Tag: fintech

Ezetap – End-to-End Digital Payment Solutions

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 Ezetap.

With mobile phones and applications changing the digital landscape, businesses have acknowledged the need for a shift in how they serve their consumers. Mobile point of sale programs, also known as mPOS apps, are becoming increasingly popular, according to industry estimates. Because of technological advancements in Bluetooth and Wi-Fi connectivity, mPOS adoption has been extremely successful all over the world including India. Bangalore-based startup Ezetap is a major mPOS solution provider in India. Here is more about Ezetap, the startup’s journey, and its functions.

Ezetap – Company Highlights

Startup Name	Ezetap Mobile Solutions Private Limited
Headquarters	Bangalore, Karnataka, India
Industry	Financial Services, Software, FinTech, Point of Sale, Mobile Payments
Founders	Abhijit Bose, and Bhaktha Keshavachar
Founded	2011
Current CEO	Byas Nambisan
Website	www.corp.ezetap.com

Ezetap – Latest News
What is Ezetap?
Ezetap – Name, Logo, and Tagline
Ezetap – Founders and History
Ezetap – Mission and Vision
Ezetap – Partnerships
Ezetap – Business Model
Ezetap – Revenue and Growth
Ezetap – Funding and Investors
Ezetap – Acquisitions
Ezetap – Competitors
Ezetap – Challenges Faced
Ezetap – Future Plans
Ezetap – FAQs

Ezetap – Latest News

As of February 2018, Ezetap announced the launch of EzeSmart, a smart GPRS gateway with Aadhaar payment and eKYC that is fully accessible.

EzeSmart, which is based on Ezetap’s global payment acceptance platform, is the first POS terminal in the country that can take all types of payments, including UPI, Bharat QR, and Aadhaar Pay. It can also take payments from a variety of mobile wallets as well as credit and debit cards. It’s a smartphone-integrated terminal that lets companies run any of their system apps on it.

The company stated to the press that EzeSmart is tailored to support the strategic and technical needs of various industrial sectors, including govt., by allowing a person with an Aadhaar-linked bank account to transact conveniently by simply touching their finger on the device’s fingerprint reader. This allows microfinance companies who deploy this terminal to provide services to rural consumers and accept payments online.

What is Ezetap?

Ezetap is one of the first companies that came up with digital payment solutions in India. The company’s first product launched in 2013, was an mPOS card reader that could be connected to a smartphone via the audio jack. Currently, Ezetap has a variety of digital payment solutions that let businesses accept digital payment seamlessly. Ezetap offers tailor-made payment solutions for different sectors like small and large retail shops, eCommerce and logistics companies, and government organizations.

From businesses to cab drivers to supermarkets and pizza delivery drivers, the technology allows anyone to accept cards. Online retailers, insurance companies, restaurants, and hotels are among the clients of the company.

Ezetap started with a single payment offering and pivoted to a SaaS model in 2020. Ezetap’s payment solutions come with many attractive features like multibank acquiring and auto-reconciliation and offer a variety of value-added services that businesses can opt for.

Ezetap – Name, Logo, and Tagline

Ezetap has made making and receiving payments as easy as a tap. That’s where the company name is derived from.

Ezetap’s Company Logo

Ezetap’s tagline is, “Transforming the world of payments”.

Ezetap – Founders and History

Ezetap was founded in 2011 by Abhijit Bose and Bhaktha Keshavachar. Both the founders had previous expertise in payments and hardware firms, and they merged their talents, skills, and knowledge to create this solution.

Abhijit Bose who served as the CEO of Ezetap exited the company in 2018, after which the then CFO of Ezetap, Byas Nambisan took over as the CEO. Presently Byas Nambisan is the CEO of Ezetap.

In 2019 Bhaktha Keshavachar also exited Ezetap to start his own deep tech startup, Chara Technologies.

Founders of Ezetap - Abhijit Bose and Bhaktha Keshavachar — Founders of Ezetap – **Abhijit Bose** and **Bhaktha Keshavachar**

At the start of the decade, Internet connectivity and smartphones were becoming commonplace in India, and e-commerce companies were gradually gaining popularity. Ezetap founders Abhijit Bose and Bhaktha Keshavachar spotted an opportunity to make payments more widely accepted in India. Ezetap became one of the first startups to try to convert Cash on delivery shipments to electronic payments, which was one of the earliest application cases for Ezetap in the year 2013.

“We built an EMV-compliant payment device that could take payments in conjunction with a commercially available smartphone and a card reader designed and assembled in India. We also created a payments SDK that would work behind a company app, hiding the complexity and compliance rigmarole of payments behind the ‘pay’ button,” Bhaktha Chaterjee, Head of Products at Ezetap.

The company chose to stop producing its own gadgets in India in 2018 and instead started sourcing them from overseas manufacturers. The Ezetap team is highly focused on improvising its services, and there are even instances where Ezetap team members accompanied e-commerce delivery agents to the doorsteps of end-users to collect feedback on the payment experience.

Ezetap – Mission and Vision

Ezetap’s mission is to empower businesses to receive payment seamlessly via any mode of payment.

Ezetap’s mission statement says, “Our Mission is to be the single platform through which businesses complete any financial transaction with their customers, supporting every instrument and method that those customers want to use”

Ezetap – Partnerships

Ezetap’s Universal payments banking partners are Citibank, HDFC Bank, American Express, Axis Bank, ICICI Bank, Mashreq Bank, RBL Bank, State Bank of India, and Yes Bank. The State Bank of India also partnered with Ezetap as its MPOS partner, with the goal of expanding electronic payments and micro-ATM to every corner of the country. However, this SBI-Ezetap partnership came to an early end. Recently Ezetap partnered with Axis Bank for Launching the My Vyapaar app, an app dedicated to retail businesses. The app comes with many features like attractive buy now pay later options and encourages digital payment by offering exciting rewards.

Ezetap – Business Model

Ezetap pivoted to a Software-as-a-Service business model, allowing retailers to accept transactions online via physical cards, internet payments, and mobile wallets with a single click via UPI, at a time when PoS firms make money from transaction fees.

The startup has altered the payment procedures of brick-and-mortar merchants, e-commerce players, enterprises, government agencies, and financial inclusion institutions using a Software-as-a-Service payments system.

Ezetap – Revenue and Growth

Ezetap’s operating revenue increased by 3% to Rs 45.06 crore in 2017-18, up from Rs 43.77 crore the previous year. According to the papers, the net loss increased to Rs 40.47 crore from Rs 30.71 crore during the period. From Rs 78.69 crore to Rs 92.17 crore, the company’s expenses climbed by 17%.

During the time, employee benefit expenses, such as provident fund, gratuity, and compensated absences, increased by 14% to Rs 33.33 crore from Rs 29.01 crore.

For the fiscal year 2017-18, total revenue was Rs 51.70 crore, up 7.77 percent from Rs 47.97 crore in 2016-17.

As per some reports, Ezetap’s valuation on June 2021 is $126 Million.

Ezetap – Funding, and Investors

Date	Round	Amount	Lead Investors
Mar 7, 2018	Venture Round	–	Prime Venture Partners
Aug 23, 2017	Series D	$16M	–
Aug 7, 2015	Series C	$23.5M	Social Capital
Mar 20, 2014	Funding Round	–	–
Feb 20, 2014	Series B	$8M	Helion Venture Partners
Nov 1, 2012	Series A	$3.5M	Social Capital

Ezetap – Acquisitions

Acquiree Name	About Acquiree	Date	Amount
FortunePay	FortunePay offers comprehensive end-to-end electronic payment platforms and services to acquiring banks and merchants.	Jun 20, 2017	–
Clinknow	The Best Way To Find Shoppers, Not Just Window Shoppers.	Jun 2, 2014	–

Ezetap – Competitors

The top competitors in Ezetap’s competitive set are Mswipe, Innoviti, Mosambee, Pine Labs, Payswiff, ePaisa, Bijlipay, MobiSwipe, Yoyo Wallet, Obopay, STC Pay, and PayRange.

Ezetap – Challenges Faced

According to Ezetap CEO Byas Nambisan, the traditional challenge was that payments have the friction of MDR charge that requires a specific device and adoption of some software technology. And the company has been at forefront of it, for example driving down the cost of the device. When the company first got into this business, there wasn’t any device available for less than 70 USD. Ezetap was the first to get it below the 50 USD point, which was 3000 INR at that point in time. Now it’s for 800-1000 INR and less, for the device.

There were many merchants who weren’t that ready for the deployment of this mode of payment which also served as a challenge for them. But now, as everything is turning into a digital platform, whether they like it or not, merchants have started deploying the usage of digital payment solutions in their businesses to access their customers from all over the world.

Ezetap – Future Plans

Ezetap’s Universal Payments platform is unusual in that it allows businesses to accept any type of payment, anywhere, on any device, with any banking partner of the consumer’s preference. Customers will have a seamless payment experience thanks to a single integration into an organization’s current infrastructure.

While many large firms, well-known eCommerce, insurance, and mobile companies, have adopted Ezetap and adopted its integrated solution, the company sees great opportunity in developing small and medium enterprises.

Ezetap – FAQs

What does Ezetap do?

Digital payment solutions are developed by Ezetap Mobile Solutions. Ezetap offers a variety of options like POS, mPOS, UPI, and SMS pay options, kiosks with payment modules, etc.

When was Ezetap founded?

Ezetap, a Bengaluru-based startup, was founded in 2011 by Abhijit Bose and Bhaktha Keshavachar.

How does Ezetap make money?

Ezetap is a SaaS company and earns money from subscription fees.

Which companies do Ezetap compete with?

The top competitors in Ezetap’s competitive set are Mswipe, Innoviti, Mosambee, Pine Labs, Payswiff, ePaisa, Bijlipay, MobiSwipe, Yoyo Wallet, Obopay, STC Pay, and PayRange.

October 25, 2021

RevFin – Bringing Financial Inclusion In tier II and III Cities
RevFin is a financial technology (Fintech) startup which is aimed at building the world’s most advanced digital lending platform. The platform will be used to underwrite and manage consumer loans to finance clean technologies through our own NBFC.

Through the unique approach to underwriting, rich value proposition, and a differentiated distribution model, RevFin plans to build a lending book of INR 500 Crore ($45 Million) in the next 5 years, with ROE of 20%+.

Their vision is to create a lending platform that is agnostic of language, literacy, geography, and culture. Once the platform has been proven successful, they will use it to rapidly scale the lending book in India while leveraging the platform in other geographies.

Currently they have financed E- Rickshaws in West Bengal (Kolkata), Bihar (Muzaffarpur), UP ( Jhansi, Saharanpur, Bareilly, Lucknow, Sultanpur, Ghaziabad, Noida), Uttarakhand (Dehradun), Punjab (Ludhiana, Amritsar, Jalandhar), Rajasthan (Dausa), Haryana (Hisar) and Delhi.

It now plans to expand to Maharashtra, Gujarat and some more towns in UP. It has partnered with six manufacturers of electric vehicles, who have dealership presence in over 10 cities/towns in India. The collections rate is over 100% and has pipeline for loan demand of over INR. 10 crores a month.

