiter, and Kotak811, to name a few. muvin is an emerging startup that enables a seamless experience for teens which includes pocket money management, financial literacy, and understanding savings from a young age, amongst others. It is a pocket-money app that encourages children to learn to manage finances.

    Read the startup story of muvin and know about its founders, business model, challenges, and growth.

    muvin – Company Highlights

    Startup Name muvin
    Headquarters Bengaluru
    Industry Fintech
    Founder Mukund Rao and Vineet Gupta
    Founded 2020
    Total Funding Raised $4.5 Million
    Website muvin.in

    muvin – About
    muvin – Industry
    muvin – Founders and Team
    muvin – Startup Story
    muvin – Name, Tagline, and Logo
    muvin – Vision
    muvin – Products
    muvin – USP
    muvin – Business and Revenue Model
    muvin – Customer Acquisition
    muvin – Customer Retention Strategy
    muvin – Challenges Faced
    muvin – Funding
    muvin – Growth

    muvin – About

    As India’s teen-centric pocket money app, muvin, offers a safe & secure platform to conduct online & offline transactions in an effortless manner- through its wallet, physical prepaid card and industry’s first RuPay powered contactless keychain.

    While parents/guardians can create an account to enable their dependents/children with an independent wallet, muvin also empowers India’s college going students to set up their own wallets to conduct transactions.

    As part of their focus on amplifying financial literacy amongst India’s teens, the muvin app offers an exhaustive library of enriching content to demystify concepts related to managing finance. They have onboarded Monika Halan, an entrusted Author and Speaker to curate and address theme-based topics in an easy, fun, and simplified manner. From taxes to what banking truly is, muvin is covering the fundamentals and more via rich byte-sized video and short blogs that are relevant for teens.

    muvin – Industry

    With new players entering this space, teen-centric pocket money apps and neobanks have become a competitive digital banking landscape in a short period of time. The space has grown exponentially in the last five years. In terms of transaction value, the Indian Neobanking ecosystem is expected to clock US$47.94bn in 2022 setting the foundation for substantial growth potential in the coming years.

    muvin – Founders and Team

    Mukund and Vineet have known each other for over 20 years from their time at Mindtree in the early 2000’s. They share a passion for enabling access to banking services for the youth and believe that finance is a life skill that everyone should acquire by the age of 21.

    Mukund Rao, Co-founder

    Mukund Rao, Co-Founder, muvin

    Mukund is an accomplished business leader with experience across financial services and technology. Former Capital Markets Head at Mindtree, Mukund founded derivIT in 2007 and grew it across 7 countries with a team of 400+ employees. He subsequently exited derivIT to Luxoft in 2017.

    After graduating from Bangalore University, he pursued his MBA from Ecole des Ponts Business School.

    Vineet Gupta, Co-founder

    Vineet Gupta - Co-founder of muvin
    Vineet Gupta, Co-founder, muvin

    Vineet has over 25 years of experience spread across technology and financial businesses, driving innovation and digital business models. Vineet moved on from Mindtree in 2015 after building out their Digital Business and subsequently founded a tech enabled NBFC focussed on business credit.

    He graduated from IIT-Delhi and went on to pursue his MBA from IIM-Lucknow.

    While both co-founders are actively engaged in all aspects of the business, Vineet looks after the Product, Operations, Finance & Technology functions at muvin, while Mukund looks after Marketing, Strategy and Business Development functions.

    muvin – Startup Story

    Despite India’s adoption of digital banking and contactless payments, the digital native generation still conducts over 80% of their transactions in cash. Both the co-founders, Mukund and Vineet, have teenage children who were using cash or their cards while spending money. They found the process of opening bank accounts for their kids and teaching them how to operate it within the restrictions on bank ATM/debit cards, rather cumbersome. The most common resort for parents like them was to hand over pocket money to their children. No wonder, teens often end up entering adulthood with little or no knowledge of financial management.

    They saw an opportunity in enabling digital payments and offering financial products for this young consumer base- in an easy-to-understand, intuitive and friction-free manner. This is how muvin came into being.

