When it comes to managing expenses and bills, especially when one has low funds. This becomes really pressurizing and people start looking for sources to lend money from. In such situations, borrowing from friends and family could be embarrassing and hectic. And depending upon banks could cost major interests. So where should we look?
Well by acknowledging these situations and deals, online money lending apps are developed. These provide the facility to lend money through digital platforms without any further issues.
Multiple companies are providing the facility of offering loads immediately with minimal competitive interest rates and required tenure durations. These companies facilitate the loan very easily and quickly as compared to usual bank loans.
With keeping such progress in mind, India has developed numerous digital lending companies whose finances can manage smoothly. India is evolving to a great extent in the digital sector and financial inclusion. The country has cash for transactions. But with the evolving method of development and modernization, India is shifting toward a cashless economy. To understand its development more prominently, let’s look at the top 10 digital lending platforms in India.
Best Digital Lending Platforms in India – Lendingkart Website
The prominent digital lending platform, Lendingkart was founded in 2014. It works by offering different capital loans and company loans vary from small to medium-sized businesses across India. They are widely famous for providing capital completely through an online platform and require minimum documentation for the procedure to begin.
For young entrepreneurs, managing their finances becomes quite hectic and it deviates them from focusing on their business growth. That’s why Lendingkart has taken the initiative to make capital funding easily available for entrepreneurs so they don’t have to worry about the cash-flow gaps. Lendingkart is a company established in Ahmedabad, Mumbai and Bangalore. But, its services are accessible throughout the whole of India.
2. Pine Labs
Lending Platform
Pine Labs
Loan Amount
From ₹25,000 to ₹5 Lakhs
Loan Tenure
90 Days
Best Digital Lending Platforms in India – Pine Labs Website
Pine Labs is one of the leading fintech companies in India established in 1998 that provides digital lending services. The company is quite famous for its incredible facility of transforming the mobile NFC into a card machine and activating the service of accepting all types of payment digitally which also includes the ‘Tap n Pay’ card as well.
Pine Labs have brought tons of services for the retailers including multi-channel, different payment options, brand offerings, risk assessments, analytics, and many more.
It provides working capital loans for small to medium businesses. Their loan application process is quite simple and you can apply for a business loan through their website or their app myPlutus.
Pine Labs’ services and technologies are widely preferred and used by more than 100,00 merchants all across India and also, many Asian companies. According to the estimations, PineLabs’ cloud-based technology has the power of over 350,000 PoS terminals; that too in more than 3,700 cities.
3. MobiKwik
Lending Platform
Mobikwik
Loan Amount
Upto ₹5,00,000
Loan Tenure
6 to 36 Months
Top Loan Aggregators in India – MobiKwik Website
MobiKwik is a very prominent mobile payment company that works by connecting the consumers together with the merchants and many online sellers. The company is established in Gurgaon, Haryana, India.
Mobikwik is a private company that has more than 550 employees. Since the establishment of this company, the company has raised a total of 118 million USD from over 8 funding rounds.
Mobiwik provides instant personal loans. You can download its app and once the loan is approved it will be credited to your wallet.
₹1 Lakh to ₹15 Lakhs (unsecured) or up to ₹2.5 Crores (secured)
Loan Tenure
6 to 48 Months (unsecured), Up to 84 Months (secured)
One of the biggest lending companies, Shiksha Finance, is an education-based finance firm. Shiksha Finance provides the services of funding parents for school fees by reducing the school drop-out rates. It also offers capital to educational institutions for the development of buildings, properties and working capital.
Shiksha Finance has loans that range from INR 10,000 to INR 50,000 with a return duration of 6 to 10 months. The loans which Shiksha Finance provides can be utilized for educational based purposes such as school fees, tuition, luggage and stationary.
5. MoneyTap
Lending Platform
MoneyTap
Loan Amount
Upto ₹5,00,000
Loan Tenure
36 Months
Best Digital Lending Platforms in India – MoneyTap Website
The Bengaluru based lending company, MoneyTap is known for its huge service of offering credit lines for the consumers as their loans, with the partnership with RBL Bank. MoneyTap is now counted among the leading lending businesses. Recently, the company received the license of NBFC for co-lending space together with their lending partners.
MoneyTap has offered many great features among which, the minimal documentation procedure for a personal loan is the most special one. Moreover, its app version also provides the facilities for tracking down your borrowing records.
6. Paytm
Lending Platform
Paytm
Loan Amount
Upto ₹2,00,000
Loan Tenure
6 to 36 Months
Fintech Lending Companies in India – Paytm Website
The biggest digital lending wallet company Paytm is wildly famous in the minds of Indians. The company is established in Noida, Uttar Pradesh. Paytm has grown to a great extent and now, millions of downloads have been made.
The development the company has received is breathtaking. It employs more than 9000 people and has a revenue of a total of $118 million. Paytm is highly specialised in online shopping as well.
Best Digital Lending Platforms in India – PolicyBazaar
The company is counted among the top leading online insurance companies, PolicyBazaar was established in the year 2008 and headquartered in Gurgaon, Haryana, India.
It is online life insurance as well as a general insurance aggregator company. PolicyBazaar is very popular among Indians for its incredible services and holdings. It employs over 2500 people and has an annual revenue of $21 million (as estimated in 2017-18).
The current CEO of PolicyBazaar is Yashish Dahiya who is also one of the founders of this company. It has raised around US$ 346 million through 7 funding rounds.
8. Capital Float
Lending Platform
Capital Float
Loan Amount
₹50,00,000
Loan Tenure
Upto 36 Months
Best Digital Lending Platforms in India – Capital Float Website
Capital Float is one of the leading lending companies in India. It is acquired by CapFloat Financial Services. Capital Float is popular for its amazing service of specialised financial loans and business credits.
Capital Float has a partnership with some prominent companies such as Shopclues, Paytm and Uber. The company lends the potential borrower through its system of proprietary loans. Capital Float is now targeting established store owners and small merchants.
9. Faircent
Details
Information
Loan Amount
₹5,00,000
Loan Tenure
6 to 36 Months
Best Digital Lending Platforms in India – Faircent Website
The largest and first Indian peer-to-peer digital lending platform, Faircent is known to be absolutely amazing. It is officially registered by the RBI. It provides a safe marketplace for people to loan money to a borrower. Faircent facilitates the credit to organizations and individuals who are interested in lending money.
Faircent provides the absolutely convenient procedure of lending the required money to those who need it, at reasonable interest rates.
10. KreditBee
Lending Platform
KreditBee
Loan Amount
₹5,00,000
Loan Tenure
6 to 36 Months
Lending Service Providers in India – KreditBee
KreditBee is a Bangalore-based fintech that offers quick personal loans up to INR 2,00,000 for working professionals. Using easy online KYC, the loan process is fast and simple. KreditBee is one of the top lending companies in India.
Backed by trusted investors like ICICI Bank and supported by banks like AU Small Finance, KreditBee serves over 5 million customers.
The process is mostly paperless, sign up on the app, and within 15 minutes, approved loans are transferred instantly to your bank account.
In India, there are many fintech companies that are providing the service of digitally lending money very easily with the minimal documentation procedure. Today, many apps have been developed by these companies to make the transaction of money absolutely susceptible. And for those who require a personal loan or business loan, can easily get one. That’s why we listed these top digital lending companies in India.
FAQs
What are some of the top digital lending companies in India?
Lendingkart, Pinelabs, Mobiwik, Policybazaar, and Paytm are some of the top digital lending companies in India.
How does a lending company work?
Lending companies provide loans to an entity, which is then expected to repay its debt.
How many fintech companies are there in India?
There are around 2,000 fintech companies in India.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
In the dynamic world of startups, tales of early closures brought on by a lack of funding and operating capital limitations are common. In order to close this significant gap in the market, Harshvardhan Lunia and Mukul Sachan founded Lendingkart in 2014. The corporation saw short-term working capital provision for new ventures as an ongoing difficulty and set out to transform it.
The goal of Lendingkart is to support your businesses financially so you can survive the difficult dynamics of the sector. This overview examines how Lendingkart, led by Mukul Sachan and Harshvardhan Lunia, has emerged as a key player in helping startups close the funding gap, thereby fostering expansion and operational success.
In this article, let’s explore the world of Lendingkart—its founders, mission and vision, funding and investors, growth, and more.
Lendingkart is helping micro, small, and medium-sized enterprises access working capital loans to facilitate the easy functioning of the enterprise. The whole idea behind Lendingkart is that entrepreneurs in the 35–45 age bracket need short-term working capital loans for their SMEs. Lendingkart’s whole business module revolves around facilitating the availability of credit to small and microbusinesses digitally, and this process is effectively driven by data and analytics. So, cutting a long story short, it lends short-term capital loans to the companies that need them to carry on with their day-to-day activities.
Lendingkart aims to solve the huge gap in developing markets where firms have to wait for days before they get paid by their previous clients. And this possesses a huge hurdle for many who haven’t ploughed back any profits. Therefore, Lendingkart came into being to service these firms because their options are severely limited, as traditional banks find them too risky to lend money.
India’s digital lending market has witnessed an extraordinary Compound Annual Growth Rate (CAGR) of 132% from 2017 to 2022. This remarkable growth is attributed to the transformative impact of new digital lending enterprises on the country’s traditional financial landscape. Notably, investments exceeding $1 billion have been poured into the Indian digital lending sector, underscoring the high confidence that investors place in its potential for further expansion.
The momentum is set to propel the digital lending sector to an astonishing USD 515 billion by 2030, as projected by a comprehensive analysis from IIFL FinTech. This significant forecast not only positions India as a major player in the global digital lending ecosystem but also reflects the increasing acceptance and integration of digital financial services into the nation’s economic fabric.
Lendingkart – Founders and Team
Harshvardhan Lunia & Mukul Sachan (L to R) Lendingkart Founders
Harshvardhan Lunia
Harshvardhan Lunia is the co-founder and CEO of Lendingkart. Before founding Lendingkart, Harshvardhan was a founder and director at Domestic Finance and Investment private limited. A chartered accountant by profession, Harshvardhan also worked as a Relationship Manager at ICICI Bank, City Manager (SME banking) at Standard Chartered Bank, and Small Business Relationship Manager at HDFC Bank, before starting his entrepreneurial journey.
Mukul Sachan
Mukul Sachan, co-founder of Lendingkart and an alumnus of IIT and IIM, with extensive experience in engineering and finance, exited Lendingkart in May 2019 to launch his venture, Optimus Capital. Later, he assumed the role of Managing Director at Affinidi India, contributing his expertise to the fintech sector’s leadership.