RevFin – Highlights

Startup Name RevFin

Headquarter NewDelhi

Founder Sameer Aggarwal

Sector Fintech

Founded 2018

Parent organization Revfin Services Pvt. Ltd.

RevFin – Industry Details
RevFin – Founders
RevFin – The Idea and starting up
RevFin – Name, Tagline, and Logo
RevFin – Product
RevFin – Business and Revenue Model
RevFin – Customer Acquisition
RevFin – Funding
RevFin – Challenges
RevFin – Advisors and Mentors
RevFin – Acquisitions and Merger
RevFin – Awards & Achievements
RevFin – Future Plans
RevFin – FAQs

RevFin – Industry Details

Consumer lending market in India is over $300 billion. Currently, over 3 lakh electric three wheelers are sold in India and over 1 lakh electric two wheelers. Taking average financing of INR. 1 lakh for electric 3-wheelers and INR. 50,000 for electric 2-wheelers, the market in which RevFin is operating stands at INR 5,000 crores. This market has very poor availability of financing and in our opinion; the market can grow 10-15X in the next 10 years.

RevFin – Founders

Revfin is founded by Mr. Sameer Aggarwal. Sameer is an alumnus of IIT Kharagpur and has worked in consumer lending for 13 years, most of which were spent working in London with HSBC.

Sameer has worked in both prime and subprime lending space. During time in HSBC, he has worked in UK, France, Turkey, Egypt, UAE, Hong Kong, Australia, Philippines, USA, Canada, Mexico and Brazil. He has wide ranging experience in organization strategy setting, fund raising, managing large cross functional/site teams and converting a traditional lending business to a platform based digital business.

RevFin – The Idea and starting up

Being a part of the fintech industry in the UK, Sameer had the opportunity to experiment with many unique ideas. While researching the Indian market, he found three clear trends –
- Consumer fintech companies were focusing on lead generation, but not on lending;
- Lending fintechs were focusing on SMEs, not on consumers; and
- There was very little use of technology, analytics and alternative data/techniques.
All of the above gave rise to the idea of Revfin. At the same time, their core lending focus was on retail consumers.

As they started their operations, they got an early opportunity to test lending in electric three-wheeler market. This market did not have organised finance available at a national level. So, they tied up with some manufacturers to test the scale and ease of the market. They realised that there is huge untapped potential in the market and the players in the market are working with them to develop the complete ecosystem for manufacturing, sales and financing of such vehicles.

Friends and family were not very pleased initially for Sameer as he gave up his job in London. However, once the decision was made, all of them have come out to help him build the company. Many people, including the investors and other startup founders, encouraged him and provided him with a lot of insights and advices.

RevFin – Name, Tagline, and Logo

When I came up with the idea, I was clear that our company will completely revolutionise the way lending in done. Therefore, the first name that sprang to my mind was Revolution in Finance. Later, we chopped it to RevFin.

Revfin Logo

When they started designing it, they wanted to use the rupee symbol and modify it to make it unique. Finally, after trying several versions, the logo had been created in such a way that it represents the rupee (for loans) but also ‘R’ in both Hindi and English. Since it’s an ‘R’, it also represents Revfin.

They realised how difficult it is for people to get a loan. Also loans are not very accessible for most people as they get declined by banks and other institutions. To be true to their objective of financial inclusion, their loans must be Convenient (to apply and process) and Accessible (high approval). Hence RevFin – Convenient, Accessible Loans!

RevFin – Product

Revfin provides 2 types of loan.:

The first is a regular personal loan. This loan can be taken for a variety of purposes and is paid back in equal monthly installments.

The second, RevLoan, is an unsecured credit limit that you can use at any time per your need. In this, you can draw down any amount in denominations of INR 1,000 up to your credit limit.

Revfin product

The platform is very focused on use of technology, analytics and alternative techniques like Psychometrics, Biometrics and Gamification. The platform is accessible through web, iOS and Android App.

RevFin – Business and Revenue Model

The RevFin business model is very simple. A customer applies for a loan. The company charges a small fee and interest to every customer who is approved a loan.

Three strong points which makes RevFin unique are:
- The digital lending platform uses alternative data and techniques to make lending decisions. This helps increase approval rates and provide loans to even those who do not get loans from traditional institutions.
- Distribution of loans in a very under penetrated market
- Unique features like Gamification that are designed to help customers be financially prudent and RevLoan which helps them in emergency situations.
When we first started, we wanted to enter several verticals in parallel. But we decided to focus on one big opportunity to start with and then expand in to other verticals/segments.

It uses third party data like credit bureaus, KYC checks for loan approval.

RevFin – Customer Acquisition

While we are still quite small, our distribution tie- ups with manufacturers is helping us expand quite quickly at a low cost and low risk.

RevFin – Funding

Revfin has raised a seed fund round in October 2018 from a group of angel investors. The investment was led by Harash Jain (CEO, Litejoy International and UK-based businessperson), Anil K Goyal (Founder, Anil K Goyal and Associates), Anil Lanba (Senior Technology Executive, EVP Pyramid Consulting) and Krishan B Singh (Investor based in New York).

The main thing is to show your commitment to your idea through your knowledge, deep belief and also by putting your money in to the mix.

RevFin raised around $4 mn on October 20, 2021, in a mix of debt and equity round summed up as its Pre-Series A funding round led by Dheeraj Jain, Redcliffe Life Solutions, Let’s Venture Angel Fund, Anuraag, and Ruchirans Jaipuria, Rishi Kajaria and more. With the infusion of the latest funds, the startup is now eyeing to help the low-income consumers of India to embrace EV solutions. Furthermore, RevFin is also planning to expand its operations.

RevFin – Challenges

The biggest challenge with our business is to get a modestly educated person in a Tier III town to apply for a loan on an App. The first time they went to a customer they thought they had got it all wrong and that this concept would never work. Soon, they changed their UX simple enough that anyone can understand the process. Also they now ask their distribution partners to help customers understand the process.

In Tier 3 towns, people find it hard to believe that they can apply for a loan on an app and then actually get the money in their account!

I had travelled to remote parts of the country to approve loans. This also gave confidence to both the customers and the distribution partners that we were a serious and a real player.

RevFin – Advisors and Mentors

In setting up RevFin, Sameer is supported by many strategic advisors/investors, including Fintech executives, accountants and entrepreneurs based in USA, UK, Dubai and India.

Anil K Goyal – runs a full stack CA/financial advisory practice with Accounting, Tax, Audit, Wealth, FEMA, Company Secretary and Legal verticals.

Alok Verma – CA based in London, with expertise in private equity, M&As, SMEs

Harsh Jain – Serial entrepreneur with business in UK, Dubai and India in travel, aviation, electric cigarettes.

Krishan P Singh – New York based fintech/Investment banking expert

Anil Lanba – expert in IT services and recruitment, currently EVP at Pyramid Consulting

RevFin – Acquisitions and Merger

Revfin acquired an NBFC, Aristo Securities Private Limited in October 2018.

RevFin – Awards & Achievements

Revfin is a recognised as a startup by DIPP, Government of India.

RevFin – Future Plans

We have tied up with several electric vehicle manufacturers. However, we are still not financing in all the geographies they have dealerships in. Therefore, the next step is to go in to newer geographies of our existing partners. We are also looking at financing electric two wheelers and variants of electric three wheelers.

RevFin – FAQs

What is RevFin?

RevFin is a financial technology startup which is aimed at building the world’s most advanced digital lending platform. Revfin provides 2 types of loan at the moment.

Who is the founder of RevFin?

Sameer Aggarwal is the founder of RevFin.

What are the RevFin loans?

Revfin provides 2 types of loan:

The first is a regular personal loan. This loan can be taken for a variety of purposes and is paid back in equal monthly installments.

The second, RevLoan, is an unsecured credit limit that you can use at any time per your need. In this, you can draw down any amount in denominations of INR 1,000 up to your credit limit.
October 20, 2021

Startup Name	RevFin
Headquarter	NewDelhi
Founder	Sameer Aggarwal
Sector	Fintech
Founded	2018
Parent organization	Revfin Services Pvt. Ltd.

Finly – Tools to Help Businesses Manage Expenses Better

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 Finly.

Keeping track of expenses and payables is crucial for every business. Account Payable automation or AP automation software simplifies tasks like submitting invoices, managing approvals, and processing payments in a fast, error-free and transparent manner. This is the reason why many businesses are adopting Accounts payable automation these days. As reported by Adroit Market Research, the Account Payable Automation software market will be valued at US $ 4 Billion by 2025. One of the top companies providing this software in India is Finly. Finly also offers software for expense management, e-procurement, budgeting and offers various expense and budget-related insights that can help managers and accounting professionals take important business decisions.

In this article, we have covered all about Finly, its founders, the story behind the inception of the startup, its products, revenue, and plans.

Finly – Company Highlights

Startup Name	Finly
Headquarters	Bengaluru, Karnataka, India
Industry	Financial Services, Accounting, Information Technology, FinTech
Founders	Veekshith Rai and Vivek A G
Founded	2015
Current CEO	Veekshith Rai
Website	www.finly.io

Finly – Latest News
About Finly and How it Works?
Finly – Name and Logo
Finly – Founder and History
Finly – Mission and Vision
Finly – Business Model
Finly – Revenue and Growth
Finly – Funding and Investors
Finly – Competitors
Finly – Challenges Faced
Finly – Future Plans
Finly – FAQs

Finly – Latest News

In December 2019, Finly raised an undisclosed amount of funding from investors like Gemba Capital, AngelList India, Omphalos Ventures, Social Capital, and 91springboard.

We believe the team has built a fantastic SaaS product for the global market,” said Adith Podhar, Gemba Capital managing partner. “With Finly, a CFO can time his payments to better manage cash and capture early payment discounts, reduce invoice processing time and costs, and engage the accounts payable department in more strategic, higher-value activities.” Adith added.

About Finly and How it Works?

Finly is a financial management and governance software business. It provides a platform that enables businesses to automate, get visibility into, and manage their expenditure swiftly.

Finly created cloud-based expenditure management software to automate all corporate payments and transactions. The company’s software allows businesses to use cashless transactions by providing expenditure management, money distribution, digital payments, automated collection, and vendor payments.

Finly began with a simple notion: to help businesses better understand their spending and costs. Finly was created to help your organization establish better procedures, resulting in a system that is much more cost-effective and time-efficient. They believe that by replacing standard cost reporting systems with Finly, they would be able to make the entire process more hassle-free, resulting in higher employee satisfaction.

Finly offers a SaaS component that automates all financial operations within the company. To digitize all external financial transactions, the SaaS component connects with every type of payment instrument in India (UPI/ NEFT/ IMPS/ RTGS/ Prepaid Cards/ Credit Cards) enabling businesses to make seamless transactions.

The SaaS solution allows multiple stakeholders (spender/reviewer/finance team/vendors) to interact and cooperate while giving the finance team comprehensive insight. The solution maintains all internal corporate systems up to date with real-time financial activities.