    They validated the hypothesis by empanelling Ipsos to conduct independent primary research of children and parents across 8 cities.

    muvin logo
    muvin logo

    muvin is a play on the word “moving”, where they would like their target audience to get moving and keep moving. The co-founders of muvin believe that Gen-Z is always on the go and they would like teens to get moving with their financial lives as soon as possible. The tagline, “payments for students”, addresses their audience and the core functionality of muvin, thereby avoiding any ambiguity.

    muvin – Vision

    muvin’s vision is to empower India’s 250 million youth with digital financial inclusion and financial literacy. muvin is unwaveringly moving forward in positioning the management of personal finance as an essential life skill and the need to inculcate it from an early age. muvin believes that India’s teens must be empowered to experience independence in their financial transactions and decisions in their day-to-day life.

    muvin – Products

    Bolstered by the pandemic, there has been widespread adoption of digital banking and contactless payments across the country which led to a permanent shift towards wallets, contactless cards, digital payment apps and other financial products. However, over 250 million teenagers and young adults in India are still precluded from not just financial education but banking services as well, conducting the majority of their transactions in cash. Gen Z are becoming financially aware and independent a lot earlier than a few decades ago. Pocket money apps for the teens are ideal in addressing their financial needs.

    Deployment of new-age technologies like AI, big-data analysis and cloud computing is helping it to offer an easy-to-understand, intuitive, friction-free and education-powered experience to the teens.

    muvin has partnered with the parent community towards its larger vision of amplifying financial literacy amongst India’s digitally savvy teens. It has also understood some other critical issues that matter to parents, such as tracking of their household expenditure.

    Parents now have the freedom to transfer pocket money allowance (one time /scheduled weekly / monthly) directly in their child’s wallet who can then spend the money through the app or through their own prepaid card. Parents no longer have to stress over tedious banking roadblocks. Monitoring their child’s spending habits was never this easy.

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    muvin – USP

    These are early days for teen-centric apps and they are in the first lap of a marathon. It is a new category and competition helps in both, creating and growing awareness about the product’s relevance and need amongst the key target user base. All the market players are addressing varied gap areas through their products, services and customer experience.

    muvin is the first pocket money app to offer a RuPay co-branded keychain targeted at India’s teens. The keychain presents the most convenient and secured contactless payment mode with a simple ‘tap and pay on-the-go’ feature. The contactless keychain can be used across all RuPay NFC enabled merchants for fast processing and seamless transaction experience each time.

    muvin also offers chat based banking on their website and whatsapp without the need of downloading the app. This allows customers to check their balance, view recent transactions, block their card etc.

    muvin – Business and Revenue Model

    There are no charges levied on customers for using the muvin services. muvin makes money from the interchange fees incurred by the merchant for card based transactions. Within the first six months of its product launch, muvin witnessed over 150,000 installs. Currently, the figures stand at approximately 50k app downloads every month.

    muvin – Customer Acquisition

    muvin’s journey started with the launch of its app and the ‘muvin card’ for teens in October 2021. In the same month, muvin onboarded Ace cricketer Hardik Pandya as their brand ambassador to propel its multi-channel marketing campaigns- a move which helped the brand to garner immediate attention and much-needed impetus from its target customers.

    Teens need validation and approval from their parents/guardians and since its inception, muvin is consistently engaging with the parent community. Parents need to be assured on the trust front. muvin’s partnership with industry prominent players like RuPay has also helped it to strike a trust-worthy chord with the parents. Imparting financial responsibility as a trait has to be a consistent and an on-going approach. Parents are appreciating the educative, short videos and blog format content for their children which muvin offers on its digital platform. The early adopters of the muvin app have played an important role in expanding its reach amongst newer adopters.

    muvin has adopted a multi-pronged approach in reaching out to potential customers. Developing a strong presence on social media has been key to building the muvin brand, as this is where Gen-Z spends a high percentage of their time. muvin is building itself out to be a young brand that teenagers can approach as an elder sibling or friend. They have also curated financial content in byte sized formats that is easy to understand and comprehend in under a minute. They have also partnered with multiple brands to serve their customers with offers and cashbacks relevant to their age group.

    muvin – Customer Retention Strategy

    To drive retention, muvin has partnered with multiple brands to serve their customers with offers and cashbacks relevant to their age group. They also run engaging contests and offers on the app which are refreshed on a weekly basis to keep their customers and audience engaged consistently. Through their insights led customer engagement platform and social media channels, they keep their users updated on the latest happenings on the app.

    muvin – Challenges Faced

    Neobanks and teen-centric pocket money apps like muvin have carved a niche category to address crucial consumer pain points which had not been addressed before. They have consistently channelised their energies to get their key consumer audience to shift from cash to digital transactions- which still continues to be a challenging affair.