Lendingkart – Startup Story
The path Harshvardhan took changed when he made the decision to quit his London job in order to pursue his goal of launching a debt consulting platform. Having experience with Awards, particularly small ones, and their funding plans, he decided to pursue entrepreneurship. Even though the first enterprise did not live up to expectations, it was a turning point that encouraged him to look for ideas from profitable businesses in the US, UK, and China.
The idea for Lendingkart was born out of this investigation and study in 2014. Motivated by the goal of filling financial gaps in neglected Indian market segments, Harshvardhan imagined a debt advising platform that would resemble well-established international models. This initiated the groundbreaking journey of Lendingkart to rethink financial help for Indian enterprises.
The mission of Lendingkart Group is to provide enterprises with easy access to working capital financing; therefore, they won’t have to worry about the gaps in their cash flows and can concentrate on their business.
Lendingkart vision is to build a business that can generate a greater Return on Equity (ROE) while still being sustainable.
Lendingkart – Name, Tagline, and Logo
Name – Lendingkart
Lendingkart Logo
The Lendingkart tagline says, “Simplifying MSME Finance.”
Lendingkart – Business Model
Lendingkart distinguishes itself through a business model centered around the customer, prioritizing minimal effort for business owners seeking financing. This customer-centric approach aims to alleviate financial burdens, enabling entrepreneurs to focus on the growth of their enterprises rather than being weighed down by constant money concerns. As the favored financing option for small and medium business owners in India, Lendingkart’s emphasis on expedited procedures,rapid accessibility, and commitment to facilitating business expansion sets it apart in the dynamic landscape of Indian businesses.
The distinctive attributes of Lendingkart, including a streamlined process and quick access to funds, resonate with businesses seeking financial solutions. This commitment to a hassle-free experience and a clear focus on business expansion further solidifies Lendingkart’s position as the preferred financial choice, addressing the evolving needs of entrepreneurs in the dynamic Indian business environment.
Lendingkart – Revenue Model
Lendingkart, specializing in serving small and medium businesses, predominantly garners revenue through the interest income generated from the loans it extends. This primary income source is driven by the interest charged on the financial support provided to businesses seeking capital. In addition to interest income, Lendingkart diversifies its revenue channels through commissions, advertising, and gains on the assignment of loans.
A noteworthy contributor to commission income is the innovative 2gthr program, which stands for “together.” Through 2gthr, Lendingkart collaborates with both banks and non-banking financial corporations (NBFCs) to offer co-lending services, providing an additional avenue for revenue generation and fostering collaborative financial solutions.
Lendingkart – Challenges Faced
Every business has particular difficulties, and Lendingkart is no exception. Throughout its assistance of Micro, Small, and Medium-Sized Enterprises (MSMEs), Lendingkart has faced unique challenges. Among these is the susceptibility of these businesses to changes in the market, which can have an impact on revenue even on modest drops in sales. Since many MSMEs do not have official financial records or a credit history, evaluating creditworthiness becomes difficult.
Longer loan disbursement periods and the paperwork associated with loan applications contribute to the complexity. Geographical restrictions make quick loan approval difficult because the majority of MSMEs are located in rural areas. Lendingkart’s objective to effectively help MSMEs is further complicated by language difficulties, with businesses more comfortable speaking in regional languages, the lack of collateral or guarantees, and high interest rates from gray market players.
Lunia, in 2022, said, “Even today, the credit process in traditional FIs takes months as credit evaluations are hampered due to the absence of crucial data points. When we started in 2014, MSMEs had very few resources, and the ones that existed should have done some hand-holding for business owners due to the complicated nature of these transactions. But no one did it.”
Lendingkart – Funding and Investors
Lendingkart has raised 18 rounds of funding to date, which equals $325.7 million.
Some of the funding details are:
Funding Date
Stage
Amount
Investors
Jun 3, 2024
Debt Financing
$12.1 million
Stride Ventures
May 7, 2024
Convertible Note
$10 million
BlueOrchard Finance S A
Jun 27, 2023
Debt Financing
$24.3 million
EvolutionX
Aug 12, 2022
Convertible Note
$6.1 million
–
July 2, 2022
Debt Financing
$9.1 million
GMO LLC and Triodos Investment Management
Jan 12, 2022
Debt Financing
$5.95 million
BlueOrchard Finance Ltd
Apr 6, 2021
Debt Financing
$15 million
FMO
May 19, 2020
Series D
$38.8 million
Bertelsmann India Investments, Fullerton Financial Holdings, India Quotient, Sistema Asia Capital
Aug 16, 2019
Venture Round
$2.55 million
Sistema Asia Capital
Aug 9, 2019
Series D
$25.8 million
Fullerton Financial Holding, Bertelsmann India Investments and India Quotient.
Jun 17, 2019
Debt Financing
$9.7 million
Alteria Capital
Feb 12, 2018
Series C
$87 million
Fullerton Financial Holdings
In 2024, Temasek’s Fullerton picks up a controlling stake in Lendingkart for INR 252 cr.
Lendingkart – Investments
On April 5, 2019, Lendingkart made a strategic investment in Federal Transport Private Limited through a Debt Financing Round.
Lendingkart – Mergers and Acquisitions
Lendingkart has expanded its portfolio through strategic acquisitions, with the recent addition being Upwards Fintech on February 8, 2023, involving a substantial amount of INR 100 crore. Prior to this, the company acquired Kountmoney on October 18, 2016, further enhancing its position in the financial landscape.
Lendingkart – Growth
Lendingkart has been founded in 2014 in Ahmedabad. The company first started with a single office in Ahmedabad, it has gradually set up several other offices as well, in Bengaluru, Gurgaon,Mumbai, Hyderabad, and is currently also offering pan-India services. All of these directly indicate that Lendingkart is a growing company.
It has also cultivated a robust presence, extending its reach across an extensive network of 14,700+ pin codes within 4,100+ cities and towns. With a commendable track record, the company has facilitated the successful disbursement of 3,00,000+ loans, totaling an impressive INR 20,000+ crore to date. This widespread reach underscores Lendingkart’s dedication to delivering financial solutions to businesses in both urban and rural areas, establishing itself as a key player in the financial landscape.
Financials
Lendingkart Financials
FY22
FY23
FY24
Operating Revenue
INR 616 crore
INR 798.5 crore
INR 1090.6 crore
Total Expenses
INR 889 crore
INR 684.4 crore
INR 1022.7 crore
Profit/Loss
Loss of INR 203 crore
Profit of INR 185.93 crore
Profit of INR 174.92 crore
Lendingkart Financials
Expenses
Lendingkart total expenses has increased from INR 684.4 crore in FY23 to INR 1022.7 crore in FY24.
EBITDA
Lendingkart FY22-FY24
FY22
FY23
FY24
EBITDA Margin
-34%
53.37%
44.39%
Expense/Rs of Op Revenue
INR 1.44
INR 0.86
INR 0.94
ROCE
-17%
25.26%
23.33%
Lendingkart – Advertisements and Social Media Campaigns
Lendingkart Campaign
Campaigns from Lendingkart, which feature Rajkummar Rao as their brand ambassador, cleverly illustrate the difficulties that companies may have in the absence of enough funding. TILT Brand Solutions cleverly narrates the story using the term ‘atakna,’ which means becoming stuck, in their concept.
Lendingkart offers ways to increase companies’ access to capital by utilizing data and technology. These minimalist short films are meant to be easily understood, and Rajkummar Rao’s magnetic presence lends a certain something more.
Lendingkart – Awards and Achievements
Lendingkart has earned several awards and achievements. Here are the details:
2020: Dream Company to Work For Acknowledged by World BFSI, affirming our dedication to providing an exceptional work environment.
2020: Most Influential Business Leader Honored by World BFSI, recognizing the leadership prowess of our visionary founder.
2020: Digital Technology Award Secured at the Business Leader of the Year Awards, underscoring our technological prowess.
2019: Best Lending Tech of the Year Conferred at the 9th India Digital Awards, a testament to our cutting-edge lending technology.
2019: Best Fintech Award Received in the Lending category from KPMG and Business Today, highlighting our fintech excellence.
2019: SIDBI ET India MSE Award Earned in the Fintech Lender’s category at SIDBI-ET India MSE Awards, reinforcing our impact in the industry.
2019: Best Lending Tech of the Year Recognized by ABP News BFSI Awards, showcasing our continued excellence in lending technology.
2019: Fintech Personality of the Year Acknowledged by ABP News BFSI Awards, honoring our leadership in the fintech space.
2018: Dream Companies to Work For Positioned in the financial services category by Times Ascent, reflecting our commitment to a fulfilling workplace.
2018: Deal of the Year Acknowledged by APAC Insider, recognizing our impactful business transactions.
2017: Startup of the Year Conferred at Express IT Awards 2017 organized by Financial Express, a testament to our groundbreaking startup journey.
2016 – 2019: Global Fintech100 & Global Top 50 Established Fintech Firms Recognized consistently by KPMG and H2 Ventures, solidifying our global standing in the fintech domain.
Lendingkart – Competitors
Lendingkart Technologies operates as a fintech company in the working capital space. Lendingkart’s top competitors working in the same domain include ventures like:
According to a June 2023 news report, Lendingkart has set an ambitious goal for the fiscal year 2023–2024. Lendingkart Group’s visionary CEO and founder, Harshvardhan Lunia, is full of confidence that the company’s main operation would cross a significant milestone—that of INR 6,000 crore. This estimate represents a significant improvement above the INR 4,000 crore distributed during the fiscal year (FY23). Lendingkart’s dedication to growth and innovation highlights its crucial role in transforming the financial technology industry.
FAQs
What is Lendingkart?
Lendingkart is an Ahmedabad-based online financing company, which helps SME attain short-term working capital loans.
Where are the Lendingkart headquarters?
Lendingkart headquarters is in Ahmedabad, Gujarat, India.
Who are the founders of Lendingkart?
Harshvardhan Lunia and Mukul Sachan are the founders of Lendingkart.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
A new restaurant at the corner of the lane, online offers, sale season, and food applications make life easy by delivering in your footsteps; all of these are so tempting. With over a hundred reasons to spend, one might get concerned about the monthly expenditure. It is cumbersome to keep an account of our expenses in this life of hustle and bustle, but an application like Moneyview, which helps in monitoring day-to-day finances, is the answer to all our money-related issues.
Moneyview was launched in 2014 by two IIT friends, Sanjay Aggarwal and Puneet Agarwal. Moneyview caters to the user with personal finance management, to keep a check on everyday finances. Be it; electricity bills, or travel expenditures, it has a record of cash expenses and regularly reminds the users of payments that are due. Not only this, but Moneyview also provides loans. What more do we need from an application?
Moneyview has joined the unicorn club with a valuation exceeding $1 billion on 12 September 2024. After the latest allotment, its valuation has surged to INR 10,086 crore ($1.2 billion), marking a notable increase from its $900 million valuation in December 2022.