Finly maintains all corporate business systems in sync and provides the most dynamic reporting on the industry by giving the company comprehensive visibility into its spending. Their objective is to give finance teams technology and analytics that allow them to have powerful insights into their spending, allowing them to make informed strategic decisions and removing any cost management roadblocks as your company grows.

Finly offers software for company cost management, digital cash distribution, vendor payments, and GST-compliant invoicing and payments to assist businesses to automate and simplify their spending.

Finly – Name and Logo

The ‘Fin’ in Finly refers to the company’s financial management and governance software business.

Finly’ s Company Logo

Finly’s tagline says, “Control, Optimize & Strategically Reduce Business Spend By Digitising Accounts Payable Process with a Scalable AP Automation System”

Finly – Founder and History

Veekshith Rai and Vivek A G founded Finly in 2015.

Veekshith Rai - Co-founder and CEO of Finly — Veekshith Rai – Co-founder and CEO of Finly

Veekshith Rai and Vivek A G had been friends since they were adolescents, and after graduating from an engineering school in Bengaluru in 2012, they got interested in digital money. Veekshith worked for Mindfree Labs, and Vivek for Accion, and they both worked in IT. However, after only 3 years, they realized they had arrived at a major revenue opportunity: expenditure management.

Finly, a company expenditure, and cost management solution, was born out of this need.

“Before settling on this concept, we had honed in on five challenges we were interested in solving,” Veekshith explains. “We put together pitch decks and contacted industry experts, investors, and advisers. We froze upon Finly and developed a prototype to obtain our first set of clients after feedback, numerous revisions, and a lot of deep ideation.”

During the initial stage, the founders narrowed down possible clients regarding the problem and other factors and shared the product concept with Chief financial officers. After receiving a partial payment, they began development on the system and rolled it out in stages.

Finly – Mission and Vision

Finly’s mission and vision statement say, “Finly Corporation is committed to providing our clients with a high-quality product and outstanding service. When clients use any of our goods or services to develop projects, we try to offer them security and peace of mind. We strive to be at the forefront of innovative technology and manufacturing processes.”

Finly – Business Model

Finly is focusing on the B2B market since the B2C market has been significantly disrupted by technology like UPI and applications such as PayTM and PhonePe, which have reduced reliance on cash.

Businesses, on the other hand, continue to rely on traditional payment processing systems. This is mainly because of two reasons: banks’ ongoing concentration on major operations and their failure to consumerize modern banking technology with software commodities that address current business demands.

Finly’s business model is built on a per-user, per-month cost that is determined by the module selected by the client. They also demand a transaction fee, which is determined by the form of transaction utilized by the company.

“Payments, an integral part of financial operations, remain disconnected from current processes. But payment technologies like UPI, currently open only to the B2C segment, will further drive adoption of digital payments when rolled out to the B2B segment,” says Vivek.

Finly – Revenue and Growth

Finly’s yearly revenue is now projected to be $7.1 million.
Finly’s revenue per employee is expected to be $145,000.

The founders invested little more than Rs 1 crore in the firm, which is producing close to Rs 7 crore in revenue. The founders however have not confirmed the company’s revenue.

Finly – Funding and Investors

Finly raised an undisclosed amount of funding in December 2019.

Date	Round	Amount	Lead Investors
Dec 21, 2019	Seed Round	–	Das42 Capital, Gemba Capital, Social Capital, 91springboard

Finly – Competitors

Finly is a SaaS company that competes with Expensify, SAP Concur, Zoho, Pleo, G2 Storefront, Happay, and Fyle.

Finly – Challenges Faced

According to Veekshith, the road ahead isn’t really a bed of roses.

Changing the habits of finance teams is one of the company’s difficulties. However, Finly combats this challenge with a robust customer success staff that follows up with its clients after the transaction.
The other challenge for the company is having strong business professionals with a mix of sales, technology, and financial skills.

Finly – Future Plans

Finly presently works with over 100 clients, and is working to increase the client base. The company will add more intelligent products to its suite in future.

V Ganapathy, CEO of Axilor Ventures, says: “This market is a big opportunity and this startup helps clients track all their financial expenses. We believe Finly has figured out the market reach and is scaling fast.”

Finly gives CFOs and finance teams comprehensive insight and control over payables. All while improving Finance Teams’ productivity by over 80% via the use of a sophisticated Finance Communication Framework to automate tedious and repetitive procedures and ease wireless communication within Finance Teams. With its intelligent software Finly is all set to change the way Finance teams across industries work.

Speaking about Finly’s vision, co-founder Vivek AG says, “We think that the future generation of finance teams will not spend time on manual labor for day-to-day activities such as processing vendor payments, reconciling invoices, tracking advances, and so on. Finly will assist finance teams in important duties such as analyzing and tracking vital indicators related to the company’s growth.”

Finly – FAQs

What does Finly do?

Finly is a financial management and governance software business. It provides a platform that enables businesses to automate, get visibility into, and manage their expenditure.

Who founded Finly?

Veekshith Rai and Vivek A G founded Finly in 2015.

How does Finly make money?

Their business model is built on a per-user, per-month cost that is determined by the module selected by the client. They also demand a transaction fee, which is determined by the form of transaction utilized by the company.

Which companies do Finly compete with?

Finly is a SaaS company that competes with Expensify, SAP Concur, Expensify, Zoho, Pleo, G2 Storefront, Happay, and Fyle.

October 18, 2021

Active.ai – Personalizing Customer Support With AI

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 Active.ai.

Companies in the B2C sector segment are progressively approaching an age of automated customer service, which is enhancing the brand experience for customers, thanks to technologies like AI-powered customer support bots.

Founded in 2016, Singapore-based startup Active.ai is creating intelligent virtual assistant that is allowing businesses to design automatic and insightful customer support service. Active.ai has developed a successful, patented conversational AI platform for financial firms, insurance firms, and capital markets that can be quickly implemented. Here is more about Active.ai, the startup story, and how this startup is helping businesses take their customer support service to the next level.

Active.ai – Company Highlights

Startup Name	Active Intelligence Pte Ltd
Headquarters	Singapore
Industry	Financial Services, Software, FinTech
Founders	Ravi Shankar, Parikshit Paspulati and Shankar Narayanan
Founded	February 2016
Current CEO	Ravi Shankar
Products	Morfeus, Triniti
Website	www.active.ai

Active.ai – Latest News
About Active.ai and How it Works?
Active.ai – Name, Logo and Tagline
Active.ai – Founders and History
Active.ai – Mission and Vision
Active.ai – Services and Products
Active.ai – Business Model
Active.ai – Revenue and Growth
Active.ai – Funding and Investors
Active.ai – Competitors
Active.ai – Challenges Faced
Active.ai – Future Plans
Active.ai – FAQs

Active.ai – Latest News

In June 2021, Active.ai partnered with Talisma, which is a major customer experience solutions provider. Talisma’s technological products and solutions will be strengthened as a result of the partnership, which will allow it to incorporate a next-generation conversational AI chatbot into its platform and make it available to its BFSI clients.

On their Conversational AI journey, BFSI companies may use Talisma and Active.ai’ s solutions. Active.ai and Talisma collaborated covers a wide range of use cases in Retail and Commercial Banking, Insurance, and Capital Markets, with solutions readily available on platforms like WhatsApp, as well as a full-proof seamless fallback for human assistance if needed.

About Active.ai and How it Works?

Active.ai is a Singapore-based fintech firm focusing on artificial intelligence, with a research and development center in Bengaluru. Active.ai has developed a cutting-edge, proprietary conversational AI platform for financial institutions, insurance firms, and capital markets that can be quickly implemented.

Triniti, their artificial intelligence engine, was created to provide end-users with meaningful, intuitive engagement across many channels such as SMS, phone, and IoT devices. Triniti has been developed to empower businesses to build a deep connection with their customers. This artificial intelligence engine uses Machine Learning, Natural Language Processing, and Natural Language Generation technologies to cater to the specific customer support needs of financial institutions, insurance companies, and capital markets.

Furthermore, this solution is backed by the knowledge and experience of an executive team with over 60 years of senior-level industry experience, as well as a thorough grasp of the strategic and operational issues that their clients are facing. Financial institutions, insurance firms, and capital markets are all moving fast to stay relevant to shifting client expectations, and Active.ai arrives just in time. The team at Active.ai sees an amazing potential whereby businesses can establish a natural dialogue and more meaningful relationships with their customers using sophisticated conversational AI.

The following are some of the major characteristics of Active.ai

For balance queries and fund transfers, pre-built processes, pre-trained datasets, and pre-certified interfaces with Finastra are available.
Business rules, bespoke replies, and branding are all highly configurable features.
APIs are available for expanding functionality.
Supports iOS, Android, Web applications, the Facebook virtual agent, and Alexa and Google Assistant capabilities.

Active.ai – Name, Logo and Tagline

The “ai” in Active.ai stands for Artificial Intelligence as the enterprise is a creator of an artificial intelligence platform for enterprises that aims to provide conversational banking services.

Active.ai Company’s logo

Active.ai’s tagline says, “Conversational AI built for scale”

Active.ai – Founders and History

Ravi Shankar, Shankar Narayanan Srinivasan, and Parikshit Paspulati founded Active.ai in 2016.

Active.ai CEO Ravi Shankar previously served at a managerial position in HDFC bank. He was the VP & Head of Non-Branch-Delivery Channels at ABN AMRO Bank N.V. From 2004 to 2009, Ravi was Group Executive Vice President at Yes Bank. He co-founded Nevales Networks Pvt Ltd., which is a cloud-based managed security service provider in 2010. In 2016, Ravi co-founded Active.ai

Active.ai COO Shankar Narayanan Srinivasan started his career as a 3D Animator and went to become a serial entrepreneur. He co-founded companies like Cazh Pte Ltd( an online payment company that designed applications that let users make payments without revealing credit card and bank account numbers) and Tagit Pte Ltd ( a digital solutions company). In 2012, Shankar co-founded Fastcash Pte. Ltd, a unique platform that allows users to transfer value in the form of money, airtime, gift card, or any other tokens of value, and also digital content such as photo video, etc. through social networks and messaging platforms in a secure way.

Active.ai CTO Parikshit Paspulati worked with IT companies like CSS Corp. He was the CEO of Singapore-based software company Mobilestruct Pte Ltd from 2005 to 2008. Till 2014, Parikshit worked as the CTO of digital solutions’ company Tagit Pte Ltd. He founded an IT consultancy firm Finoculus Pte. Ltd in 2014. In 2016, he co-founded Active.ai with Shankar Narayanan Srinivasan and Ravi Shankar.

The idea of starting Active.ai first hit Shankar Narayanan, when he lost his wallet during an international trip. He was calling his bank to block his credit and debit cards, but he realised that it was not easy to connect to the customer support due to busy networks, and endless IVR menus. This lead to the idea of using AI to handle customer support for a better user experience. He discussed the idea with his friends Parikshit Paspulati and Ravi Shankar, which led to the formation of Active.ai in 2016.

The initial client of Active.ai was Axis Bank, followed by CIMB Bank, Income, FWD insurance, IndusInd Bank, and Hdfc Securities. Today the startup has many clients across the globe.