    Players like muvin get to interact with their customers digitally only which makes trust building especially amongst digital-savvy parents, a tedious and slower process. This requires utmost transparency and in this regard, muvin’s partnership with RuPay has helped them tremendously.

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    muvin – Funding

    Date Stage Amount Investors
    January 2022 Pre-Series A $3 Mn Alteria Capital and Krishna Bhupal, Co-Founder, Rational Pricing Technologies and board member of GVK Power & Infra
    April 2021 Seed $1.5 Mn HNI’s Krishnakumar Natarajan (Managing Partner, Mela Ventures), Ambar Maheshwari (CEO, IndiaBulls Asset Management), Gani Subramaniam (Partner, WRVI), Shajikumar Devakar (Executive Director, IIFL Asset Management Limited), Sandeep Jethwani, and others

    Earlier in January 2022, muvin raised USD 3 million in a pre-Series A round which was led by WaterBridge Ventures, with participation from India’s largest Venture Debt fund Alteria Capital and Krishna Bhupal, Co-Founder, Rational Pricing Technologies and board member of GVK Power & Infra.

    Prior to that in April 2021, muvin raised a seed round of $1.5+ million from HNI’s Krishnakumar Natarajan (Managing Partner, Mela Ventures), Ambar Maheshwari (CEO, IndiaBulls Asset Management), Gani Subramaniam (Partner, WRVI), Shajikumar Devakar (Executive Director, IIFL Asset Management Limited), Sandeep Jethwani, and other prolific angel investors from the financial services industry.

    muvin – Growth

    muvin’s platform caters to India’s teens spread across leading cities in India. The brand is gearing towards engaging with one million registered users in the next 12 months. Its ambition is to enable 100 million financially literate students in the next 10 years- prepare them to confidently make the right financial choices by the age of 25 years.

    With regular communication and feedback from their early adopters, muvin team plans to steadily enhance its product and introduce new features over the next two-three quarters that will substantially upgrade their users’ experience. To achieve additional scale, muvin is open to raising an additional round of funding towards the later half of this year.

    FAQs

    When was muvin founded?

    muvin was founded in 2020.

    Who is the founder of muvin?

    Mukund Rao and Vineet Gupta are the founders of muvin.

    Has muvin raised funding?

    Yes, muvin has raised a funding of $4.5 million.

    Is muvin app available on Google Play store?

    Yes, muvin app is available on the Google play store and Apple app store.

    Who is the brand ambassador of muvin?

    Hardik Pandya is the brand ambassador of muvin.

  • MoonPay – Democratizing Cryptocurrency Through Its Investment Platform

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Moonpay.

    The Public’s faith in crypto has exploded in the meantime. It’s a major topic not only among investors but also in mainstream culture, owing to everyone including long-time investors like Elon Musk to that youngster from high school on Twitter.

    Merchants may accept crypto-based payments for a variety of goods and services thanks to technology-based crypto payments and fraud protection solutions. For debit and credit card transactions, it also has a worldwide monetary onramp. It allows businesses to accept cryptocurrency payments for a variety of products and services.

    MoonPay is a fintech startup that develops a cryptocurrency payment system. Its on-and-off-ramp line of products allows users to modify between government-issued currency and cryptocurrencies using different payment methods, including credit and debit cards, Apple Pay, Google Pay, Samsung Pay, and local bank transfers, MoonPay accepts payments, fights fraud in over 160 countries, and is used by 300+ prominent wallets, websites, and applications. The firm was created in 2019 and is situated in Miami, Florida.

    Read this article further to read more about MoonPay.

    MoonPay – Company Highlights

    Startup Name MoonPay
    Headquarters Greater Miami Area, East Coast, Southern US
    Industry Financial Services, FinTech, and Mobile Payments
    Founders Victor Faramond and Ivan Soto-Wright
    Founded 2018
    Launched March 2019
    CEO Ivan Soto-Wright
    Website moonpay.com

    MoonPay – About and How it Works?