This article is all about this interesting startup that is helping millions of users manage their expenses and live a life of financial discipline.
Struggling with your monthly budget? Look no further. Moneyview is here to keep you sorted about your expenses. Moneyview is a personal money manager and expense manager app that focuses on making financial management simple, smart, and secure; thereby, enabling end-consumers to manage their day-to-day expenses and finances in a better way.
Founded in 2014, Moneyview is a versatile personal money manager app, which offers a snapshot of all your finances. It scans texts related to your bank accounts and spending on your mobile phones and gives you a well-organized view of your expenses. It also has a bill tracker, which ensures that you never miss a payment deadline. Recently they have also moved on to giving personal loans to the users.
According to the co-founders, Moneyview is an application designed to give you a single view of what’s happening with your money. It tracks all the daily expenses by sifting through the debit/credit card messages received from the bank on your phone. Thus, letting you know your expenditure on a daily, weekly, and monthly basis. Moreover, it tries to understand your spending pattern and reminds you to pay your bills on time. Unlike other apps, Moneyview organizes all the data through SMSs, without one having to manually segregate them.
Since 2016, Moneyview comes in 6 local languages, namely Hindi, Gujarati, Bengali, Tamil, Telugu, and Kannada. The main reason to have local languages is to be able to fully solve the users’ problems. Currently serving more than 10 million users, Moneyview assures to have a security system like the best banks in the country. The company uses personal client information only to provide a better experience. The information is encrypted which helps in avoiding any data loss or misuse.
The Moneyview App Has Three Big Features
The first feature gives the consumers a single view of where their money is. It lists out all the financial accounts that one has like bank accounts, credit card accounts, loan accounts, etc. Get a graphical view of your ‘Available to spend’ before you hit your budget.
The second features tell you where your money is going. How you are spending your money? It also auto-categorizes your spending; it assembles facts like out of 50,000 bucks you have spent so much on food, rent, and shopping.
The third feature is the app is integrated with tools for users to start making better financial decisions. The first tool is a budget management tool. It enables real-time budget management. You can set up your budget for a particular month and at any given point in time the app will tell you how much more you can spend in the remainder of the month.
Also, the company assures that the Moneyview app is safe. It uses 256-bit data encryption for data management, to keep the customer data safe and secure. Besides, it is important to know that the app decodes only the transaction-related messages on your phone, and not your OTP or other personal information.
Technological Tools
Technology is the backbone and the key facilitator in the app’s offerings. Moneyview makes use of sophisticated natural language processing and information retrieval techniques to create intelligent norms. These are then utilized by the app to produce a very accurate picture of the users’ financial data in a way that they can simply and effortlessly understand. Therefore, it uses its patent technology that systematizes the data from these messages to deliver a simple and smooth view of the users’ finances through the app.
All You Need to Know about Moneyview Personal Loan
Moneyview, a fintech startup, is a loan financer, which also helps in planning overall finances. It can provide loans ranging from INR.10,000 to INR. 5,00,000 within a day or less. The application pulls data about banking, bills, and expenses from the client’s SMS box. It provides the user with a view of their bank balance, income spent, and income dues. The application is designed for all smartphones and is also a lightweight application, which can run and be updated even without internet connectivity.
Moneyview offers personal loans of up to INR 5 lakh for a period of 3 to 60 months. You can simply download the Moneyview Loan app and apply for a Personal loan. You just need to fill in the required details and upload the documents required through the Moneyview Loan app. After your profile is verified, you receive the NACH (National Automated Clearing House) form and loan agreement on the app. After submitting a signed copy of the NACH mandate, and loan agreement, Moneyview disburses the amount to your bank account normally just within a few hours.
Eligibility criteria for receiving Moneyview Loans are:
Your age should be between 21-57 years
Your salary should come by bank transfer
Income criteria vary based on whether an applicant is salaried or self-employed, the applicant’s CIBIL score ( minimum 300 required), credit history, and the applicant’s location
Documents required for Moneyview Loans
ID proof (Aadhar card or PAN card)
Address Proof
Bank Statement of Salary Account
Income Tax Return Verification Form for the last 2 years, in case of self-employed persons
The best part about Moneyview Loans is that the entire process from documentation to verification is paperless and digital.
Moneyview Loan’s interest rates vary from 16% pa to 24% pa. EMI payment can be done manually through the app or one can also opt for the auto-debit option. Besides, users can go for foreclosure of Moneyview Loans anytime after payment of 3 EMIs.
Moneyview Loan Status Check
Moneyview offers its users the facility of loans ranging from INR 5,000 to INR 5,00,000. You can easily check the loan status in Moneyview. If you’re wondering about easy ways to Moneyview loan status check, then:
You first need to visit the website of Moneyview and then click on the Sign in option
You then need to log in to your loan account with the help of your registered email address
After that, you need to check out the Dashboard and then scroll down to the Application Status tab, where you will be able to check your loan application status.
Moneyview – Founders and Team
Moneyview was founded in 2014 by two IIT friends, Sanjay Aggarwal and Puneet Agarwal.
Moneyview Founders – Puneet Agarwal and Sanjay Aggarwal
Puneet Agarwal
Puneet Agarwal graduated from IIT-Delhi in 1995 and moved to the US to complete his MBA from Purdue University – Krannert School of Management. He was there for the next 17 years, working at different companies including McKinsey, Capital One, and Google, where he was a product management director. Puneet started his career working as a consultant for McKinsey for about three years. He then worked with Capital One, Bling Nation, and as a Product Management Director for Google. Puneet has been an entrepreneur for 7+ years now and also advises and invests in start-ups.
Sanjay Aggarwal
Sanjay Aggarwal, the co-founder of Moneyview, is an IITian who completed his BTech degree in 1993, from the Indian Institute of Technology, Delhi. Later, he continued working as an engineer at Ciena Corporation, and Yahoo, among others. Sanjay Aggarwalhas vast tech experience working with companies like Appian Communications Inc., Ciena Corporation, and Yahoo! After this, Sanjay founded minglebox.com, an education portal providing content on colleges, courses, exams, and admissions, in the year 2006.
Moneyview has a team that is of around 201-500 employees, which helps in securing the data of the clients. The company’s core value is to bring simple solutions and have control of your money at the same time.
Moneyview – Startup Story
It was a dream of both the co-founders, which started one day while sipping coffee at Starbucks. The dream was to make India financially fit through a mobile app. After Puneet came back to India in the year 2013, he moved to Bengaluru, to gauge the start-up scene and start something of his own. While looking for a place to stay in the city, he reunited with his IIT senior, Sanjay. It was the same time when Sanjay was exiting his venture, Minglebox. He along with Sanjay started Moneyview in the year 2014. They then realized at an early stage, in the year 2016, that providing the application in local languages would help solve the problems of users better. Their target is to provide young India with an application that helps to keep a check on their expenses.
In the beginning, Moneyview only provided the users with guidance to save, this helped in gaining data. In the year 2016, Moneyview became a complete fintech product. ‘We believe that access to financial services is a basic right to all individuals’ is the core belief of the start-up founders. Moneyview is now a paperless application, allowing users to set budgets, view their bank account details, manage bills, and record cash expenses.
Moneyview – Logo
Moneyview Logo
The logo design of Moneyview communicates trust and innovation, aligning with Moneyview’s mission of empowering users with financial control.
Moneyview – Business Model & Revenue Model
With Moneyview, Sanjay and Puneet are focusing on establishing a trusted brand in the personal finance management application segment. They are also looking at moving from just notifying users of their savings, to notifying them about potential investments that can be made.
“Our aim is to help our users stay on top of their finances with zero effort. With our focus continuously on adding features and offerings that help our users stay financially fit. For instance, one of the things the app helps the user with is to start saving more by managing his expenditure. The users will soon be able to find smart ways to invest their savings from within the app,” quotesMoneyview co-founders Sanajy and Puneet Agarwal.
Since Moneyview is a free application, the company does not have a fixed revenue model. It follows month-on-month metrics, and as claimed by the founders in a 2015 interview, the company was growing at almost 100 percent.
In 2016, Moneyview tied up with ICICI Prudential Mutual Fund and launched Green Account, a feature that lets the users of Moneyview App, invest through the app. Moneyview earns a commission on every investment made through the app.
Moneyview Financials
Moneyview Financials
FY22
FY23
FY24
Operating Revenue
INR 222 crore
INR 577 crore
INR 1,012 crore
Total Expenses
INR 240 crore
INR 515 crore
INR 1,190 crore
Profit/Loss
INR 17.7 crore
INR 163 crore
INR 171 crore
Moneyview Financials for FY22, FY23, and FY24
In FY23, Moneyview’s revenue increased by 160%, growing from INR 222 crore in FY22 to INR 577 crore in FY23. Expenses increased by 114%, from INR 240 crore to INR 515 crore. Even with higher costs, Moneyview made a strong profit of INR 163 crore in FY23, compared to just INR17.7 crore in FY22.
The company recorded a 20% growth in its revenue from operations, which became INR 98.45 crore in FY21 from INR 81.45 crore in FY20. The losses of Moneyview were also restricted by 31%, thereby making it stand at INR 46.81 crore (FY21) from INR 68.30 crore in FY20
In FY24, Moneyview reported a revenue of INR 1,012 crore, a notable increase of 75% from INR 577 crore in FY23. Total income also improved considerably, increasing from INR 677 crore in FY23 to INR 1,389 crore in FY24, representing a growth of approximately 105.6%.
Moneyview’s profit rose slightly from INR 163 crore in FY23 to INR 171 crore in FY24, an increase of about 4.9%. However, total expenses more than doubled, growing from INR 515 crore in FY23 to INR 1,190 crore in FY24, an increase of about 130.5%.
Moneyview – Funding and Investors
Moneyview has raised a total of $190.4 million so far. Its most recent funding came from a Series E-II round on September 12, 2024, where $4.6 million was invested by Accel India and Nexus Venture Partners. This new funding pushed Moneyview’s valuation up to $1.2 billion, making it a unicorn. Earlier, in a Series E round, the company raised $75 million, led by Tiger Global Management, at a valuation of $900 million.
Date
Stage
Amount
Investors
September 12, 2024
Series E- II
$4.6 Million
Accel India and Nexus Venture Partners
December 26, 2022
Series E
$75 Million
Apis Partners, Tiger Global Management
March 9, 2022
Series D Round
$75 Million
Tiger Global, Winter Capital, Evolvence India, Accel and more
December 14, 2018
Series C Round
$13 Million
Accel
January 31, 2016
Venture Round
$8.61 Million
–
April 1, 2015
Venture Round
$6.90 Million
Tiger Global, Accel India, Ribbit Capital
October 1, 2014
Series A
$1.32 Million
Accel
Moneyview is also looking at investing a part of this funding in consumer acquisition activities and building the brand. Moreover, looking at expanding their team size while looking at hiring, the co-founders aim to double their technical team strength by the end of this year. Starting with just the two of them, currently, the company can now boast of an active functioning team of 55+ individuals. Their primary spending remains to be on the technology they’re using to power the product.