Active.ai – Mission and Vision

Active.ai’s vision statement says, “Our vision is to create augmented AI services that is easier to train and evaluate. By integrating powerful data analysis tools, such as Power BI, with AI services and data sets we can easily visualize the accuracy of our models.“

Active.ai – Services and Products

With an AI product platform that can be supplied on the cloud, Active.ai created its own IP. The major goal is to solve complicated problems by connecting to banks via APIs and making information available to clients in a courteous and cost-effective manner.

The multichannel platform enables its use on messaging platforms such as Facebook Messenger and IoT devices such as Alexa. The startup partnered with IBM, Infosys Finacle, Microsoft, and EdgeVerve Systems to provide financial services with 24-hour support via messaging and voice interfaces.

The two main products offered by Active.ai are –

Triniti – Triniti’s AI engine combines NLP and NLG components to let financial institutions communicate with consumers in a natural way. Its purpose is to automate some tasks between clients and banks, such as transactions and customer care. Triniti-powered chatbots are used to solve inquiries, saving banks’ time, money, and labor. Triniti’s algorithms are developed such that it can interpret customer’s intent, sentiment and emotions and interact with the customers accordingly.
Morfeus – Active.ai’s middleware engine, which was created at the Bangalore Innovation Lab, operates as a Java program for a web server. It uses artificial intelligence to link front-end channels, allowing banks to communicate with their consumers through mobile, chat, or voice.

Active.ai – Business Model

Active.ai has a Software as a Service (SaaS) subscription-based business model. Active.ai’s quick growth and reputation in the banking industry has resulted in a high level of involvement and confidence among clients, ensuring a stable and secure relationship between banks and customers.

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Active.ai – Revenue and Growth

As per reports, Active.ai’s revenue for the calendar year 2020 was USD 2.47 million while the revenue was USD 1.84 million in the Calendar Year 2019.

Active.ai – Funding and Investors

Date	Round	Amount	Lead Investors
Sep 14, 2020	Funding Round	—	AMTD ASEAN-Solidarity Fund
Jun 12, 2019	Series A	$3M	—
Jan 1, 2019	Venture Round	—	InnoVen Capital
Nov 13, 2017	Series A	$8.3M	CreditEase Fintech Investment Fund, Dream Incubator, Vertex Ventures
Nov 14, 2016	Angel Round	$3M	IDG Capital
May 4, 2016	Pre Seed Round	$500K	Kstart

Active.ai – Competitors

Active.ai’s top competitors are Wso2, Apigee, DigitalGenius, Yodlee, MuleSoft, Xignite, Bloomberg, Mashape, Yellow Messenger, snapLogic, Barchart, 3scale, and Thomson Reuters.

Active.ai – Challenges Faced

As more and more enterprises are adopting AI to create better customer interaction services, the industry is slowly becoming more competitive. Although the AI business is not overly saturated, it is highly specialized, making it rather difficult. It’s a multibillion-dollar sector with enormous potential.

“AI has been available for 30 years, but businesses have just lately begun to use it. Today, enterprises world over are moving away from the mobile first vision to AI first with the core focus on customer engagement and new customer experience (CX),” says Ravi Shankar, Co -founder and CEO, Active Intelligence (Active Ai) Pvt Ltd.

Active.ai – Future Plans

Active.ai is a company that has received a lot of positive comments from its customers. With SaaS subscriptions beginning at 1500 users per month, Active.ai has made this platform extremely scalable. The Active.ai team thinks that by utilizing this ground-breaking technology, any financial institution would be able to embrace Conversational AI and provide excellent customer service.

Currently, Active.ai is operating throughout North America, Europe, Japan, and India. Active.ai employs about 40 employees across Singapore, Bangalore, and the United States. In the next few years, the company’s goal is to have 100 million end-users. The company also has plans to open offices in different locations across the globe and hire talent from different locations around the world.

Active.ai – FAQs

What does Active.ai do?

Active.ai develops a successful, patented conversational AI platform for financial firms, insurance firms, and capital markets that can be quickly implemented.

Who founded Active.ai?

Ravi Shankar, a former Group Executive Vice President of Yes Bank, Shankar Narayanan, and Parikshit Paspulati founded Active.ai in 2016.

Which country is Active.ai based in?

Active Intelligence is a Singapore-based fintech firm focusing on artificial intelligence, with a research and development center in Bengaluru.

Which companies do Active.ai compete with?

Active.ai’s top competitors are Wso2, Apigee, DigitalGenius, Yodlee, MuleSoft, Xignite, Bloomberg, Mashape, Yellow Messenger, snapLogic, Barchart, 3scale, and Thomson Reuters.

How does Active.ai make money?

To generate money, Active.ai uses a Software as a Service (SaaS) subscription-based business model.

October 16, 2021

Top 8 Leading Fintech Startups in China

Fintech is one of the leading industries in the world because of many emerging unicorns in the sector. The fintech industry has become a game-changer for banking services industries as it has been tremendously impacted by Technology enterprises. Most Fintech startups offer financial services such as mobile payment, digital banking, insurance, crowdfunding, wealth management, or recently even digital currencies like cryptocurrency.

Fintech companies nowadays have to rely on advanced technology like datasets, Internet of Things (IoT) artificial intelligence (AI), cloud computing, or even blockchain in order to provide their services. Fintech currently has over 79 Unicorns globally making it the largest sector with the most number of Unicorns, while there are more upcoming fintech startups that will be added to the list.

The global Fintech market was said to be valued at $111 billion, while it is now expected to grow to more than $158 billion by 2023. China is often considered one of the leading countries in the sector of financial technology. The country so far has over 2,160 Fintech startups out of which over 18 are already unicorns. According to some studies over half of the world’s digital payments were made in the country using apps like Alipay and WeChat in 2017.

In 2018, China received over $25.5 billion investments into its fintech industry making it the leader in this sector. Even to this date china continues to be the leader in the industry because it completed over 600 plus deals in 2018 alone, the country also has the highest fintech adoption rate of 69% in the world.

China went through a Fintech boom because many startups wanted to fill the gap of traditional banking which lacked in the country by introducing fintech services that fulfilled the needs of ordinary people and SMEs. Because of the growth of the fraudulent practices in the Chinese sector in China, the Government has come up with rules and regulations including 65 national financial standards and 252 financial industry standards to control them.

The fintech startups in China are targeting the middle class in the sectors of wealth management, different types of insurance and private banking as the services like mobile payment is already popular in the country.

Tencent
Ant Financial
Lufax
Bitmain
Dianrong
Ping An
JD Digits (Formerly JD Finance)
Renrenxing Technology
Frequently Asked Questions

Here’s a list of top fintech startups in China.

Tencent

Company	Tencent
Founded year	1998
Headquarters	Shenzhen (China)
Funding	$12.6 Billion
Investors	Lippo Group, Prosus & Naspers, PCCW, IDG Capital

Tencent Logo

Tencent is considered to be one of the largest gaming companies in the world, but also has a foothold in the Fintech industry. Over the years the company has come up with top-notch payment services through WeChat, which was considered to be the first online-only bank offering wealth management and other financial services in China. Through WeChat Pay the company has made many strategic investments and third-party marketplaces, increasing its valuation to $21 billion in 2018.

The company was initially founded by Ma Huateng, Tony Zhang, Xu Chenye, Chen Yidan and Zeng Liqing in 1998, with its headquarters based in Shenzhen, China. The main competitor to Tencent in the fintech sector is Alipay which is under Alibaba. By the end of 2019, WeChat had is estimated 800 million users and 50 million merchants on the platform every month. This is why Tencent is one of the most financially valuable companies in the world.

Ant Financial

Company	Ant Financial
Founded year	2014
Headquarters	Hangzhou (China)
Funding	$22 Billion
Investors	General Atlantic, Meros Equity Global Management, Warburg Pincus, The Carayle Group, Credit Suisse, Temasek Holdings, Sequoia Capital, Khazanah Nasional, Silver Lake

Ant Financial Logo

Ant Financial is one of the top fintech startups in China that was founded in 2014 with its headquarters in Hangzhou, China. Ant Financial provides various digital payment services for both customers and businesses.

Ant Financial is known for its Alipay mobile wallets which offer financial services like transferring money to bank accounts, bill payments, online or offline mobile bill payments, among others. The brands under Ant Financial are Alipay, Ant Fortune, Yu’e Bao, Zhima Credit, MYbank and Ant Financial Cloud.

Alipay also allows SMEs to accept online payments from customers through cards, corporate credit solutions and Bank transfers. Ant Financial Group is a subsidiary of the Alibaba Group which is a Chinese eCommerce giant and is also said to be the world’s most valuable Unicorn Company.

As of 2018, the company has over 87 million users across the world along with JV partners, currently, it has over 1.2 billion users worldwide. Besides its mobile wallet services, Ant Financial is also a leading fundraising company in the country.

Lufax

Company	Lufax
Founded year	2011
Headquarters	Shanghai (China)
Funding	–
Investors	HarbourVest Partners

Lufax Logo

Lufax is a popular online wealth management and P2P lending platform for personal loans. The company provides insurance services to both individuals and institutions with advanced technology like AI and Cloud. Lufax was founded by 2011 in Shanghai, China and was originally set up by Ping An as an incubation project.

It currently is the second-largest P2P lender in the country and is planning to branch out its business gradually to work with funds and insurance companies. In 2018, the company also expanded its services to Singapore, the same year it also came out with a new blockchain solution that identifies users and tracks transactions, especially between borrowers and lenders. Lufax is said to be the best Internet financing industry in China as it has accelerated the marketing process.

Bitmain

Company	Bitmain
Founded year	2013
Headquarters	Beijing (China)
Funding	$764.7 million
Investors	Temasek Holdings, Crimson Ventures, Noris Capital, Newegg, Coatue, Sequoia Capital China, CAS Investment Management, Jumbo Sheen Group, HuangPu River Capital

Bitmain Logo

Bitcoin is a well-known Edtech startup that provides hardware-based mining solutions for Cryptocurrencies. The company was started by Micree Zhan, Jihan Wu in 2013 with its headquarters based in Beijing, China. Bitmain is known for providing hardware-based mining (ASIC) solutions for bitcoin mining. By 2018, the company became the largest designer of ASIC chips for bitcoin mining.

Besides ASIC chips the company also makes servers, simple routers, AI applications, mining tools and other services & products for blockchain. Bitmain also operates BTC.com and Antpool which became the biggest pool for bitcoin. Bitcoin introduced Bitmain Technology in 2013 that successfully engaged with the field of AI and increased power consumption speed.

Dianrong

Company	Dianrong
Founded year	2013
Headquarters	Shanghai (China)
Funding	$549 million
Investors	Simon Investment Managers, EG Capital Advisors, Affirma Capital, ORIX Asia Capital, CITIC Securities, China Minsheng Investment Group, GIC

Dianrong Logo

Dianrong is a leading peer to peer platform for personal loans. The company was founded in 2012 with its headquarters in Shanghai, China. Dianrong provides products and service offerings like credit ratings, investment products, marketplace lending solutions risk management and operation tools.