    MoonPay – Industry
    MoonPay – Name, Logo, and Tagline
    MoonPay – Founders
    MoonPay – Startup Story
    MoonPay – Vision, and Mission Statement
    MoonPay – Business Model
    MoonPay – Catering Celebs
    MoonPay – Funding, and Investors
    MoonPay – Investments
    MoonPay – Growth
    MoonPay – Competitors
    MoonPay – Challenges Faced
    MoonPay – Future Plans

    booming NFT sector. MoonPay was founded in 2019 with a single goal in mind: to accelerate the usage of cryptocurrencies. Only with 2 young co-founders – Ivan Soto-Wright and Victor Faramond – the firm set out to design a secure and very simple software solution that would allow individuals from all around the world to engage in the largest tech transformation since the world wide web.

    MoonPay is a popular solution among both ordinary investors and celebs because of its ease. As per the company’s website, the platform has over 10 million active users in 160 countries and has processed about $3 billion in transactions.

    When non-fungible tokens or NFTs first became popular, MoonPay was the go-to payment provider. Users might buy their favourite NFTs without having to worry about cryptocurrency. When celebrities began purchasing artworks from the renowned Bored Ape Yacht Club NFT collection, the platform acquired even more traction.

    In a traditional exchange, you’d need to first get a wallet, then add an appropriate amount of cryptocurrency, and then complete the transaction – a simple but time-consuming operation. The procedure is significantly simpler using MoonPay. All that is required of the user is to set a budget. MoonPay then calculates a baseline price for the digital asset using its uncommon tools.

    MoonPay takes care of purchasing the needed cryptocurrency, then purchasing the tokens and billing the consumer.

    “We’ve tried to make it as similar as a process as you would be interacting with your private bank,” says Ivan Soto-Wright, the CEO of MoonPay. “You basically generate an invoice, you wire money for that invoice, and then we settle the transaction,” he explained.

    MoonPay – Industry

    One of the names used most frequently for research in the finance sector nowadays is “financial technology.” FinTech, or financial technology, is the application of cutting-edge contemporary technology to the world of money. It mostly makes use of disruptive and creative technologies to deliver financial services. By offering innovative and safe financial services, fintech startups met the demand for increased security from investors. The desire for more economical financial services that offer accessibility and a faster speed might be cited as the second factor in the development of financial technology.

    In 2021, the market had a value of USD 112.5 billion. By 2028, the scope of the global fintech market is predicted to be USD 332.5 billion, and it is projected to expand at a 19.8% compound annual growth rate over that time.

    The market is primarily driven by growing connectivity with the ecosystem of the financial services industry, growth in the market cap of cryptocurrencies, and ICOs. This technology facilitates quicker transfers and lowers operating costs. Uncertainty over the regulatory frameworks and standards enforced by the system is the main constraining issue for the fintech market. Furthermore, the financial sector’s use of digital technologies is expanding quickly.

    The globe has seen the emergence of new financial technology innovations including mobile money, peer-to-peer or marketplace financing, insurance technology (insur-tech), Robo-advice and crypto-assets. Markets might become more varied, fair, effective, and equitable as a result of these advances, but concentration levels could also rise. Especially in developing and transition countries, innovation has boosted inclusiveness and brought about competitiveness.

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    MoonPay – Name, Logo, and Tagline

    MoonPay Logo
    MoonPay Logo 

    MoonPay’s tagline says, “Crypto just got easy.”

    MoonPay – Founders

    MoonPay was founded by Victor Faramond and Ivan Soto-Wright in March 2019.

    Victor Faramond

    Victor Faramond - Co-Founder of MoonPay
    Victor Faramond – Co-Founder of MoonPay

    Victor serves MoonPay as its co-founder and chief technology officer. Victor has extensive experience in developing both front-end and back-end systems for cutting-edge websites. He has previously worked in Apple, Merck KGaA, and Skello.

    Ivan Soto-Wright

    Co-Founders of MoonPay - Ivan Soto-Wright
    Co-Founder of MoonPay – Ivan Soto-Wright

    Ivan is the co-founder and chief executive officer of MoonPay. Ivan is an investor, entrepreneur, and early adopter of financial technology. Ivan graduated from George Washington University with a bachelor’s degree in Economics with Special Honors. At St. Anne’s College, University of Oxford, he also studied philosophy, politics, and economics. Ivan used to work for Redington.