Moneyview – Acquisitions
Moneyview acquired Jify on September 12, 2024. Jify is a platform offering on-demand earnings access, through a share swap. Jify’s investors, Accel and Nexus, received Moneyview shares in the deal. This acquisition will enhance Moneyview’s financial services and expand Jify’s reach, marking a significant step in Moneyview’s growth into various financial products.
Moneyview – Growth
Currently, Moneyview has a user base of over 10 million. The Moneyview app currently has customers across 400 Indian cities. Besides, Moneyview loan has also received positive reviews from customers. The Moneyview Loan app is rated 4.2 in the Google Play Store.
Moneyview currently boasts over 1 million app downloads per month and it takes pride in catering to more than 200 mn underserved customers. Currently, as per Moneyview, the business has grown 4X in the previous year and is presently disbursing loans at an annualized run rate of $700 million.
With the steady rise in the number of Indians opting for digital payments, Sanjay and Puneet are planning to take Moneyview to new heights.
Moneyview – ESOPs
Moneyview has expanded its ESOP pool, where it has added INR 72 crore worth of stock options, as of May 28, 2022. The earlier 1,33,338 stock options of Moneyview were increased to INR 1,75,390 options. Its new ESOP pool is now worth INR 300 crore ($40 million) including the recent expansion worth INR 72 crore.
Moneyview – Awards & Recognitions
To list, some of the major awards and recognitions that Moneyview witnessed in recent times are:
Moneyview has been ranked as the Best App in the year 2015 by Google, India.
It was also a runner-up in the IBM start-up challenge.
It was listed in the ‘Top 100 Startups in India 2018‘ by SutraHR.
Moneyview – Partnerships
Moneyview partners are many including the ICICI Prudential Mutual Fund, with which the company has collaborated to launch an app-based solution – the Green Account platform.
Through the Green platform, it will offer two exclusive products—Savings+ and Tax Saver+—allowing users to take a step ahead towards financial fitness by saving money and growing it faster.
Savings+ is designed as a suitable alternative to traditional saving options. It allows users to park them in Liquid Funds offered by ICICI Prudential Mutual Fund. Meanwhile, the Tax Saver+, the second product offered through this partnership, helps users save on their taxes by investing in Equity Linked Savings Scheme (ELSS) option provided by ICICI Prudential Mutual Fund.
Moneyview has tied up with more than 3 banks as lending partners. Moneyview is also inviting individuals to join them as loan partners. Interested individuals can visit the Moneyview website, register as a loan partner, and start earning by referring anyone who is looking for a Moneyview personal loan. The online credit platform has partnered with over 15 financial institutions to date to expand and better its credit offerings.
Moneyview – Competitors
As far as the financial management space is concerned, Moneyview is not the only personal assistant available. There are others such as ‘Walnut’ to track expenses, get bank balances, and split bills with friends; Times Internet-backed money management app, ‘Smartspends’; expense manager ‘Gullak’, which claims to have registered over 1 million downloads; and Aditya Birla’s ‘MyUniverse’.
As bigger and more applications are building at a high speed, the market is getting tougher. Moneyview believes to be competing with applications like:
In the coming months, it will be interesting to see how this company will bring the necessary differentiation to rise above its competition and generate a value proposition in the minds of its customers.
Moneyview – Future Plans
The company is currently looking to have $1 billion in assets under management (AUM) over the next 12 months. Moneyview is also eyeing to be more profitable in the upcoming fiscal.
Moneyview is a fintech company founded in 2014, which has an app that is user-friendly via which the users can track and organize expenses, bills, and account balances. Furthermore, with the Moneyview app, they can also avail of personal loans.
Who is the owner of the Moneyview company?
The Moneyview has been founded by Puneet Agarwal and Sanjay Aggarwal, who are among the Moneyview owners.
Does Moneyview provide loans?
Yes, in addition to helping you keep track of your daily finances, Moneyview also provides loans ranging from INR 10,000 to INR 5,00,000 within a day or less.
Who are some competitors of Moneyview?
Some Moneyview competitors are Faircent, Lendingkart, and Capital Float.
Does Moneyview provide loans?
Yes, in addition to helping you keep track of your daily finances, Moneyview also provides loans ranging from INR 5,000 to INR 5,00,000 within a day or less. Its instant loan can also be approved within 2 minutes.
Who are some competitors of Moneyview?
Some Moneyview competitors are Faircent, Lendingkart, and Capital Float.
Lendingkart, a retail lending platform based in Gurugram, has teamed up with Tata Capital Limited, the financial services arm of the Tata Group, to provide unsecured business loans to MSMEs all over the nation.
The goal of the agreement is to make it easier for micro, small, and medium-sized enterprises (MSMEs) to get the financing they need by utilising Lendingkart’s digital platform.
Loans for businesses, working capital, micro, small, and medium enterprises (MSME), women-owned businesses, and individuals are all available through Lendingkart, which was established in 2014 by Harshvardhan Lunia and Mukul Sachan.
Function of Lendingkart’s Software as a Service Solution
A significant component of this partnership will be the Software as a Service (SaaS) platform known as “2gthr,” which is offered by Lendingkart. It is possible to handle the complete customer process with the assistance of the platform, which includes beginning the process of loan applications, promptly approving them, disbursing funds, and managing collections.
Using this platform, Lendingkart intends to improve access to credit for micro, small, and medium-sized enterprises (MSMEs), making it possible for even underserved firms to take advantage of the loans that are made available through this cooperation.
Meeting the Urgent Funding Requirements of Msmes
The cooperation intends to address the crucial financial needs of micro, small, and medium-sized enterprises (MSMEs), a sector that frequently fails to gain access to credit.
Harshvardhan Lunia, the founder and chief executive officer of Lendingkart, emphasised the significance of the relationship by adding, “Our objective is to increase credit penetration and make financing more accessible and easier for micro, small, and medium-sized enterprises. Through the formation of this cooperation, we will be able to solve the important finance requirements of enterprises that are not being adequately served and achieve higher operational benefits.”
Through this cooperation, it is anticipated that Lendingkart’s technology skills will be combined with Tata Capital’s wide network in order to increase the number of firms that can be reached.
Tata’s Emphasis on the Empowerment of MSMEs
Vivek Chopra, Chief Operating Officer of Retail Finance at Tata Capital Limited, stated that the relationship between Tata Capital and Lendingkart exemplifies the company’s commitment to the expansion of collaborative arrangements. Small and medium-sized enterprises (MSMEs) will be able to capitalise on emerging possibilities and promote thorough company expansion thanks to this strategic plan.
The network of Tata Capital, which has over 750 branches across India, is anticipated to play a significant role in making these loans available to micro, small, and medium-sized enterprises (MSMEs) nation-wide.
Fintech, short for financial technology, has become a crucial part of the global economy., all financial tasks were completed through paperwork only, as a paper-based medium was considered to be the safest. But with the development of technology, the internet has emerged as the preferred platform for financial transactions.
It is essentially an economic industry composed of companies that use technology to make financial services more efficient. They are used mainly by individuals to help in mobile payments, insurance, cryptocurrency and blockchain technology, stock trading, digital lending and credit, budgeting and much more. Tech-focused startups and similar new market entrants are disrupting the way in which the financial services industry conducts its operations.
India has the world’s second-biggest fintech hub with more than 2,565 startups operating currently, there were only 737 in 2014. India’s largest share from fintech startups is through ‘payments’ and is followed by lending, wealth tech, personal finance, insurtech, regtech and others.
Let’s look at the list of the top fintech companies in India.
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Paytm was founded in 2010 and is India’s largest payment company that offers consumers multi-source and multi-destination payment solutions. They allow consumers to make payments from any bank account to any other bank account free of cost, i.e., 0% fee charges. Over 8 million merchants have availed its comprehensive payment solutions.
Paytm was founded by Vijay Shekhar Sharma and is owned by One97 Communications and is licensed by RBI. The Paytm app allows users to shop for both physical and digital goods, and also pay for DTH plans, bill payments, and mobile recharges.
The company partnered with Alibaba’s cloud computing arm – ‘AliCloud’ to expand its payment network on a global scale. They have investors like Berkshire Hathaway, SoftBank Group, and MediaTek and even raised an undisclosed amount from Ratan Tata in March 2015. It is arguably the biggest fintech startup in India.
2. Razorpay
Founder: Shashank Kumar, Harshil Mathur
Founded: 2013
Razorpay Logo
Founded in Bangalore, Razorpay focuses on the payment needs of startups and enterprises. With Razorpay, merchants can easily accept, process, and disburse money to and from their dealers. It was founded in 2014 by Harshil Mathur and Shashank Kumar.
Thousands of clients use its service as it allows an online business to accept, process, and distribute digital payments through various modes like debit cards, credit cards, net banking, UPI, and prepaid digital wallets. It is one of the biggest fintech companies in Bangalore.
3. Upstox
Founder: Ravi Kumar, Kavitha Subramanian and Shrini Viswanath
Founded: 2009
Upstox Logo
Upstox provides financial services such as investments in stocks, mutual funds, derivatives, commodities, ETFs, and digital gold. It ensures full transparency in pricing by offering zero brokerage for equity trades and up to INR 20 per order for intraday, commodities, and currencies.
The founders, Ravi Kumar, Kavita Subramanian, and Srini Vishwanath conceived this idea of making trading and investing easier and cheaper and created Upstox for fellow young Indians. The Mumbai-based company is backed by industry giants like Tiger Global and Ratan Tata and currently has more than 250 employees and the fintech is striving to make trading a second nature for its users.
4. Cred
Founder: Kunal Shah
Founded: 2018
Cred Logo
Cred is a fintech startup founded by Kunal Shah, the founder of FreeCharge. The app aims to make paying credit card bills simpler and rewards you for paying them on time. The app asks for your phone number to check your credit score with Cibil, CRIF and Experian.
5. ETMoney
Founder: Mukesh P Kalra
Founded: 2005
ETMoney Logo
ETMoney is a full-stack investment platform with a wide range of products in the domains of investments, credit cards and loans, insurance, and financial tools. It aims to simplify the financial journey of retail customers.
ETMoney was founded by Mukesh Kalra in 2015. A passionate company that indulges in personal finance, has become the first fintech company in India to introduce Aadhar-based SIP payments. With more than 100 crore bank accounts linked to Aadhar, the company plans to simplify installment payments with Aadhar OTP verifications.