In 2018, the company created a supply chain finance solution designed especially for finance and business. The company provides a well planned and secure infrastructure for industry data and insights.

Ping An

Company	Ping An
Founded year	1988
Headquarters	Shenzhen (China)
Funding	$4.8 billion
Investors	–

Ping An Logo

Ping An Technology is the main subsidiary of Ping An Group a multinational conglomerate. The company is in charge of the financial sector that provides services like insurance, banking, investment, and numerous other internet businesses. The company went on to create Lufax and Oneconnect which are both well-known fintech companies in China.

The company was founded in 2008 and initially provided IT services to firms within the Ping An Insurance Group. Ping An also allows its customers to use its P2P lending services over AI technology. Ping An was the first insurance company to be selected on the index and is currently the World’s top global insurance brand in 2020.

JD Digits (Formerly JD Finance)

Company	JD Digits
Founded year	1998
Headquarters	Beijing (China)
Funding	CN¥ 34 billion
Investors	CICC, COFCO, APOFCO, Sequoia Capital China, China Creation Ventures, China Taiping Insurance, Intonation Ventures, Harvest Global Investments

JD Finance is one of the leading Chinese fintech companies that was started by the JD Group in 2013. JD Group is one of the biggest B2C online retailers in China. The company has its headquarters in Beijing, China and aims to become the most trustworthy internet investment and funding platform. The company provides its customers with services for investment and financial management, which are easy, high yielding and safe.

The company uses advanced technology big data, AI, cloud computing, blockchain and IoT for providing its financial services. JD Finance is estimated to be $20 billion as it raised over $1.9 billion in 2018. The company comprises 10 business divisions that cover different types of covering corporate and consumer finance needs.

Renrenxing Technology

Company	Renrenxing Technology
Founded year	2014
Headquarters	Beijing (China)
Funding	CN¥ 4.5 billion

Renrenxing Technology is another popular Chinese Edtech startup that is known for developing applications for borrowing and lending money. The company started Jiedaibao in 2015 which has its headquarters in Beijing, China. Jiedaibao is a leader in providing peer to peer services for lending and borrowing money, besides that it also offers services like matching, registration, collection and other services for small loans for customers and SMEs.

The company is now known to be the country’s top tech unicorn company as its valuation is estimated to be over $10 billion. Through Jiedaibao, Renrenxing Technology has come up with an app that helps in deciding interest rates independently and based on that it generates an electronic contract that is legal. This enables their customers to get personal loans at a fixed price and get reminded of the repayment or expiry of the contract.

Frequently Asked Questions

What are the top Fintech startups in China?

The top Fintech startups in China are Renrenxing Technology, JD Finance, Ping An, Dianrong, Bitmain, Lufax, Ant Financial and Tencent.

How many fintech startups does China have?

The country so far has over 2,160 Fintech startups out of which over 18 are already unicorns.

What is the valuation of the global fintech market?

The global Fintech market was said to be valued at $111 billion, while it is now expected to grow to more than $158 billion by 2023.

September 17, 2021

How Flipkart Wholesale is supporting Kiranas with its Credit Program?

On 24^th August 2021, Flipkart Wholesale which is the digital B2B marketplace of the E-commerce giant Flipkart Group announced their upcoming credit programs that will help kiranas manage their working capital requirements and grow their business.

These credit programs are said to include Easy credit in partnership with IDFC FIRST Bank along with other well-known Fintech institutions. These credit offerings aim in solving the problems of the kiranas in India and boost businesses with the help of advanced technology.

Another advantage of these initiatives is that kiranas can avail credit just within two minutes and at zero cost, via end to end digital onboarding. These industry-first credit programs are designed especially for over 1.5 million people which include kiranas, retailers, hotels, restaurants, cafeterias, offices and institutes, among others.

What is Flipkart Wholesale?
The aim of Flipkart Wholesale Credit Programs
Benefits of the Flipkart Wholesale Credit Program
Competitors of Flipkart Wholesale
Frequently Asked Questions

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What is Flipkart Wholesale?

Flipkart Wholesale is the brainchild of Flipkart which is an E-commerce Giant. Flipkart Wholesale is an upcoming online B2B marketplace that was launched in September 2020. The platform has been designed especially for making business easier for the kiranas, retailers and small business owners. The company aims at helping people with their everyday business by using innovation and advanced technology.

It also wants to simplify B2B e-commerce in the country so that it becomes more convenient for the customers of kiranas and small businesses. With Flipkart Wholesale, customers will be allowed to buy a huge variety of quality products at good margins. With this platform the customers can also get speedy product delivery, convenient order returns directly from the shops.

Flipkart Wholesale will also allow its customers speedy delivery options and an easy order tracking facility to keep it transparent. Besides Theses facilities it also offers paperless credit facilities so the kiranas and retailers can fulfil their business needs when they are low on finances, which is extremely helpful during the difficult times of the Covid 19 Pandemic.

Flipkart Wholesale is currently aiming to help kirana stores in more than 2,700 cities across India. So far, the platform has seen a steady growth of 17% especially from January to June 2021 as many kiranas have started using the platform.

The aim of Flipkart Wholesale Credit Programs

According to Adarsh Menon, Senior Vice President and Head, Flipkart Wholesale,

“Our key goal at Flipkart Wholesale is to make business easier for kiranas and retailers and boost their growth journey. We believe our new credit plan is tailored to solve local challenges that kiranas in India face and will help them manage their cash flow and improve their purchase experience on our platform, thereby ensuring that the benefits of digitisation trickle to the entire B2B retail ecosystem,” Adarsh Menon.

Commenting on the association, Amit Kumar, the Head-Retail Liabilities and Branch Banking of IDFC FIRST Bank said that, the country’s kirana stores account for more than two-thirds of India retail market space. He also added that the traditional trade is now evolving in terms of retail formats and business models. This is why the bank wanted to contribute to the growth of this segment and help kiranas scale up its business.

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Benefits of the Flipkart Wholesale Credit Program

The main benefits of Flipkart Wholesale are that their clients have an access to a wide range of value propositions which include quality products, easy ways to order & return, fast delivery, order tracking, and the best margins on all products. The credit programs are allowing credit lines from Rs 5,000 to Rs 2 lakh including an interest-free period of up to two weeks.

Besides that, the initiative will also help kiranas get an advantage of flexible repayment options via cash, online transfers and even instant refunds if the order is cancelled. The platform will also keep an account of the credit balance and bills of the kiranas.

Flipkart Wholesale logo

Competitors of Flipkart Wholesale

Flipkart Wholesale was launched in 2020 but already has competitors such as Amazon Pay and Udaan. Amazon Pay is also providing kiranas and retailers with small loans and is said to have already empowered more than five million stores and small businesses with its digital payment features.

Features such as Amazon Pay’s QR (quick response) code have become popular because many small and medium businesses are using it. Udaan is a Bengaluru based E-commerce startup that has also come up with features such as UdaanExpress and UdaanCapital which are designed for kiranas. These options help kiranas with logistics and lending capabilities and have already grown 30 times in AUM over the last two years.

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Frequently Asked Questions

What is Flipkart Wholesale?

Flipkart Wholesale is the brainchild of Flipkart which is an Ecommerce Giant. The platform is an online B2B marketplace that was launched in September 2020.

What is the Flipkart Wholesale Credit Program?

Flipkart Wholesale credit programs will help kiranas manage their working capital requirements and grow their business.

What are the benefits of the Flipkart Wholesale Credit Program?

The main benefit of Flipkart Wholesale credit programs is that it is allowing credit lines from Rs 5,000 to Rs 2 lakh including an interest-free period of up to two weeks.

When was Flipkart Wholesale founded?

Flipkart Wholesale was launched in September 2020.

August 30, 2021
Story of RBP Finivis – Promotes the Theory of Financial Inclusion
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 Rural Banking Programme (RBP) Finivis.

Rural Banking Programme (RBP) Finivis Pvt. Ltd. is a FinTech firm that promotes the theory of financial inclusion. It launched MEGO Pay app providing AePS, mATM, and DMT with instant settlements, and saw 700 plus subscribers downloading the app on the first day of launch. Founded by husband-wife duo, Sam and Sanaya Gupta, RBP Finivis is a business correspondent to Fino Payment Bank, ICICI Bank, SBM Bank India, along with a few contracts still in the pipeline with India Post and Utkarsh Small Finance Bank.

StartupTalky interviewed Mr. Sam Gupta, Founder & CEO of RBP Finivis to know the startup story of the organization. He also gave insights on the fintech industry, how RBP Finivis was incorporated, its business model, growth, future plans, and more.

RBP Finivis – Company Highlights

Startup Name Rural Banking Programme (RBP) Finivis Pvt Ltd.

Founders Sam Gupta, Sanaya Gupta

Headquarters Gurgaon

Industry Fintech, Digital Payments

Website rbpfinivis.com

RBP Finivis – About and Vision
RBP Finivis – Fintech Industry Details
RBP Finivis History – How it Started
RBP Finivis – Product/Service
RBP Finivis – Founders and Team
RBP Finivis – Name and Logo
RBP Finivis – Business Model and Revenue Model
RBP Finivis – Launch and Marketing Strategy
RBP Finivis – Challenges Faced
RBP Finivis – Current Status
RBP Finivis – Funding
RBP Finivis – Acquisitions
RBP Finivis – Competitors
RBP Finivis – Recognition and Achievements
RBP Finivis – Future Plans
RBP Finivis – FAQs

RBP Finivis – About and Vision

Rural Banking Programme (RBP) Finivis Pvt. Ltd. is a Fintech firm that promotes the theory of financial inclusion. It offers few products in the B2C segment which are unique and have an edge over technology where it redeems cash backs given to subscribers via the web, app, and cards, etc. Today, India is converging into digital payments and a cashless economy, and the platform RBP Finivis is totally focused on providing digital services in this payment sector.

The company’s short-term goal includes bringing door-step banking to the unbanked and to scale-up its business volume. Long term goal is to create a consistent flow of services with value-added products. The company’s core belief is to work hard with honesty and be true to one’s work.

RBP Finivis – Fintech Industry Details

Fintech is transforming how financial services are being packaged and delivered to consumers from an experience, access, and cost-saving perspective. According to the market, one cannot calculate the actual figure of the market because most of the Retailers have a minimum of two to three IDs for different companies.

As per media reports, there are about 8 Tier I cities, 26 Tier-II cities, 33 Tier III cities, and over 5,000 Tier IV towns, while there are more than 638,000 villages in the country. India is currently the 4th largest retail market in the world and is further expected to grow to $1.3 Crores.

It’s well known that the demonetization of the currency has raised digital transactions while the month-on-month rise may not be as high. According to the market, so many startups are already providing financial services through POS, Micro ATM, AePS, and various digital banking solutions. RBP is also part of this journey, it almost covers 6% of this market. But still, there is the scope of a 40% vacant market presence in India where RBP Finivis can reach easily with its products.

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RBP Finivis History – How it Started

Since the start, Sam has had a passion for online sales. He completed his studies in Electronic Commerce Operations Management (ECOM) in 1998. In 2004, Sam launched a website with unlimited web space with email which was six months before Google launched Gmail.

