AI applications for saving money will track spending, locate bargains, and automatically set budgets for users. These apps alert users about discounts and coupon suggestions, draw attention to unused subscriptions, and assist users in canceling them with ease. These apps usually learn the spending habits of their users and encourage smarter decisions with the option to compare prices and app information before making purchases. Some will assist in splitting bills with friends, while others help in tracking savings goals, making it easier to set something aside each month. A lot of tools offer just simple graphs of expenses and savings for easy catching of trends.
Zero-based budgeting, scenario planning, goal tracking, group budgeting (YNAB Together)
iOS, Android, Web
Cleo
Website
cleo.ai
Rating
4.6
Free Trial
Yes
Best For
Personal finance management with AI-powered budgeting, saving, and spending insights through a chatbot interface.
Cleo – Top AI Apps that help you save Money
AI-driven Cleo is an application that helps people save money by tracking spending, with budget tips, and suggestions for customized savings challenges. Feedback from the chatbot is in a fun chat style, with alerts for bills, and the emergency provision of cash advances of up to $250. Users can gain insights into their spending for a basic free service or upgrade for more extras like credit-building, overdraft alerts, and high-yield savings. This money management app lowers stress through active reminders and a flirtatious approach. Access to the Cleo learning algorithm tracks harmful spending patterns and encourages users to develop better habits using simple goal-setting and handy tools.
Pros
Automated savings challenges and the categorization of expenditures
Emergency cash advances of up to $250 Credit
Builder card for raising credit scores
Cons
Some features are behind paywalls
Doesn’t offer direct bill payment
Pricing
Check Play Store/App Store
Wally
Website
wally.me
Rating
4.5
Free Trial
Yes
Best For
Individuals seeking smart expense tracking, budgeting, and personal finance management with global currency support.
Wally – Top AI Apps that help you save Money
Wally gives a helping hand to save money in AI by tracking spending, setting budgets, and organizing loans in one place. It connects to bank accounts worldwide, manages currencies, and presents easy-to-understand charts on every bill, budget, and goal. Users enjoy daily expense tracking, automatic updates, and smart reminders as to when to pay. The app is activated for families or individuals with highly secure syncing and group money-tracking features. Wally’s clean design is best suited for visual learners and keeps budgeting fun. The users can check out their financial health across all their accounts and gain key insights into where their money goes, helping them fine-tune their habits towards saving more.
Pros
Connects with 15000 banks all over the world, from 70 countries.
Cater to 60 currencies for a traveler or global user; has goal planning
Visualized dash boards for tracking very easy for everyone.
Cons
Limited to iOS only, with no Android edition.
Not all joint budgets or unlimited accounts have appeared in the free version.
Users who want to manage subscriptions, track spending, lower bills, and improve savings with personalized finance tools.
Rocket Money – Top AI Apps that help you save Money
Rocket Money is an app powered by AI to track your spending, identify and delete unused subscriptions, and haggle with service providers on your behalf to save money. It links up to your bank, pinpoints repeat payments, and offers you simple-to-use displays, showing you how you’re doing against your budget. Smart reminders paired with automatic saving make managing money easy while premium features provide a credit report, net worth tracking, and unlimited budgets. The smooth design works easily on iOS, Android, and desktop for speedy access, thereby ensuring that financial health tools are just a click away. Rocket Money helps users to expose wastage and increase their savings almost effortlessly.
Pros
Concierge fast subscription cancellation option
Bill negotiation service that can effortlessly reduce expenses
Visual spending snapshots for smart tracking
Cons
The bill negotiation fee is 30-60% of first-year savings.
No investment management or comprehensive financial planning.
Pricing
Check Play Store/App Store
Monarch Money
Website
monarchmoney.com
Rating
4.7
Free Trial
Yes
Best For
Families and individuals seeking collaborative budgeting, financial tracking, and goal planning with bank sync and investment insights.
Monarch Money – Top AI Apps that help you save Money
Monarch Money comprises an advanced AI budgeting system that integrates bank accounts, credit cards, loans, real estate, and investments into one place, apart from tracking spending. It arranges all the transactions and identifies subscriptions that can be canceled easily. Each user can get specifically designed budgets, detailed charts, and investment analysis while tracking real-time statuses of their goals via a clear and easy-to-use design. Monarch incorporates family collaboration, supports bank-level security, and provides syncing with over 13,000 institutions. It is designed for iOS, Android, and web-based platforms, making intelligent budgeting and saving easy for individuals as well as households looking to maintain complete control of their finances.