The company has also partnered with Google Pay for a simplified way to invest in Mutual Funds and National Pension System.
Sampad Swain, Akash Gehani and Aditya Sengupta co-founded Instamojo in September 2012. Instamojo started as a solution provider of digital payments which now has progressively grown into a robust online platform for enterprises like micro, small, and medium so that they start, manage, and grow their businesses online.
MojoCapital from Instamojo helps disperse bite-sized short-term credit loans which are worth around $2 million. MojoCapital caters primarily to its merchants on a monthly basis, and it has shown a projected growth of 25% on the month on month basis.
PolicyBazaar is an online insurance aggregator for comparative analysis of products that are offered by various insurers using parameters like price, quality, and key benefits. It helps users compare insurance policies and assists them in selecting the best or the most relevant policy that can be purchased online or offline.
PolicyBazaar was founded by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar in June 2008 in Gurugram. They have raised over $650 million as of 2020. The online platform began as a price-comparison website and an information portal for learning about insurance and related programs; it then expanded to become a marketplace for insurance policies.
PolicyBazaar has tied up with insurance brokers which helps it procure information such as price, benefit, insurance cover, etc. directly from the insurers for the customer to compare. They do not charge anything from the customer for their service. The revenue for the company is generated from the fees charged for the marketing and advertisement stints done by insurance companies on its platform.
MobiKwik is an Indian fintech company that was founded in 2009 by Bipin Preet Singh and Upasana Taku. It is headquartered in Gurugram. MobiKwik is a digital wallet service provider that offers services mobile and online payments, phone and DTH recharge, mobile transfers, online shopping and a lot more.
It allows users to store up to INR 50,000 in a MobiKwik wallet that can be used to recharge mobile, pay bills, and shop across various channels. Their users can also use the partial payment feature for ticket reservations and cash pick-up for bus tickets booking.
MobiKwik’s investors include Sequoia Capital, NET1, GMO Venture Partners to name a few. Post demonetization, MobiKwik has made it free to transfer money from your wallet to your bank account.
Before demonetization, they used to charge 4% for a non-KYC compliant user and 1% fee for a KYC (know your customer) compliant user. They have over 100 million users across India and many more are being added. Non-KYC compliant users can transfer from INR 1000 to INR 20,000 to their bank account. But once your KYC is done, you can store upto INR 1,00,000 in your MobiKwik wallet.
9. ZestMoney
Founders: Lizzie Chapman, Priya Sharma and Ashish Anantharaman
Founded: 2015
Zest Money Logo
Do you want to buy something offline on EMI but don’t own a credit card? Zest Money has a buy now pay later policy and offers an EMI option that you can use to purchase things online or offline from its partner merchants. It is another Bangalore-based startup founded by Lizzie Chapman, Ashish Anantharaman, and Priya Sharma.
10. Lendingkart
Founder: Harshvardhan Lunia and Mukul Sachan
Founded: 2014
Lendingkart Logo
Lendingkart is an online financing company founded by Harshvardhan Lunia and Mukul Sachan in 2014. Lendingkartprovides loans for working capital needs for SMEs (small and medium-sized enterprises); these loans are quick and collateral-free with minimal paperwork.
The company works across1300 cities and has disbused loans over INR 3,500+ crores till date (2020). Aditya Birla Capital, Saama Capital, Mayfield Fund, Bertelsmann India Investments (BII), and Darrin Capital Management are some of its prominent funding partners. In March 2016, Lendingkart entered into a strategic partnership with Mahindra’s SmartShift – a digitally enabled aggregator for cargo owners and transporters.
Lendingkart has access to a huge amount of data from data partners dispersed across the country. These data partners provide Lendingkart with diverse information about the vendor: educational qualification, family background, reputation, competitiveness in the market, etc.
Refrens is fairly new to the fintech industry in India. It was founded by Naman Sarawagi and Mohit Jain in 2019. Refrens provides a payment gateway system for freelancers to send and receive payments smoothly.
It offers free invoicing, payments, and expense management systems. For freelancers, it becomes easy to enable options like adding payment methods, offering discounts, etc. for their clients. It is so easy to use that it is possible to create an invoice in just 30 seconds.
Pine Labs is a Gurugram-based fintech platform that provides PoS (Point of Sale) software solutions for offline retailers and brands. It was founded in 1998 by Lokvir Kapoor, Rajul Garg and Tarun Upaday.
They initially offered a smart card-based payment and loyalty solution for the petroleum sector. It then introduced a PoS machine for offline merchants. Its ‘Plutus PoS’ solution is a cloud-based software that can be integrated with a generic POS terminal to allow retailers to accept debit and credit cards, e-wallets, QR codes, and UPI-based payments.
Pine Labs’ offerings include marketing tools, reporting and analytics, payment gateway API solutions, mobile payment solutions (via myPlutus), loyalty and gift card programs, value-added solutions like EMIs, discounts, pay by points, loyalty solutions, e-wallets and others.
The mobile app of Pine Labs is available on Android and iOS and can be used for targeted promotions, dynamic currency conversion and more. In 2017, Pine Labs launched its complete suite of services in Southeast Asian markets; it is present in Malaysia.
13. MoneyTap
Founders: Bala Parthasarathy, Kunal Varma, and Anuj Kacker
Founded: 2015
MoneyTap Logo
MoneyTap is India’s first app-based credit line. It provides you credit and you can repay your credit amount in flexible EMIs of 2 to 36 months. MoneyTap aims to make credit accessible to the Indians who use internet banking.
It uses customers’ details to evaluate the user’s eligibility and decide the credit limit. MoneyTap was launched in 2015 by Bala Parthasarathy, Kunal Verma, and Anuj Kacker.
14. Khatabook
Founders: Ravish Naresh, Dhanesh Kumar, and Jaideep Poonia
Founded: 2017
KhataBook Logo
Founded in October 2018, by Ashish Sonone, Dhanesh Kumar, Vaibhav Kalpe, Jaideep Poonia, and Ravish Naresh, Khatabook is the world’s fastest-growing SaaS company. It has become India’s leading business management app for MSMEs with 20M+ downloads in a remarkably short period of time.
This Bangalore-based mobile app service shares WhatsApp and SMS reminders to users when money is due to be paid or collected. Khatabook enables micro, small and medium merchants to track business transactions safely and securely.
Capital Float is a Bangalore-based digital finance company founded by Sashank Rishyasringa and Gaurav Hinduja that provides working capital loans and term loans to small businesses via a technology-led loan origination and credit underwriting platform.
Capital Float offers loans ranging from INR 1 lakh–INR 1 crore with terms between 1 – 12 months. The offered loans are based on cash flows, expected receivables, financials, CIBIL scores, and bank statements. Individuals can apply online for the loan and once the loan is approved, it is disbursed to their bank account.
If you have ordered from well-reputed corporate customers, you can borrow up to 80% of the value of an outstanding invoice, and repay only after you receive payment from your customer. The company has partnered with startups like Shopclues, Paytm, and Uber.
16. Shiksha Finance
Founders: V L Ramakrishnan and Jacob Abraham
Founded: 2014
Shiksha Finance Logo
Many individuals have the potential to become great students but the exorbitant tuition fees of educational institutions hinder them from pursuing education. Shiksha Finance provides short-term loans to students for their fees. The loan ranges from INR 10,000-INR to 30,050 and must be paid within 6-10 months. For a private school or college, the loan can range from INR 1 lakh-INR 73.5 lakh and can be paid within 6 months to 5 years. It was founded by Jacob Abraham in 2014.
Founded by Chandu Sohoni and Poorna Nayak in 2013, Amigobulls provides solutions to wealth management-related problems. You can get the daily stock analysis in the form of short, personalized videos.
The personalized videos are created automatically using Amigobulls’ technology; thousands of videos can be created in a few minutes. This fintech company offers investment advice and news to stock market investors through a patent-pending video generation technology.
18. KredX
Founders: Manish Kumar and Anurag Jain
Founded: 2015
KredX Logo
KredX isIndia’s first invoice discounting marketplace platform. It helps businesses gain quick access to working capital in around 24 to 72 hours by selling their unpaid receivables while providing investors with an opportunity to earn low-risk high returns through a unique short-term investment.
Founded by Anurag Jain, the company provides a technological platform that connects investors, both institutional and individual, with high-growth businesses looking for working capital through invoice discounting.
KredX’s objective is to facilitate short-term working capital to the SMEs raised against blue-chip companies to a network of financiers. KredX’s recent acquisition of Hummingbill, a New York-based startup – to strengthen technological capability has assisted the former to progress its growth curve in the lending space.
Founded by Ranjit Punja, Gowri Mukherjee and Rajasundaram Sudarshan in 2011, Credit Mantri is a credit facilitator which uses data and technology to help people make better financial decisions. It provides an Equifax credit score that is one of the four credit bureaus authorized in India by the RBI.
Anyone who needs credit can create a credit profile on CreditMantri’s website to apply for loans and credit card offers based on his or her credit profile. The Equifax score is used by CreditMantri to analyse the individual’s credit profile
Headquartered in Mumbai, Mswipe provides software solutions and payment devices to merchants. Mswipe works with all kinds of bank accounts; hence, merchants don’t have to open a new account for their devices. The company was founded in 2011 by Manish Patel.
21. Financial Software Systems (FSS)
Founders: Nagaraj Mylandla
Founded: 1991
FSS Logo
Financial Software Systems Pvt. Ltd. was founded in 1991 and is a Chennai-based fintech venture that provides electronic payment and financial transaction processing solutions and services globally. Financial Software Systems records all of the financial activities within a business organization.
Its products include card management, merchant management, mobile payments, financial inclusion, messaging middleware, and value-added solutions. FSS also offers software services that include systems integration, offshore development, project management and implementation, and 24/7 global helpdesk support services.
22. BankBazaar
Founder: Rati Rajkumar
Founded: 2008
BankBazaar Logo
BankBazaar is a Chennai-based online financial platform founded in 2008 by Adhil Shetty, Arjun Shetty, and Rati Shetty for product distribution and comparison analysis. It enables users to buy personal loans, home loans, auto loans, and education loans.
BankBazaar also offers debit and credit cards, life insurance, health insurance, auto insurance, travel insurance products, mutual funds, fixed deposits, and savings accounts. With multiple offers from multiple banks, you can compare offers and check your eligibility in minutes.
Users only need to provide basic details to apply for a product online and can track its status. BankBazaar’s revenue comes from application-based commissions from banks. Customers don’t need to pay any charge.