In 2006, Sam founded Netmax.tv for online movie streaming but could not do big due to lack of funding. In 2015, he created and founded MEGO for the recharge business which was high in this era. Having over 23 years of exposure in countries like Hong Kong, Singapore, Thailand, Malaysia, and Dubai, Sam came back to India in 2019 from Kuala Lumpur and incorporated RBP Finivis Pvt. Ltd.

The team has constantly followed the prime players like PayTM on their products and business strategies and MEGO products were created keeping in mind the requirement of subscribers with cashback offers.

Coming to financial inclusion, happened due to research on subscribers’ needs and market base. As per their business study, AePS, mATM, DMT, and recharge were highly demanded. MEGO products like MEGO Selfie, MEGO Zone, MEGO Ginni, and MEGO Bars are designed on the same pattern ready to be launched, the team is just awaiting relaxation on the Covid lockdown.

Friends and professionals experts in eCommerce gave them a go-ahead on the idea shared with them as these products were unique and in demand. They have also incorporated redeeming of cash backs from the web and app to cards.

RBP Finivis – Product/Service

Products are offered as devices, apps, and web-like AePS, mATM, and DMT. These products are offered as doorstep banking. Its user-friendly app and web are its main USP. Also, it has added real-time settlement which is unique and innovative. The team is also launching other MEGO products with cash backs and coupons. RBP Fintech Pvt. Ltd. is a wholly-owned subsidiary of RBP Finivis Pvt. Ltd.

RBP Finivis – Founders and Team

Husband – Wife duo, Sam and Sanaya Gupta are the founders of RBP Finivis Pvt Ltd. Sam takes care of IT, Sales, and Marketing while Sanaya takes care of Administration, Management, and Finance.

Sam Gupta – Founder & CEO, RBP Finivis Pvt Ltd

Mr. Sam Gupta and Mrs. Sanaya Gupta are married for 16 years and both have followed the eCommerce business very closely. Sam completed his studies in 1988 and went to launch a website in 2004 offering unlimited web space with email ID 6 months before Google launched Gmail. Then in 2007, launched a website for online movie streaming but could not do much due to the lack of funding. The idea of MEGO was conceived in 2015 offering recharge and cash backs and finally was officially launched on 4th January 2021.

The company has a highly qualified and experienced tech team with over 10 years of work experience in the same industry in-house. It has 34 employees onboard in India and 3 employees in Singapore.

“The team here is provided with the coolest work environment and 180-degree views of Himachal Hills with full sunlight to bring out better talent at work. We have an in-house HR who constantly brings in young and experienced talent on board in the team” Says Sam Gupta, Founder & CEO, RBP Finivis Pvt Ltd.

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RBP Finivis – Name and Logo

Rural Banking Programme (RBP) Finivis Pvt. Ltd. is a FinTech firm that promotes the theory of financial inclusion. Its new product MEGO makes the best use of it.

RBP Finivis Logo

MEGO was a short catchy and easy name and represented Me Going, as a short form it came up with MEGO. It plans to launch a male and female mascot which subscribers can customize according to their liking and this mascot will appear on the screen of subscribers offering discounts and coupons using GPS Tracking.

RBP Finivis – Business Model and Revenue Model

RBP Finivis operates on a SaaS and BaaS module and is offering the best commissions and margins against its competitors.

RBP Finivis – Launch and Marketing Strategy
- It launched MEGO Pay app providing AePS, mATM, and DMT with instant settlements, and it saw 700 plus subscribers downloading the app on the first day of launch. The company gave organic feeds on social media and is yet to launch the Advertising schedule.
- The company is getting instant hits on its app as it is user-friendly, very easy to operate, and the look and feel are liked by the subscribers.
- The team is focusing more on customer support and 24×7 call centers help the subscribers with all their issues instantly.
- RBP Finivis is a business correspondent to Fino Payment Bank, ICICI Bank, SBM Bank India, along with a few contracts still in the pipeline with India Post and Utkarsh Small Finance Bank.
- It recently launched a leader board for merchants with maximum transactions where the company is giving coupons and bikes to the winners. It is to date the most appreciated offer of the company.
“We have a good budget for our marketing campaign and we are looking forward to customer acquisition and retention” Sam added.

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RBP Finivis – Challenges Faced

The most challenging part was signing up and onboarding banks as a business correspondent which involves a lot of compliance. The technical collaboration also was a challenge but our IT Team was capable of handling the situation with ease. The team has been working on strict policies and strategies and all modules that they have worked on were pre-calculated and thoroughly analyzed and implemented.

RBP Finivis – Current Status

RBP Finivis’ platform is completely focused on providing digital services in the payment sector. The company has a highly qualified and experienced tech team with over 10 years of work experience in the same industry in-house. It has 34 employees onboard in India and 3 employees in Singapore. The team strategically located the office which is easily approachable and visible giving the company free brand promotion.

“The main aim to establish the company was to reduce poverty and provide financial support to lower-income entrepreneurs” says Sam.

RBP Finivis – Funding

RBP Finivis is a self-funded/bootstrapped company and has not raised any funding yet.

“We are ready with our pitch deck and will be looking for angel investors soon” Sam Gupta (Founder & CEO , RBP Finivis) added.

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RBP Finivis – Acquisitions

RBP Finivis recently acquired a major share in RBP Fintech Pvt. Ltd. and have plans to acquire entities in Thailand, Malaysia, Amsterdam, and Singapore.

RBP Finivis – Competitors

Competitors of RBP Finivis are Mahagram, PayNearBy, Relipay, and Bankit among others.

RBP Finivis – Recognition and Achievements

The company has ISO 9001 and 27001 certification and has its legal entity identifier for international recognition.

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RBP Finivis – Future Plans
- It plans to develop a Country Wide Web of distributors and a million merchants by the year 2022.
- The company plans to achieve 100,000 users in the next 1 month (Aug-Sept 2021).
- It will be launching its White Label, Distributors, B2B and B2C in the first week of August 2021 and will cover all financial inclusion products range by the year 2022.
- RBP Finivis will cover PAN India with a 500 plus workforce and an annual turnover of around 400 Crore.
RBP Finivis – FAQs

What is RBP Finivis?

Rural Banking Programme (RBP) Finivis Pvt. Ltd. is a FinTech firm that promotes the theory of financial inclusion. It offers few products in the B2C segment which are unique and have an edge over technology where it redeems cash backs given to subscribers via the web, app, and cards, etc.

Who founded RBP Finivis?

Husband – Wife duo, Sam and Sanaya Gupta are the founders of RBP Finivis Pvt Ltd.

What is the business model of RBP Finivis?

RBP Finivis operates on a SaaS and BaaS module and is offering the best commissions and margins against its competitors.

What is MEGO?

RBP Finivis launched MEGO Pay app providing AePS, mATM, and DMT with instant settlements. The team is also launching other MEGO products with cash backs and coupons.

Is RBP Finivis Bootstrapped?

Yes. RBP Finivis is a self-funded/boot-strapped company and has not raised any funding yet.
August 13, 2021
The Boom of FinTech Industries in India – A Statistical Data Analysis

It might be surprising to know that India is the world’s largest growing industry of fintech companies. Fintech the short form for financial technologies and FinTech companies are those companies that sell technologies and services related to financial transactions.

With the world shrinking to one’s fingertips and everything from education to business shifting to the online mode, there is absolutely no limit to the extent to which fintech companies are growing across the world and especially in India.

Most of the firms today are investing in or are planning to invest in financial technologies heavily. It is expected that by 2023 the global fintech market will be valued at over $305 billion.

Humble Beginnings and Powerful Growth
Growth Unhindered
Multifaceted Support From the Government
The Future of Fintech Industry in India
FAQ

Humble Beginnings and Powerful Growth

The growth of fintech industries in India has been really humble. It started to gain momentum in the country only after the government initiated liberalisation of the banking industry and the incorporation of technology.

Slowly more funds were received by the banking sector for Financial innovation. The sector started to experience the ripple effects of the financial technology revolution in the US and UK in the 2000s.

This enabled the Indian banking industry to slowly begin by offering services that are consumer-centric. In the early 21st century FinoPay Tech and EKO India were two startups that were curated in the Banking Correspondent Model (BCM). And that was just the beginning only to witness the emergence of revolutionary fintech startups like Paytm, FreeCharge, Mobikwik et cetera from 2005 onwards.

Since then there have been no turning back for the industry with a plethora of companies mushrooming across different segments like lending, investments, personal finance management et cetera.

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Growth Unhindered

According to the reports by Boston consulting group (BCG) and FCCI India’s fintech companies are going to be valued thrice than what they are valued today within the next five years.

It is estimated that Indian fintech companies will reach a valuation of more than $160 billion by 2025.

The establishment of fintech companies and their growth have been phenomenal in the last five years than ever before. This dynamic industry has more than 2100 companies among which 67% of them were launched in the last five years alone. The biggest achievements of the industry do not stop there.

Apart from the booming businesses of fintech industries, the covid-19 pandemic also facilitated more investments in the Industry as digital and contactless payments took on to the centre stage while most of the offline business transaction pathways were completely shut down.

In the first seven months of 2020, fintech companies in India received total investments worth $1.47 billion which was 60% more than what it had been in 2019. Among the trends and new answers of the industry, online brokerage was gaining more popularity and thereby encouraged investors to buy more equities, mutual funds, ETFs et cetera.

All these lead to increased activity in the industry as a whole which resulted in huge investments in the industry like never before. It saw the emergence of three new unicorns companies and five new soonicons (Companies that have a valuation of $500 million or more) just from the beginning of January 2020.

There is a total of 21 unicorns in India and out of which one-third of the companies are fintech companies, which is not a surprise anymore. Among the unicorns Paytm is the highest valued one at $16 billion.

Multifaceted Support From the Government

Among the activities of the Indian finch industries, online payments have always been at the forefront. In 2018 digital payment crossed over 24 .13 billion in 2018. These transactions are valued at over $3.5 trillion.

One of the major reason for the tremendous growth of Fintech companies in India is because of various government policies that allow and facilitate people to get on to the digital platform for storing and transacting money.

The extensive use of Aadhaar has made verification easier and policies like PMJDY (Pradhan Mantri Jan Dhan Yojana) has pulled more people onto the digital platform than ever. The introduction of the Unified Payment Interface or UPI has also introduced a large amount of unbanked population in India into the digital financial services which have further boosted the growth of fintech companies.

Apart from that demonetisation has opened vast opportunities for fintech companies for better service provisions and thereby making customers comfortable within the technologies like AI, blockchain, IOT et cetera.

Reports say that the introduction of such industry 4.0 technologies into the industry gave a jump of nearly a hundred per cent from an earlier $1.8 billion valuation in 2018.

The Future of Fintech Industry in India

The fintech industry in India will continue to conquer greater heights as it has already started to partner with various banks. Using these collaborations and the nuances of consumer behaviour, Fintech companies are all set to further use technology to capitalise on better levels of trust among people.