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    MoonPay – Startup Story

    With just one goal in mind in 2019, Ivan Soto-Wright and Victor Faramond, the company’s two co-founders, set out to build a simple and secure software solution that would allow users from all over the world to take part in the largest digital revolution since the internet, which resulted in the foundation of MoonPay.

    Just two and a half years later, in November 2021, MoonPay completed its Series A investment round with a valuation of $3.4 billion, making it the largest and most valued Series A for a bootstrapped cryptocurrency startup. The firm is using this financing to continue in international expansion and top-tier personnel, as it maintains its extraordinary rate of growth.

    Investment in the start-ups driving the sector is flourishing in venture capital as the price of cryptocurrencies such as bitcoin has recently reached all-time highs. After the massive cryptocurrency exchange’s successful IPO in April, investors are searching for the next Coinbase.

    The “portal” to digital assets was the selling point of MoonPay to investors. For the time being, this entails bitcoin, ether, and other electronic coins like NFTs. However, Soto-Wright intends to broaden the platform’s scope to cover anything from tokenized equities to digital clothing. People are referring to them as PayPal for cryptocurrency, he added.

    According to Soto-Wright, the business has robust controls and checks in place to combat corruption. Regulators are being more cautious as a result of illegal activities in the industry.

    Since the platform’s introduction in 2019, according to MoonPay, it has been profitable. After transaction volumes soared 35-fold from 2020, the company is on target to generate $150 million in revenue this year. More than 7 million users already utilise its service.

    MoonPay – Vision, and Mission Statement

    MoonPay’s mission has been clear from the start: provide the next billion people access to cryptocurrency.

    The goal of MoonPay is to provide the next billion people with access to cryptocurrencies, which we believe will ultimately have a greater impact on people’s lives than the internet.

    Because they firmly believe in the potential of cryptocurrencies and their ability to democratise finance, everything they have done in their first two years has been focused on achieving that aim.

    MoonPay – Business Model

    MoonPay, a Miami-based company that was founded in 2019, offers software that enables users to purchase and trade cryptocurrencies using standard payment methods including credit cards, bank transfers, or mobile wallets like Apple Pay and Google Pay.

    In a business model CEO Ivan Soto-Wright refers to as “crypto-as-a-service,” it also offers its technology to organisations like non-fungible token (NFT) exchange OpenSea and cryptocurrency website Bitcoin.com.

    Processing fees, payment fees, and a concierge service for affluent customers are how MoonPay generates revenue.

    • Processing and Payment fees – The processing and payment fees that MoonPay’s institutional and retail customers pay to make up the majority of its income. Every time a customer buys or sells a cryptocurrency, a processing fee is levied on the consumer side. It charges a 4.5 per cent fee for card purchases. Fees are 1 per cent for both purchases and sales when using bank transfers. Users will furthermore be responsible for paying the corresponding gas fees imposed by the blockchain network they use to conduct their transactions. Similar to that, it assesses firms with a 4.5 per cent card payment fee and a 1 per cent bank transfer cost. However, depending on several variables, such as everyday transactions, rates for larger partners may be negotiable. Although these costs can seem high, it should be recognised that MoonPay does not keep the entire charge. It is required to split the money for credit card transactions with the MasterCard or Visa card issuer. Additionally, it collaborates with several custodians and fraud detection services, both of which charge extra fees. Numerous comparable services, including Shakepay, have also emerged. All of them advertise themselves as simple ways for regular people to obtain cryptocurrency.
    • Concierge Service – MoonPay also makes money from its custodial services for wealthy people, albeit this portion of their revenue is probably lower. On behalf of its customers, it will use this service to buy and store cryptocurrencies and non-fungible tokens (NFTs). Celebrities including Post Malone, The Weeknd, Lil Baby, and Jimmy Fallon have received such service from the firm. Although nothing is known, it may be inferred that MoonPay charges a management fee in the form of a percentage for such services.

    MoonPay – Catering Celebs

    Since November 2021, celebrities have used MoonPay to buy products from some of the most well-liked and pricey NFT collections. Just a handful of the rising list of celebrities who have used cryptocurrency firm MoonPay to facilitate purchases of exorbitantly priced non-fungible tokens includes Jimmy Fallon, Post Malone, Diplo, DJ Khaled, and Justin Beiber. Rapper Snoop Dogg joined the crew as the newest member on December 22, 2021. On Twitter, he displayed four brand-new items from the Bored Ape Yacht Club line. He praised MoonPay and its CEO Ivan Soto-Wright for their assistance with the transaction in a different tweet. A significant majority of the NFT transactions MoonPay has arranged on behalf of celebrities are for Bored Apes.