23. Active.Ai
Founder: Ravi Shankar, Parikshit Paspulati, Shankar Narayanan
Founded: 2016
Active.Ai Logo
Active.Ai provides chatbot solutions to all types of banks and other financial institutions. Although it is a Singapore-based startup, it has a lab in Banglore and was founded by 3 Indians – Ravishankar, Shankar Narayan, and Parikshit Paspulati in 2016. The main focus of Active.Ai is on the banking sector.
24. Finly
Founder: Vivek Alike Ganapathy
Founded: 2017
Finly Logo
Finly lets companies and startups analyse their expenses. Besides expense management, Finly also eases the process of fund disbursement, vendor payment, and helps with the automation of collection. It builds financial software products to save the companies money and time. It was founded in 2015 by Vivek AG.
25. Ezetap
Founder: Byas Nambisan
Founded: 2011
Ezetap Logo
Ezetap, co-founded by Abhijit (Bobby) Bose and Bhaktha Keshvachar, provides businesses and financial institutions with smart technological transaction solutions. The Company develops and commercializes a mobile point of sale (PoS) solution that allows mobile devices to be converted into PoS terminals by connecting a card-reader to the headphone jack of the device.
Financepeer helps to pay the entire year fees upfront to the School in one installment and collects fees in 3 to 12 monthly installments from parents at 0 Interest and 0 Cost. It is a Google incubated School (K-12) Fee Financing Company.Rohit Gajbhiye, Naveesh Reddy, Sunit Gajbhiye and Debi Prasad Baral launched Financepeer in 2017 to cater to an audience that cannot afford to pay the school fees all at once.
Loanwalle.com was founded by Sachin Mittal in 2015. It deals in payday loans which are quick emergency loans disbursed in 30 minutes from the time it is applied for. To fulfill the fast money requirements of the customers, the loan approval process is fully automated and is based on an algorithm that assesses the applicant’s creditworthiness.
28. Money View
Founder: Puneet Agarwal and Sanjay Aggarwal
Founded: 2014
Money View Logo
Money View was launched in 2014 by two IIT friends, Sanjay Aggarwal and Puneet Agarwal. Money View is a loan financer, and also helps in planning overall finances. Itcaters for the user with personal finance management, to keep a check on everyday finances and also provides loans ranging from INR 10,000 to 5,00,000 within a day or less. The application provides the user with a view of their bank balance, income spends, and income dues by pulling from their SMSes.The app runs and is updated even without internet connectivity.
29. Cube Wealth
Founder: Satyen Kothari
Founded: 2016
Cube Wealth Logo
Cube Wealth was founded by Satyen Kothari in 2016, who had previously founded Citrus Pay. Cube Wealth provides comprehensive portfolio management solutions to help busy professionals achieve their goals through investments.
The app helps individuals to invest in multiple asset classes including equities, mutual funds, P2P lending, gold, and even charitable investing to build a well-rounded portfolio. It is a subscription-based automated wealth technology application that works on the concept of disciplined long-term wealth creation.
Goal Teller founded by Vivek Banka in 2020 is a financial planning platform that allows users to build their own financial plans. It is a fintech startup in the investment planning space and is operating in the B2C space.
31. Kuants
Founders: Ayush Gangwar, Mohit Bansal
Founded: 2017
Kuants Logo
Kuants was founded in the last month of 2017, by Ayush Gangwar and Mohit Bansal. Their inspiration for the startup was to ensure that technology never acts as a barrier to a stock trader while exploring the domain of algorithmic trading. Kuants is a Fintech startup based in Gurugram, making algorithmic trading easy for those who cannot code themselves.
Akshat Saxena, Aurko Bhattacharya and Uday Somayajula are the founders of ePayLater. ePayLater provides credit at the point of sale. It offers a simple checkout experience by providing customers with the ability to conclude a transaction with just one click of a button. It is a ‘Buy Now, Pay Later’ solution through which customers can get access to an instant credit limit to make faster purchases.
PayKun was launched by Nikunj Yadav, Prashant Kambad, Vijay Yadav, Deepak Dabhi and Nirav Solanki, who were five friends from Gujarat. It was founded in the year 2018, with the primary intention to introduce ease and integrity into the online payment system. PayKun is an online payment gateway integrator that allows merchants to integrate any payment gateway they prefer. It is an affordable and secure solution for sellers. And what’s more, it does not require the user to have any technical skills to use it.
PaisaDukan was established by Rajiv M Ranjan in 2017 . It is a P2P platform that acts as a mediator between investors and borrowers. The company serves as a digital marketplace to enable borrowers to meet their financial needs, provide investors with a safer and smarter investment option and aid financial inclusion.
35. Cashfree
Founders: Reeju Datta, Akash Sinha
Founded: 2015
Cashfree Logo
Cashfree, a full-stack payments solution is incubated and backed by PayPal and YCombinator respectively. Cashfree helps global and Indian businesses collect and disburse payments via 100+ payment methods including MasterCard, Visa, RuPay, UPI, NEFT, IMPS, Paytm, and other wallets.
It also claims of being India’s leading API banking platform. Other than payment gateway products, Cashfree has products such as UPI auto pay, Refunds Suite, Auto collect options and Marketplace settlements. Cashfree has integrated with major platforms such as Shopify, Amazon Pay, PayPal, Google Pay, and Ola Money.
36. CoinDCX
Founders: Sumit Gupta, Neeraj Khandelwal
Founded: 2018
CoinDCX Logo
Founded by IIT Bombay alumni Sumit Gupta and Neeraj Khandelwal in April 2018, CoinDCX is a beginner-friendly crypto exchange platform.Investment in cryptocurrency has been made easy by CoinDCX. The platform also enables users to access a wide range of financial products and services backed by insurance protection.
The crypto platform with 1 lakh active users has a more than $40 million trading volume. Backed by hedge fund giant Polychain Capital, the platform offers crypto transactions at no cost to investors. For those who trade, it charges a fee of 0.1%.
The company recently launched CoinDCX Go. This product runs on the 7M framework which studies and analyses the depths of the crypto market and predicts future threats. On this platform, crypto assets are listed with uncompromising listing criteria. The product accommodates currencies like Bitcoin, Ripple, Ethereum, Tron, Bitcoin Cash, Matic, Litecoin, etc.
Easy Home Finance is a housing finance company that offers home loans through a paperless route. The Mumbai-based company was founded by Rohit Chokhani. It is registered under National Housing Bank Act as a housing finance company and aims to tap the market using a paperless experience.
Its products include home loans, home construction/extension loans, loans against property, and loans through Pradhanmantri Awas Yojana. They also have a pre-approved property database for home options and instant loan approvals.
The company, backed by Harbourfront Group, aims to streamline the onboarding, assessment, and management of home loans through an AI-based lending platform. Easy Home Finances is focused on providing home loans to first-time buyers and women who wish to enter the property market and also targets customers in Tier 2 and Tier 3 cities across India. It is also set to launch a Product-as-a-service (PaaS) with co-lenders and other financing companies.
38. Recko
Founder: Saurya Prakash Sinha
Founded: 2017
Recko Logo
Recko is a Bangalore-based fintech startup that is into the reconciliation of companies. It offers financial services to e-commerce companies, banks, and insurance providers who have huge volumes of transactions. It is a third-party transaction layer that ensures authenticity and transparency in all recorded transactions. Recko’s workings mainly rely on AI models to comprehend and collect data, connecting payment gateways, banks, and customer management systems.
Backed by Prime Ventures Partners and several angels, Recko was founded by Suarya Prakash Sinha and Prashant Borde. The fintech company claims to have reconciled accounts worth $5 billion to date and has integrated with big names in the fintech industry such as Myntra, Pharmeasy, Meesho, Dunzo, Townscript, and Grofers.
39. FypMoney
Founder: Kapil Banwari
Founded: 2021
Fyp Logo
Owned by Pockket Payment Technologies Ltd, FypMoney is a platform introduced for financial literacy in teenagers. The platform aims to target the age group 11-19 who comprise 15-20% of smartphone users. In a seed funding round, it has raised $2 million from angel investors including Leberatha Kallath, Mukesh Yadav, and Dinesh Nagpal.
FypMoney takes into consideration the concerns of parents with teenagers and has introduced features like instant pocket money transfers, tracking spending patterns with real-time transaction alerts, and setting transaction limits.
As for teenagers, it is equipped with quick transfer options like UPI, referral bonuses, Fyp Debit card, online investments in Mutual funds, savings, and a social community to interact with FypMoney users. The founder, Kapil Banwari believes that this platform will make teenagers aware of financial aspects, get them into a habit of saving and educate them about personal finance.
40. Avail Finance
Founder: Ankush Aggarwal
Founded: 2017
Avail Finance Logo
Avail Finance is a fintech startup based in Bangalore that exclusively focuses on the blue-collar workforce and aims at introducing credit facilities and financial literacy to them since they’re seldom aware of it. It provides them with a neo-banking platform and includes every individual on a credit hunt, under the financial umbrella.
The startup aims to reach that segment in the financial market that is oblivious to credit card penetration, has no credit history, and has a low to almost zero CIBIL score. The platform offers other financial services including savings, insurance, and investment products. Founded in 2017 by Ankush Agrawal and Tushar Mehndiratta, the startup has raised around INR 85 crore in a funding round led by Alpha wave Incubation.
Upwards is a fintech company that offers personal loans up to INR 2 lakhs within 24 hours to salaried individuals with no credit history and whose earning capacity is at least INR 15000 per month. The fintech has a wide range of personal loans that cover weddings, travel, studies, medical emergency, and home renovation. The company charges an interest rate of 18-32% on its financial products.
The Mumbai-based startup is currently active in more than 30 cities including Tier 2 and Tier 3 towns. Founded in 2017 by alumni of IIT Delhi Abhishek Soni and Nimesh Verma, the company has disbursed INR 4 crore since its year of inception and is 40% of its credit demand coming from smaller towns of Karnataka, Rajasthan, and Tamil Nadu.
KreditBee is a personal loan platform for self-employed and salaried professionals where they can avail of a loan starting from INR 1000 to INR 2 Lakhs with minimal paperwork and tenures from two to fifteen months. It offers loans to even those without a credit history. It hosts multiple non-banking financial companies (NBFC) that are licensed by the Reserve Bank of India. This includes KrazyBee Services Pvt Ltd which is a non-deposit financial institution that offers innovative technology and availability of credit.
Founded in May 2018 by a bunch of intellectuals from various IITs across India, KreditBee currently has more than 1200 employees and a user base of 20 million. Through its holding entity Finnov, KreditBee has recently raised $70 million which it says will be utilized towards scaling up the lending portfolio beyond personal loans.