In 2021 and from then on it is expected that hybrid banking will become more mainstream. The performance of fintech industries in India in the first seven months itself has proved this to be true. In an environment of hybrid banking, more financial institutions that operate offline will take on to virtual banking as well.

There are also various government initiatives that aim at establishing fintech hubs along with an allocation of Rs.15 billion to boost digital payments alone. All these will further strengthen and immunise the industry in the years to come. With the incorporation of newer technologies into the industry, it is expected that by 2025 there will be more than 30 billion connected devices ranging from thermostats to refrigerators to lightbulbs.

The breakthrough advent of cryptocurrency and blockchain technology is also expected to be a game-changer in the industry, especially regarding money transactions, consumer payments et cetera. However, it will be completely dependent on the stand of the Indian government.

FAQ

How many Fintech companies are there in India?

At present there are more than 2,000 fintech companies in India.

When did the FinTech sector rise in India?

In 2015, the Indian fintech sector saw the emergence of numerous fintech startups, incubators, and investments from public and private investors.

How big is the fintech market in India?

The Indian Fintech market is currently valued at $31 billion and is expected to grow to $84 billion by 2025, at a CAGR of 22%.

August 1, 2021
Fintech Industry in India | History, Growth, And Future
Money related organizations, monetary methodology, and budgetary administrations have radically advanced and improved in the last couple of decades. With the development of the Fintech industry in India, the whole business has experienced a huge change in the manner in which the money related methods are completed and budgetary establishments are performed.

The coordinated efforts between account and innovation has prompted an extreme change in banking, venture, exchanging, and digital money. And that’s just the tip of the iceberg. This development has prompted the ubiquity of the term “Fintech“, a short structure for the expression of Financial Technology. This post reveals insight into Fintech and why has it turned fierce in the modern world.

Fintech is significantly more than only a reference to money related innovation. It is frequently alluded to as the inventive innovation used to improve customary money related strategies and create powerful answers for budgetary administrations, those which are at standard with the most recent mechanical patterns. Banking programming and portable financial applications are great instances of improvement in monetary innovation.

Fintech Industry – History
Fintech Industry – Growth in India
Fintech Industry – Factors Behind Growth in India
Fintech Industry – Future in India
Fintech Industry – Leading Fintech Companies in India
Fintech Industry – FAQs

Fintech Industry – History

Progressively, the huge fintech industry comprises of new companies and lofty monetary organizations endeavoring to improve the budgetary administrations given by money related foundations around the globe. The organizations have endeavored to utilize continually advancing innovation and create present-day techniques for taking care of money.

A large number of us may not understand, yet innovation has constantly assumed a critical job in the money related division. In any case, the most recent 65 years have played a huge role in the development of the fintech industry and the creation of a few fintech arrangements.

The 1950s saw the dispatch of credit cards and 10 years later, ATMs changed the manner in which cash was withdrawn from banks. The proliferation of the internet during the 1990s propelled the fintech business to a new level; electronic installment framework, web-based business models, web-based shopping, portable banking, and digitization of banks have brought about a significant revolution.

What Is Fintech Industry | History of Fintech

The world’s first ATM was propelled in 1967 by Barclays and the IPO in 1971, the principal online installment stage Paypal was established in 1998, the primary digital money Bitcoin was propelled in 2009, Google propelled Google Wallet in 2011 and, Fintech startups have been all over the place since then. Earth-shattering advancements of innovation are paving the way for fintech upheaval.

Money related innovation is said to be a problematic power that is relied upon to reshape the budgetary division, plans of action, and banking structures. New money related innovation simply keeps on progressing, has pulled in speculators from different nations, and has cleared the way for the development of markets and the fintech industry itself.

Retailer banking and installments, protection, financier administrations, business banking, venture, and riches are affected the most by the development of fintech.

List of Best Emerging Fintech Startups in India | Fintech Companies in India

Fintech [/tag/fintech-startup/] [/tag/fintech/], which is short for financialtechnology, has become a crucial part of the world. In the old days, all thefinancial work was done through the paperwork only, as it was considered as thesafest mode. But with the development of technology, internet is …

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Fintech Industry – Growth in India

A NASSCOM report says that the fintech programming and administration advertising in India was around $8 billion in 2016; it was expected to develop 1.7 times by the end of 2020. The report includes that the exchange an incentive for the Indian fintech division was around $33 billion in 2016 and was scheduled to reach $73 billion in 2021 at a five-year compound yearly development rate (CAGR) of 22%.

The Indian FinTech scene is divided as follows: 34% in installment handling, trailed by 32% in banking, and 12% in the exchanging, open and private markets. Visakhapatnam is being created as FinTech valley and the nearby administration of Andhra Pradesh opened Fintech Valley to advance the interests in this area.

Fintech Industry Growth

In 2018, more than 12,000 new businesses grew in the Fintech space over the world with a monstrous speculation of $19 billion. Fintech includes innovative organizations that are going up against each other and working in unison with existing money related foundations. These organizations likewise work together with colleges and research foundations, government affiliations, and industry bodies.

India now has a system in place that gives new companies a chance to exponentially develop into enormous organizations. Directly from digging into a scope of unexplored portions to outside business sectors, new Fintech businesses are conveying advancement that was deemed hard to accomplish.

Growth Of Fintech Services

The Indian Fintech programming business sector is expected to touch $2.4 billion by the end of 2020 from the current $1.2 billion in FY 2019.

Over the last couple of years, the Indian economy, which is altogether money-driven, has exploited the Fintech opportunity. With a scope of choices that includes digital wallets, loaning, and protection, the assortment of administrations gave an enormous impact to change the manner of money-related activities.

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Fintech Industry – Factors Behind Growth in India

A number of encouraging reasons are propelling the comprehensive growth of Fintech in India. Some of them are:

Easy Payments

Installments have seen a noteworthy transformation in the recent years, particularly due to the disturbance of internet business, versatile trade, and online installments. Budgetary consideration is substantially more than just installments and exchanges and installments are seen as the door for monetary incorporation. Shoppers and vendors will keep on grasping digitized installments while UPI will continue to have its firm ground for both P2P and P2M exchanges.

Partnership Between FinTech’s And Corporates

The Fintech Times says 2020 will be the time of brilliant coordinated efforts between Fintech trend-setters and corporates, where corporate organizations would ideally put resources into Fintech instead of acquiring arrangements. Likewise, banks will be collaborating with Fintech to sort out inconsistencies and offer benefits via administration, smooth client experience, and a progression in cutting-edge highlights to ease tasks.

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Simple Management Of Personal Wealth

There’s a rising change being experienced by Investment Advisory organizations with the improvement of electronic riches counsels, also known as “Robo-guides.” And by “Robo,” we mean computerized board-stages as real robots.

These Robo-guides can guide executives through calculations and help clients take money related decisions. The perfect outcome is the ability to yield specially designed, noteworthy counsel to financial specialists without the contribution of human feelings, and that too at a lower cost.

Facility Of Cloud Banking

Usage of distributed computing will lessen costs by an incredible degree on the grounds that no extra speculations are required for overseeing assets and equipment. Cloud adjusts to the changing requests and gives versatility to serve the transforming needs of clients. Cloud assets additionally scale upon necessity and permit simpler incorporations with innovations.

How Fintech Industry Is Shaping Banking Sector

Secure Digital Payments

Security is of utmost importance since money related exchanges are exposed to dangers and assaults. An EY report says innovation like Blockchain will be extremely popular, crediting to its advantages like straightforwardness, changelessness, discernibility, and audibility. Blockchain will give a state of security with regards to the trading of cash and touchy data, enabling clients to draw off its straightforwardness and bring down operational expenses.

NLP Based Chatbots

There is now a rush of problematic innovation in organizations. It is encouraging to see clients continuously attempting to discover better approaches to consistently communicate with organizations.

Fintech will be a sensation by utilizing NLP based chatbots and enhancing Conversational User Interface (CUI) to change portable banking. These chatbots will have the option to react to client issues and give practical arrangements accordingly.

Convenient Personalization

Fintech is improving client experience by giving customized plans suited to the client’s needs. The inevitable destiny of Fintech will see altered outlines that can imagine critical events in a client’s life. Actualizing Artificial Intelligence (AI) and Big Data for personalization will bring about improved availability and capability; the results can then be used in the progression of present-day administration models.

Fintech Industry – Future in India

Fintech Growth Curve
- Fintech administration firms are right now re-thinking the manner in which organizations and customers deal regularly.
- In India, the scale has been less steep when compared to the international developments. The interest in India’s Fintech industry, which caught pace somewhere between 2013 and 2014, continues to grow.
- Furthermore, India has a huge undiscovered market for budgetary administration through innovation in new businesses. 40% of the populace is not associated with banks anymore, and 87% of the installments are now being paid with real money.
- With cell phone entrance expected to increment to 85-90% in 2020 from 65-75% at present and web infiltration consistently climbing, the development potential for Fintech in India can’t be exaggerated.
- These holes in access to organizations and administrations offer a significant opportunity for Fintech arrangements to flourish and grow.
Fintech Industry – Leading Fintech Companies in India

There are more than 2000 Fintech companies in India. Some of the leading fintech companies in India are:

Paytm

Paytm – Fintech Company

A leading Fintech organization- Paytm is a platform for portable installments and money related administration. It gives an application based stage to pay installments, make travel appointments, inn and ticket booking, booking chamber, purchase of gold, gifts, and so on.

Paytm offers banking administrations, credit cards, advances, speculation stage for protection, shared assets, etc. Paytm Mall is an additional offering by Paytm for internet shopping of utilities, garments, food supplies, adornments, hardware, toys, and a lot more. The application is available for both Android and IOS.

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Policybazaar

PolicyBazaar.com

Leading marketplace of insurance products- Policybazaar is an online protection aggregator for items from different safety net providers (dependent on the value, quality, and key advantages). Right now, the site offers data to enable clients settle on the best choices alongside arrangement driven client care. The data highlights content in different structures, for example, the top five highlights of an item, hits, and change rates.

BillDesk

Billdesk

BillDesk powers electronic installments and accumulations administrations for banks, organizations, and different establishments. It also oversees VISA installment administration. Billdesk empowers installment of service charges, Mastercard, and ISP charges for huge banks like Citibank, HDFC Bank, State Bank of India, and for organizations such as Bharti Telecom.

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Pine Labs

Pine labs

One of the leading fintech- Pine Labs gives POS programming services for disconnected retailers and brands. The organization’s POS arrangements are a cloud-based system that coordinates with a nonexclusive POS terminal and enables retailers to acknowledge payments and Visas, e-wallets, QR code, and UPI based instalments.

The organization offers installment passage, API arrangements, portable installment arrangements, dependability gift voucher projects, and others. It additionally offers esteem-oriented arrangements like EMIs, limits, pay by focuses, e-Wallets, directed advancements, dynamic money change. Pine Labs’ versatile application is available for both Android and iOS.

MobiKwik

Mobikwik

MobiKwik is an advanced wallet administration. It offers a halfway installment for ticket reservations and bookings. MobiKwik also gives momentary individual credits to its wallet clients.