    They are A-list celebrities in addition to being some of MoonPay’s more than 60 new investors. The Chainsmokers, Drake, Matthew McConaughey, Eva Longoria, Kate Hudson, Paris Hilton, Jason Derulo, Mindy Kaling, Questlove, and Shawn Mendes are just a few more famous people that have invested.

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    MoonPay – Funding, and Investors

    MoonPay has received a total funding of $642 million from investors in 3 rounds of funding.

    Date Round Amount Lead Investors
    Apr 13, 2022 Series A $87M –
    Nov 22, 2021 Series A $555M Coatue, Tiger Global Management
    Mar 1, 2021 Funding Round – –

    MoonPay – Investments

    Date Organization Name Round Amount
    May 20, 2022 UnicornDAO Seed Round $4.5M
    Mar 22, 2022 Yuga labs Seed Round $450M
    Sep 26, 2021 Yellow Card Series A $15M
    Jun 25, 2021 Moon Pre-Seed Round $2.8M

    MoonPay – Growth

    Having only existed for three years, MoonPay has:

    • processed transactions worth more than $2 billion.
    • seen a surge in transaction volume of more than 35 times.
    • consistently attained monthly sales growth of greater than 30%
    • accumulated a clientele of more than 7 million users.
    • more than five times its partner ecosystem.
    • provided support for more than 30 fiat currencies and 90 cryptocurrencies.

    MoonPay – Competitors

    The top competitors in the competitive set of MoonPay are

    • Coinbase
    • Wyre
    • Ramp Instant
    • Mercury.io.
    • Simplex
    • Transak
    • Banxa
    • Paywithmoon
    • Changelly
    • Ffnews
    • Bitmart

    MoonPay – Challenges Faced

    Difficulties include access to different currencies and custodial limitations, regulatory and compliance constraints, and fraud concerns among traditional payment providers. These are the same problems that MoonPay focuses on and helps its partners with.

    “We are excited about the opportunity in crypto, but one of the challenges to mainstream adoption is offering the same seamless experience that users have come to expect from modern internet products. MoonPay has impressed us with its product, infrastructure, and execution.”  – Kris Fredrickson, managing partner at Coatue.

    “We think that the crypto economy today is growing faster than the internet was at a similar stage of its development and that MoonPay is well-positioned to serve crypto-native innovators and those in traditional finance.” -Kris Fredrickson, managing partner at Coatue.

    People all across the world now have an easy and safe method to join in this new economy thanks to MoonPay. Beyond cryptocurrencies, MoonPay’s non-fungible token solution has been gaining ground in the NFT market, which has lately experienced spectacular development.

    MoonPay – Future Plans

    MoonPay intends to use the funds received in the future to expand and develop new products. According to Soto-Wright, the company already has plans to go public.

    Moonpay will begin an expansion phase with the financing, hiring additional engineers for its staff and preparing to offer more features to its network. A range of tools for consumers is the company’s main emphasis. Cryptocurrency exchanges and wallets must abide by several standards, including Know Your Customer and Anti-Money Laundering legislation, to offer fiat on-ramping services.

    By offering a third-party solution, Moonpay says it can let enterprises focus on their core competencies while it handles KYC, payment processing, cryptocurrency liquidity and delivery, fraud protection, regulatory licencing, ecosystem identity verification, and customised checkout processes.

    FAQs

    What is MoonPay?

    MoonPay is a digital platform for buying and selling cryptocurrency.

    When was MoonPay founded?

    MoonPay was founded in 2018 in Greater Miami Area, East Coast, Southern US.

    Who is the founder of MoonPay?

    Victor Faramond and Ivan Soto-Wright are the co-founders of MoonPay.

    What is the amount of funding raised by MoonPay?

    MoonPay has received a total funding of $642 million.

    Who are the competitors of MoonPay?

    The top competitors of MoonPay are:

    • Coinbase
    • Wyre
    • Ramp Instant
    • Mercury.io
    • Simplex
    • Transak
    • Banxa
    • Paywithmoon
    • Changelly
    • Ffnews
    • Bitmart