43. Finin
Founders: Suman Gandham and Sudheer Maram
Founded: 2019
Finin Logo
Finin is a fintech startup that has launched itself as a “neobank”, in partnership with SBM bank, a wholly-owned subsidiary of the State Bank of Mauritius in India. It is a platform that focuses on saving rather than lending. The “neobank” has an AI-driven experience for its users which gets insights from your spend-save behaviour. It can be linked to all your bank accounts and keeps a track of your transactions and budgets. Users also receive customized investment options and hyper-personal financial tips that take into consideration your pay cheque, lifestyle, marital status, and more.
Finin users have to rely on SBM branch networks for banking activities and the physical branches which are currently operating in Mumbai, Chennai, Bengaluru, and Hyderabad. Going against the flow, founder and CEO Suman Gandham believes Finin will make more revenue from wealth management services rather than lending services.
Founders: Samant Sikka, Sanjeev Sharma and Dhananjay Singh
Founded: 2016
Sqrll Logo
Sqrrl is an investment and wealth management platform for young individuals and professionals. The company is registered under AMFI and SEBI and is available in 9 Indian languages. It encourages Indians to save and invest better while guiding them towards building an investment portfolio with baby steps.
The company uses machine learning, AI, and data science to offer one-on-one assistance encouraging users to invest in high-performing mutual funds based on the risks, their goals, and requirements.
Based in Gurgaon, Haryana, Sqrrl has a team of 40 people including the founders namely Dhananjay Singh, Sanjeev Sharma, and Samant Sikka.
45. Moneyfront
Founders: Mohit Gang, Anil Bang, and Puneet Mehta
Founded: 2015
Moneyfront Logo
Moneyfront is a wealth management platform that allows you to invest in funds and keep a track of them. While many other platforms offer the same, Moneyfront uses a comprehensive database, news, and statistics and lays out the best options for its users. It provides model portfolios so that you have more options and you can measure your risk appetite and choose what’s best suited for your goals.
The fintech company tied hands with Niyogin Fintech, which provides collateral-free credit to MSMEs. Reportedly, Niyogin has acquired a 50.1% stake in Moneyfront for INR 12 crore.
Founders: Archit Gupta, Srivatsan Chari, Ankit Solanki, Raja Ram Gupta
Founded: 2011
ClearTax Logo
ClearTax is a financial services platform that helps individuals, tax experts, SMEs, and enterprises streamline income tax returns, GST, Invoicing, Billing solutions, and more. Cleartax helps businesses save 2-7% of their net GST every month while individuals have saved up to INR 86000 by filing their tax returns through them.
The company recently launched a GST-compliant billing and e-invoicing product called ClearOne. ClearOne is an easy, affordable, and compliance-proof solution for all the challenges faced by SMEs. Founded by Archit Gupta, Srivatsan Chari, and Ankit Solanki, ClearTax is helping millennials pay their own taxes in a simple and hassle-free manner.
47. Groww
Founders: Lalit Keshre, Harsh Jain
Founded: 2016
Groww has become the unicorn in the fintech industry by raising $83 million in a funding round led by Tiger Global. The company has raised $140 million as capital so far. With a freshly acquired unicorn status, Groww is an investment platform that allows individuals to invest and trade in stocks, mutual funds, US stocks, and Gold. it also has fixed deposit options for conventional investors.
Backed by a huge force of investors such as Sequoia Capital India, Ribbit Capital, Y Combinator, Kauffman Fellows, Propel Venture Partners, and Kairos, Groww plans to deploy its funding into introducing financial educational content for its 1.5 crore registered users.
LoanTap is an NBFC registered under RBI that offers flexible personal loans which are EMI-free (partial repayments of principal amounts), and allows personal overdraft and debt consolidation loans that are best suited for your lifestyle and requirements. Whether it’s an upcoming holiday, a wedding, a loan repayment, a new vehicle purchase, or a business loan, LoanTap covers it all.
The Pune-based company recently tied hands with the Bank of Maharashtra into a co-lending agreement. This agreement would help the bank meet its priority lending target through a digital lending platform like LoanTap by avoiding visits to the branch and easier loan disbursals.
49. RevFin
Founder: Sameer Aggarwal
Founded: 2018
Revfin Logo
Founded by an alumnus of IIT Kharagpur, Sameer Agarwal, RevFin is a digital lending platform that offers loans through its own NBFC. Its products include regular personal loans and Revloans, which is an unsecured credit limit that a customer can use at any time as per their convenience. RevFin has currently financed E-Rickshaws in several towns across India which include Kolkata, Jhansi, Dehradun, Hisar, and Delhi.
Headquartered in Delhi, RevFin was founded in 2018 and has captured the sector of vehicle loans for three-wheelers and two-wheelers. The fintech is backed by several angel investors including Harsh Jain, Anil Goyal, Anil Lamba, and Krishna B Singh.
50. PayU
Founders: Jose Velez, Martin Schrimpff, Arjan Bakker, Grzegorz Brochocki, Nitin Gupta, Shailaz Nag
Founded: 2002
PayU Logo
PayU is one of the best fintech companies in India that provides a payment gateway and payment solutions for online merchants. The platform provides a seamless experience when users check out a particular website or mobile app. It integrates various gateways such as net banking, Visa and MasterCard, UPI, and wallets.
PayU has integrated with giants like Netflix, Myntra, and Cred with unique payment solutions where customers can choose any payment option on any platform or website. It also enables customers to accept payments outside India from 100-plus countries.
PayU India is the flagship company of Naspers Group, based in London. It has also launched an alternate lending platform called LazyPay to offer credit solutions such as Small ticket credit (Buy now pay later), App-based Loans, and Point of sale credit (Merchant EMI).
Conclusion
Startups work hard on their products, marketing, and other business activities but forget about one crucial aspect: finance. Managing one’s finances is of utmost importance. Business is all about money, you can’t run a business if you don’t think about money. This list of fintech startups in India should help you understand the advancements in the world of Finance and give you an insight into India’s biggest and top fintech to keep an eye out for.
There are more than 2000 fintech startups in India as of 2022.
What are some of the biggest fintech startups in India?
Some of the biggest fintech startups in India are,
Paytm
Cred
Razorpay
Instamojo
Lendingkart
MoneyView
Paykun
PaisaDukan
Mswipe
Kredx
What is FinTech Company India?
Financial technology is abbreviated to FinTech and it comprises companies that use technology to offer financial services. It has emerged as a relatively new industry in India.
What are examples of FinTech?
Some examples of FinTech are mobile banking, mobile payments, trading, cryptocurrency, insurance, trading, and lending to name a few.
This article is contributed by Sanjay Sharma, MD, Aye Finance.
Getting a loan is something that bothers everyone with all the formalities and paperwork. But 2021 being the FY that has seen a financial crisis for various sectors, has been some or the other way boosted by various fintech companies that have helped them to manage and survive their businesses. Amongst various fintech companies, there are a few companies that made lending easy and hassle-free.
With $1 billion of loans disbursed to around 1.3 lakh MSMEs across India since its inception, Lendingkart has been growing rapidly in MSME financing and one of the major reasons for this is its credit intelligence platform. Lendingkart’s proprietary underwriting model has been instrumental in providing credit sanctioned loans to 250k loans over the past 6 years but it is important to understand how it is being utilized by the firm itself.
Aye Finance
Aye Finance – Lending Institution
Aye Finance founded by Sanjay Sharma MD is a commercial institution built around the mission to solve these challenges of funding MSMEs and enabling their inclusion into the mainstream of the economy. Aye Finance is equity-funded by three reputed Venture Capital Funds – Accion International, SAIF Partners, and LGT Impact ventures. It also has over a dozen providers who extend their debt funds for its MSME finance business. Aye offers Rs 1-3 lakhs line of credit for working capital to microenterprise owners who typically have sales of INR25-50 lakhs annually.
Aye has successfully enabled the inclusion of 3 lakh micro enterprises having disbursed over Rs 4,000 crore to them.
Ziploan is a tech-enabled RBI registered NBFC that provides loans to small businesses. The platform addresses the need of the SME sector, which has been ignored by financial institutions. The platform generates a unique ZipScore for each loan applicant by developing an automated underwriting algorithm.
Satya MicroCapital
Satya MicroCapital – Lending Company
Satya MicroCapital Limited is an NBFC-MFI that serves low-income entrepreneurs in rural and urban areas. The company provides prompt, convenient, and affordable collateral-free credit to unbanked and underserved people through a strong credit assessment and centralized approval system. Satya MicroCapital’s firm belief in modern technology and its potential to increase efficiency, reduce risks, and enhance the overall customer experience is apparent in its adoption of cutting-edge innovations to power its operations.
NeoGrowth is an SME lending platform, registered with the Reserve Bank of India (RBI). The NBFC’s approach includes innovative technology and a digital payment ecosystem along with flexible repayment options. NeoGrowth aims to bridge the credit gap for MSMEs by offering customized products to address customers’ multiple business needs.
Save Solutions Pvt. Ltd.
Save Solutions – Lending Company
Save Solutions Pvt. Ltd. is one of the country’s largest Business Correspondent Networks. The Bihar-based company is focusing on giving access to Financial Products via kiosk banking and customer service points (CSPs) to rural and semi-urban unbanked citizens. Expanding rapidly, the SSPL group has roots across India in 488 districts, with over 12,000 kiosks in rural areas. The company employs over 25,000 people across these locations at its Customer Service Points (CSPs) and Kiosks. All the employees are provided training in computer and cash management systems to improve client enrolment and service delivery, thereby helping improve Save Solutions’ overall service performance.
InCred is a new-age financial services group founded with the vision of providing credit to Incredible India and thus, furthering financial inclusion in the country. The company endeavors to disrupt the status quo in traditional lending that seems to exclude those most in need of credit, due to outdated, rigid, and often inefficient processes. The company has designed its products with a razor-sharp focus on serving the unique needs of these under-served segments of customers and leverages technology and data science to make lending quick, simple, and hassle-free. It aspires to be the key partner for all financial requirements of an Indian family.
Founded in the year 2016 by Bhupinder Singh, former head of Investment Banking Deutsche Bank Asia-Pacific, the company launched market operations in January 2017. InCred offers a broad portfolio of products that cut across key categories such as Personal Loans, SME Loans & Education Loans.
Over the last four years, the Indian entrepreneurship ecosystem has risen from 35K startups in 2016 to more than 55K startups in 2020 with more than $48.7 billion being raised during the revealed rounds of investment. As a result of the exponential growth in consumer demand and the increased use of digital goods and services by individuals and firms, more than 15+ unicorns have arisen in India since 2018. The word Soonicorn applies to start-ups that could become Unicorns whereas a unicorn is a startup carrying a value of up to $ 1 billion.