BankBazaar

Bankbazaar

BankBazaar is an online budgetary dissemination and co-relation platform. BankBazaar empowers clients to purchase individual advance, home advance, vehicle advance, and other items, charge and Visas, disaster protection, medical coverage, accident protection, home protection, travel protection items, shared assets, fixed stores, and bank accounts. Clients need to give their essential subtleties to apply for an item on the web and can then track its status.

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Bharat Bill Payment System (BBPS)

BBPS

Bharat Bill Payment System is a coordinated bill installment framework that offers interoperable and open bill installment administration to clients through enlisted operators and various installment modes. BBPS is an incorporated installment platform that makes a solitary, bank-free pitstop for all utility installments, and wallet administration for clients by taking care of their transactions through portable wallets.

Unified Payments Interface (UPI)

Unified Payment Interface

Unified Payments Interface is a framework that powers different ledgers into a versatile application, combining a few financial highlights, consistent reserve directing, and trader installments into one hood. It likewise takes into account the Peer-to-Peer system which can be planned and paid according to one’s comfort and convenience.

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Fintech Industry – FAQs

How many Fintech companies are there in India?

There are over 2100 fintech companies in India.

Is Fintech an industry?

Fintech is term for Financial technology. All the companies that involves finance services using technology in their business come under Fintech Industry.

What are leading fintech companies in India?
- Paytm
- Razorpay
- Upstox
- Cred
- ETMoney
- Instamojo
- PolicyBazaar
- MobiKwik
- Pine Labs
- UPI
What is the valuation of fintech market in India?

The valuation of Fintech market in India is currently around $31 Billion. It is expected to grow to $84 Bn by 2025.
July 16, 2021

Startup Name	Rural Banking Programme (RBP) Finivis Pvt Ltd.
Founders	Sam Gupta, Sanaya Gupta
Headquarters	Gurgaon
Industry	Fintech, Digital Payments
Website	rbpfinivis.com

SignalX Startup Story: AI-powered Risk Intelligence 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 SignalX.

With a vision to build a global counterparty verification platform catering to risk intelligence requirements across industries, Govind Balachandran, Zakir Wahab, and Piyush Arora founded SignalX. SignalX is an intuitive AI-powered Risk Intelligence platform that runs comprehensive risk assessment & credibility verification on any given target – individual or a corporate entity, in just 48 hours. In just 3 years, SignalX has served over 200+ risk and compliance professionals across various domains.

StartupTalky had an Exclusive Interaction with Govind Balachandran, Co-Founder & CEO of SignalX to get insights on the Startup Journey of SignalX. Also to know the business model of SignalX, its funding status, How SignalX started, its future plans & more.

SignalX – Company Highlights

Startup Name	SignalX
Founders	Govind Balachandran (CEO), Zakir Wahab (CFO), Piyush Arora (CTO)
Headquarters	Hyderabad
Founded	2018
Total Funding	$750K (Seed)
Industry	Regtech, Compliance, Due Diligence, Risk Assessment
Website	signalx.ai

SignalX – About and Vision
SignalX – Industry Details
SignalX – Founders and Team
How SignalX Started?
SignalX – Product/Services
SignalX – Name Meaning & Logo
SignalX – Business Model and Revenue Model
SignalX – Startup Launch
SignalX – Startup Challenges Faced
SignalX – Marketing Strategy
SignalX – Growth
SignalX – Funding and Investors
SignalX – Competitors
Tools used by SignalX to run startup
SignalX – Awards and Achievements
SignalX – Future Plans
SignalX – FAQs

SignalX – About and Vision

SignalX is an intuitive AI-powered Risk Intelligence platform that runs comprehensive risk assessment & credibility verification on any given target – individual or a corporate entity, in just 48 hours. It provides detailed financial, legal, compliance, and reputational analyses on potential clients, vendors, business partners, investment targets, and all counterparties and third parties. SignalX enables businesses to build trust and transact faster. The platform is used by Risk, Audit, Valuation, Compliance, and Forensics teams across industries.

The long-term vision of SignalX is to build a global counterparty verification platform catering to risk intelligence requirements across industries.

“We want to evolve and be recognized as a trusted RegTech and Compliance brand across the globe.” says Mr. Govind Balachandran, Co-Founder & CEO, SignalX

SignalX – Industry Details

In a broader sense, SignalX operates in the domain of credibility verification and risk tech technologies which cuts across Regtech, Fintech, LegalTech, ComplianceTech, GRC, and more. There have been massive investments by the Big4, Compliance Firms, and Law Firms into forensic technologies. GRC as a domain is expected to be at 60B USD over the next 5 years. The team at SignalX is hoping to play a meaningful role in this space.

SignalX – Founders and Team

Govind Balachandran (CEO), Zakir Wahab (CFO), and Piyush Arora (CTO) are the founding team of SignalX. Govind looks after the sales, marketing, and delivery ops of the business. Zakir looks into finance, compliance, hiring, and other ops. Piyush looks into product and engineering.

“We have been working together for many years now. It was a no-brainer decision to start together. We met each other through our previous ventures” Govind added.

Govind Balachandran | Co-Founder & CEO, SignalX

SignalX founder and Ceo — Govind Balachandran, Co-Founder, and CEO of SignalX

Govind Balachandran has over 7 years of experience in marketing and product development. At SignalX, his prime focus is on growth and New Business acquisition. Previously, he was the Director at Nebulae Software. He also co-founded Kaddy Analytics, a cloud-based analytics platform for stakeholders in the education system. Govind has devised enterprise solutions for forensic and fraud analytics, Edtech, and HRTech verticals and has worked with various Series A and Seed-Stage startups, playing a key role in their growth and product development. Govind holds a Bachelor of Technology (Honors) in Mechanical Engineering with a Minor in Economics from IIT Hyderabad.

Zakir Wahab | Co-founder & CFO, SignalX

Zakir Wahab is a serial entrepreneur & a co-founder/CFO at SignalX. He is an alumnus of Andhra University, is an early-stage investor, and brings immense experience across the fields of finance, strategy & e-governance.

Piyush Arora | Co-founder & CTO, SignalX

Piyush Arora heads the technology team at SignalX. As co-founder & CTO, he also looks after product growth & engineering. Piyush is an alumnus of IIT Hyderabad and previously worked at Qualcomm.

SignalX founders and team — SignalX Team

How SignalX Started?

It started out wanting to build a simple tool that can help in assessing the credibility of counterparties. The team had known first hand, the challenges faced by risk and forensic teams and their expectations from technology. SignalX has been focused on this objective from day 1 and over time, through many iterations, today it is one of the most comprehensive risk intelligence platforms with analytics that helps you make risk decisions faster and accurately.

SignalX – Product/Services

SignalX runs its proprietary machine learning algorithms to gather data through sources that are publicly available like datasets managed by government agencies, regulators, media journals, and other third parties. Its algorithms assure reduced false positives and ensure the efficacy and accuracy of an extensive research process. SignalX also generates and shares reports with clients in just 2 days, which gives them the edge of speed for the next steps and reduces the extremely tiresome and tedious process of diligence.

SignalX – Name Meaning & Logo

The core value proposition of SignalX is to offer risk signals pertaining to any target whose name is given to the platform – an individual or an entity. Hence the name SignalX.

SignalX Logo

SignalX – Business Model and Revenue Model

SignalX offers multiple pricing options. Its pay-as-you-go model is quite popular. However, most of its users prefer a subscription service.

SignalX – Startup Launch

“We’ve been creating content on our blogs from day 1. Inbound has been a strong channel for us. Customer referrals are another channel that continues to bring us leads. We have had a strong focus on customer service and retention from the very beginning” says Govind.

SignalX has a strong focus on organic traffic. Some of the content the team created about a year back is performing better month on month. The company is continuously driving improvements to these assets. The brand is a key element for SignalX going forward. A risk intelligence platform must be comprehensive, thorough, auditable, and credible. These are some of the values that the customers expect from the company. To develop its PR channel, SignalX has signed up with SSPR.

SignalX – Startup Challenges Faced

Having bootstrapped the firm for the first two years, it was required to develop cash flows from month one. Being a new firm in the market, it is very tough to build trust and credibility. Being bootstrapped also makes one conscious of not undercutting the pricing such that it’s not profitable to operate. Early on, the team had to deal with situations where they had to develop trust with clients to get them to give SignalX business. Today SignalX has worked with over 200+ compliance and risk teams. So, it’s much easier to represent itself in front of newer clients.

The pricing strategy was one of the items that took quite a bit of iteration. The iterations are also difficult since it creates discrepancies between newer and older customers. However, since SignalX has been able to deliver strong value, it has been able to work with the customers in updating the pricing.

SignalX – Marketing Strategy

SignalX is heavy on Organic and Referrals. Email marketing is something it incorporates a lot. The company has received some of the best throughputs from the long-form content it created on its blogs a while back. “We’re still driving continuous improvements on this front” Govind added.

SignalX – Growth

SignalX has served over 200+ risk and compliance professionals across various domains. Its solution has made a mark in Section 29A (IBC) due diligence requirements in the Insolvency & Bankruptcy domain. Its product is also used by the forensic teams at some of the Big4’s.

The company’s goal is to build a global counterparty risk intelligence solution that can cater to requirements from across industries, law enforcement, governments, and more. It is adding newer use cases to the platform every quarter. SignalX recently launched Supplier and Partner Risk Intelligence modules to help supply chain or distribution heavy businesses to assess legal, financial, reputational, and compliance risks associated with counterparties.

SignalX – Funding and Investors

Being bootstrapped since its inception in 2018, SignalX received seed funding from 3Lines VC, 9Unicorns, and Hyderabad Angels for $750k in September 2020.

Date	Stage	Amount	Investors
Sept 2020	Seed Fund	$750k	3Lines VC, 9Unicorns, Hyderabad Angels

SignalX – Competitors

SignalX’s competitors include RDC, Bloomberg, Dun & Bradstreet, Exiger, DueDil, DDIQ, and others.

Tools used by SignalX to run startup

Few tools which SignalX uses to run the startup are – Hubspot, ActiveCampaign, Jira, Hootsuite, etc.

SignalX – Awards and Achievements

SignalX got recognized by the Government of Telangana
Winners of EmergeX, Microsoft in the domain of Emerging Technologies

SignalX – Future Plans

SignalX will continue to add more use cases to its platform to cater to a wider set of requirements. The team will be strengthening the ML to bring best-in-class technology for risk professionals. SignalX will also be expanding its database coverage across borders and also forensic analytics to improve fraud and risk signal detections. “We have some exciting features coming up that look at how we fundamentally address credibility verification and manage the risk process.” says Govind Balachandran, Co-Founder& EO of SignalX.

SignalX – FAQs

What is SignalX?

Who are the founders of SignalX?

Govind Balachandran (CEO), Zakir Wahab (CFO), and Piyush Arora (CTO) are the founding team of SignalX.

How much funding has SignalX raised?

SignalX received seed funding from 3Lines VC, 9Unicorns, and Hyderabad Angels for $750k in September 2020.

Is SignalX Indian Company?

Yes. SignalX is an Indian company headquartered in Hyderabad, India.

Who are SignalX’s competitors?