Now let’s take a look at a list of the Soonicorns of India:
MobiKwik is an Indian organization founded in 2009 offering a digital wallet and a mobile payment system. Online wallets may be used for purchases to add money to their clients. The Bank of India reserve approved MobiKwik’s e-wallet to be used by the company in 2013 and began providing customers with small loans for its service in May 2016.
CRED was founded by Kunal Shah in November 2018, after an investment of $1 M in Bangalore, India. CRED is an Indian credit card bill transferring app. CRED has been mentioned among the future unicorns by CB Insights in June 2020.
PayMate provides a cloud-based network for big businesses and SMBs to move from slow, expensive forms, such as cash and checks, to digital payments in real-time. It digitizes the entire payment period to boost overall performance and minimize time, commitment, energy, and costs by more than 50 percent.
BharatPe plans to make the deal via (15-day) deposits due to the dealer commercializing interest. In case of an emergency, dealer partners can, in 15 days from the deal, cancel the settlement by paying a withdrawal charge of 1 percent.
5. Capital Float
Capital Float Logo
Capital Float was formed in 2013 and became the country’s largest digital lender. SMEs working in sales, trade, and logistics are given working capital loans. They also fund online and offline customer transactions by way of various A-list alliances.
6. Acko
Acko Logo
Acko is an Indian general insurance company that is in the private sector. In line with a digital model, Acko offers a digital forum for all market activities for the company. The business seeks to promote startups as well. Acko expanded the financing of Amazon, Accel Partners, SAIF Partners, and Catamaran Ventures by 274 crores in 2018.
7. Lendingkart
Lendingkart Logo
Lendingkart Finance aims to ensure credit availability for SMEs who either have no or currently lack capital access to credit. The organization plans to pay out loans within 72 hours with limited paperwork. It seeks to transform small business loans by making it easier for small and medium-sized enterprises to access lending. Data security is very important for Lendingkart Community. All the details are kept private.
KhataBook is a smartphone application that helps small business owners and Kirana stores handle their books in India by helping them track the money owing by means of a digital directory. Both data collected on the Khata Book App are kept safely in the maintained database. Password-protected access to the database is tightly restricted. In accordance with technical advances, the security procedures are checked and revised periodically.
9. Fino Paytech
Fino Paytech Logo
Fino Paytech is an innovator, industry pioneer, and entrepreneur for organizations such as banks, government, and insurance companies.
They are a corporate and technical banking network in combination with a wide variety of services. They even facilitate end-to-end consumer procurement and maintenance as an alternative banking platform. Innovation has tackled the problems of the serviceability and scalability of existing banking networks.
The goal of Vivriti Capital is to build the largest and most significant financial network service that serves a customer base for institutions, corporations, small businesses, and people lacking efficient access to financial services. Their site CredAvenue is a one-stop solution to prospect, assess, conduct, and track debt. It’s an interactive business debt network.
Soonicorns are tech companies, fintech, or businesses with the potential to become Unicorns in the future.
What is a startup unicorn?
In the venture capital industry, the term unicorn refers to any startup that reaches the valuation of $1 billion. The term was first coined by Aileen Lee, founder of Cowboy ventures when she referred to the 39 startups that had a valuation of over $1 billion as unicorns.
Is there any Unicorn in India?
India now has 37 unicorns, having added 16 to the list in 2020. It stands third in global country rankings, well behind the US and China, but ahead of the UK and Germany.
What is a tech unicorn?
Unicorn is the term used in the venture capital industry to describe a startup company with a value of over $1 billion. Some popular unicorns include Airbnb, Uber, SpaceX, Robinhood, and SoFi.
Conclusion
In 2021 the startups that are performing well and are the most profitable will turn soonicorns. By the market size of these startups, we can expect new startups emerging as unicorns this year. Startups into Fintech, EdTech, and MedTech domains are in much demand due to the Covid-19. There is high demand for these startups and have the potential to grow in the coming days. We are seeing more startups in the field of FinTech. Fintech is the lead because digital payments have profoundly infiltrated metro and Tier 1 cities and now, other financial digital assets, such as finance, insurance, and neobanking, are more likely to become the addressable basis. In particular, lending firms and payments have been the main contributors to our soon-to-be-finished list.
A common problem that people from middle and low-income group faces is shortage of money. Many plans and goals remain unfulfilled due to unavailability of money at the right time. Loans, especially personal loans, being collateral free can be a good way to solve this problem of money shortage. However, getting a personal loan is not easy either. From stringent eligibility criteria to extensive paperwork, there are lots of reasons which deter people from taking a personal loan. Thankfully, the situation is gradually changing. Financial institutions are now coming up with various viable loan options. Qbera, a Bangalore based fintech startup is making personal loans available quickly and easily so that you can get money just when most needed.
Qbera offers digital, quick, hassle-free personal loans. Founded in 2017, this Bangalore based startup offers instant personal loans to salaried and self-employed individuals across 900+ cities in India. Qbera’s vision is to provide super-smart, super-quick and super-fair credit services to creditworthy individuals. It aims to serve the underserved segment mostly comprising of individuals with low-to-mid level incomes, lower-than-prime credit scores, and those employed with uncategorized/unlisted companies across 900+ Indian cities.
Our core belief is to improve credit penetration in the economy by offering the best-unsecured loan services to salaried individuals in India.
Qbera Founders and CEO
Aditya Kumar, Anubhav Jain are the founders of Qbera.
Aditya Kumar is the founder and CEO of Qbera. He graduated in Economics from the University of Warwick. He is also an MSc in Investments from CASS Business School. Prior to Qbera, Aditya founded Oaktree International School, in Kolkata, which he exited in the year 2014. Aditya also worked with well-known organizations like Lehman Brothers and Clarks Group of Hotels.
Anubhav Jain is an alumnus of IIM Indore, where he did his MBA. He is an IT graduate. Prior to Qbera, Anubahv worked with LoanCircle as Director of Risk and Finance. He also co-founded StudyBud, a platform for simplifying campus placement preparations for institutes and students. At Qbera, Anubhav is the Head of Risk.
How was Qbera Started
The idea started with identifying a fundamental problem in the Indian credit market. A massive section of individuals remained underserved until fintech companies surfaced a few years ago. While a good number of individuals who once found it difficult to get loans can now get easy and convenient access to credit, the underserved market still holds tremendous potential.
The journey began with the understanding that credit penetration is extremely crucial for the economy. Individuals with subprime credit scores and those belonging to mid and low-income levels found it almost impossible to get personal loans from banks or traditional lending institutions. Fintechs have come in and turned the equation over its head.
Qbera started its operations in Bangalore and was launched in partnership with RBL (first lending partner). Initial capital was 3 crores – it was initially directed towards paying salaries of early team members, covering overhead costs such as rent, systems, etc.
Initial people, we spoke to Startup advisors, Industry professionals, Banks and NBFCs who were willing to collaborate in exploring the segment. The response was positive at the very least.
Qbera derives its name from “Kuber”, the Indian God of Wealth/Money.
Qbera Logo
What is Qbera
Qbera is actively addressing the problems of the underserved segment in India by offering instant credit to individuals who found themselves facing rejection owing to low-to-mid income levels, subprime credit scores and being employed with unlisted/uncategorized companies. Any person(salaried or self-employed) aged 23-55, with a minimum monthly income of 20,000 and a credit score of 625 or more can apply for Qbera loans. The best part is that the loan is disbursed within 24-48 hours.
Some of the key features of Qbera loans are–
1. Quick Registration 2. Minimal documentation 3. No collateral 4. Flexibility to Choose one’s own tenure 5. Budget-friendly interest rates 6. Security: Customer’s data is safe with 128 bit SSL encryption. 7. Simple repayment options: Qbera provides easy repayment of its smart loans through automatic debit of EMIs via NACH mandate.
Qbera offers loan amount ranging from Rs.1,00,000 to Rs.15,00,000. APR (Annual Percentage Rate) ranges from 11.99% to 35.99%. Loan lengths range from 12 to 60 months. Administration fee ranges from 1% to 5%.
Qbera’s USP is super-quick, super-smart and super-fair credit services through a paperless and presence-less loan process. Qbera uses alternative scoring methods to view a consumer’s profile comprehensively. Qbera’s eligibility framework isn’t confined to a consumer’s credit score and repayment history and looks at an individual’s social standing, income, ability to repay, employment stability, type of residence, etc. Qbera Focuses on data analytics and predictive analytics to understand consumer behavior much better and used various other methods through available data to more accurately determine a consumer’s repayment capability.
Qbera – Business Model and How it works
Qbera has partnered with Fullerton, RBL and IndusInd Bank to offer instant credit to individuals with a minimum net monthly income of Rs. 20,000 per month. Qbera determines the eligibility of consumers in-house, and Qbera’s lending partner/s come-in during the final stage of disbursement. The risk is shared in accordance with contractual terms with the lender/s.
Qbera – Funding and Investors
Qbera raised a 3 million dollar funding from E-city Ventures – the first round of funding since launching the startup. Qbera has utilized these funds for its expansion plans as well as to scale up its technology and offerings-
Funding Date
Funding Stage
Fundig Amount
Investors
2018
Series A
$3 Million
E-city Ventures
Qbera – User Acquisition
As revealed by Aditya, Qbera’s target market includes salaried/ self employed individuals between 23-55 years.
The industry in the next 5 years is expected to grow steadily, as the demand for credit products isn’t going to cease from any angle.
To generate more business, Qbera expanded its operations to several other cities in India, and also expanded its partner base to seal the deal with 2 other partners – IndusInd Bank and Fullerton other than its initial partner RBL bank.
Key strategy hacks followed by Qbera to expand its customer base are-
Accessing more relevant data and improving scoring models to take a larger view of available consumer data
Focusing on its funnels to convert creditworthy customers
Critically evaluating the mediums that influence its customer acquisitions.
As said by Aditya, arranging for enough capital to lend was one of the biggest challenges faced by Qbera. This challenge was met by Qbera by sealing new partnership with banks and NBFCs.
Acquiring an NBFC license is another challenging task. Futile tie-ups and unprofitable partnerships with channel partners is also a challenge for the company, which requires efficient handling.
Qbera – Competitors
LoanTap and MoneyTap are two core competitors of Qbera. Qbera is inspired by the excellent marketing campaigns run by LoanTap and MoneyTap.
Some other competitors are InCred, CapitalFloat, LendingKart, IndiaLends, Faircent, Lendbox, Progcap, EarlySalary and PaySense.
Qbera recently achieved a significant milestone by expanding its book size to over 100 crores. Qbera has its lending services across 180+ cities and serves 15,500 pin codes across the country. Qbera is the only fintech retail lender in India having such a vast presence.
With close to 100 crores of disbursal till date and less than 1% delinquency, we aim to soon be the largest digital lending platform in the country and further cement our leadership position in the alternate lending space.
Archana Karthikeyan