Pros
Consolidated dashboard overview for all accounts
Profound investment and goal tracking
Sankey diagram and advanced visualizations on the cash flow
Cons
Premium pricing that is higher than most alternatives
With certain banks, the syncing issue may arise randomly
Pricing
Plan
Pricing
Monthly
$14.99 / month
Yearly
$8.33 / month
Plum
Website
withplum.com
Rating
4.5
Free Trial
Yes
Best For
Automated saving and investing app that helps users budget smarter, grow savings, and invest effortlessly using AI insights.
Plum – Top AI Apps that help you save Money
Plum is an application powered by Artificial Intelligence that automatically saves money for its users after analyzing their expenditure and depositing small amounts into savings accounts. It also provides round-up facilities and custom savings modes, bill-switching to reduce utility costs, and invests for individuals into professionally managed funds or ISAs. Plum connects with UK banks, advises how to save, allows instant access to money held, reinforces helpful reminders, and provides finance breakdowns. Users grow wealth through smooth auto-deposits and could also keep track of their budgets, set goals, and consolidate pensions all in one secure, easy-to-use app. The simple and adaptive AI makes it seem effortless to save and helps users save without changing their routine.
Pros
Habitual auto-saving that doesn’t stress you out
Bill swapping gets you through a deal at breakneck speed
Roundups increase the lift into savings by collecting spare change
Beginners looking to start investing easily through round-ups, automated portfolios, and long-term wealth-building tools.
Acorns – Top AI Apps that help you save Money
Acorns is hugely reliant on artificial intelligence to help with money savings and investment-aiding people. The extra amounts include the pennies rounded up from cash purchases and the difference allocated into portfolios made by experts for consumers. Thus, investment automation, finances gained through purchases, and fractional stock purchases are all made available within the application. This portfolio includes retirement accounts and opportunities for investing in a socially responsible way. Acorns Early is an account available to parents through which, through Acorns, they can manage their children’s accounts. It allows recurring contributions and saves simple lessons on money. It is, of course, safeguarded by very trusted custodians and with amazing safety.
Pros
Round-up investing makes saving effortless.
Start investing with little money.
Cash-back rewards with select purchases.
Cons
Fewer portfolios to choose from–no custom picks.
No access to human advisors for individualized assistance.
Pricing
Plan
Pricing
Acorns Bronze
$3 / month
Acorns Silver
$6 / month
Acorns Gold
$12 / month
Digit
Website
digit.co
Rating
4.4
Free Trial
Yes
Best For
Individuals seeking automated saving, budgeting, and investing tools that adapt to spending habits and financial goals.
Digit – Top AI Apps that help you save Money
Digit is your financial app for savings powered completely by AI; depositing of cash is simplified, made absolutely effortless, eliminates all stress. It takes into consideration all the income, bills and spending, and then moves small amounts from checking to savings without needing any planning. The app can save automatically, pay bills, pay down debt, save small discretionary amounts, and even create retirement goals. It sends instant alerts each time a transfer is made and helps avoid an overdraft. You can also set up personal rules for getting to your savings target more quickly. Designed simply, with dashboards that are clear, it fits the busy person who wants to track his funds on the go.
Pros
Savings are automatically adjusted to income and habits.
Includes bill payment and debt paydown tools.
No need for manual transfers—progressive saver.
Cons
Some features limited to US-based accounts.
Requires sharing bank login information to achieve full automation.
Pricing
Plan
Pricing
Essentials
$65 / month
Core
$100 / month
Professional
Custom
Trim
Website
asktrim.com
Rating
4.3
Free Trial
Yes
Best For
Users wanting to cancel unwanted subscriptions, negotiate bills, track spending, and save automatically with AI-driven insights.
Trim – Top AI Apps that help you save Money
Trim is an AI-powered app designed to help users save money and make managing their expenditures easier. It scans transactions for repeated charges and cancels unwanted subscriptions. Trim also negotiates reduced bills for cable, internet, and utilities, thereby allowing users to save without any hassle. The app includes a free budgeting tool that makes it very easy to track expenses and set goals. With bill negotiation, customers only pay a fee if savings are secured, making it a risk-free process. For further assistance, a finance concierge personally counsels the user on a pay-what-you-want basis. Trim is running on a secure, mobile-friendly website rather than a mobile app, so that anyone can get started quickly.
Pros
Payments are required only if savings are secured.
All users get free tracking and cancellation of subscription.
It gives a fair opportunity for a personal finance coach.
Cons
Budgeting tools are not a strong suit versus the top competitors.
Success fees deducted at the inception can affect the expenses of the present month.
Individuals who want to control spending, track bills, and optimize budgets with a simple “In My Pocket” money management view.
PocketGuard – Top AI Apps that help you save Money
PocketGuard is an AI budgeting app that helps people track expenses and save more easily. It links directly with bank accounts and credit cards, sorting spending and bills into one neat space. And since the app auto-categorizes transactions, it can find ways you might save money, and it uses its “In My Pocket” tool to show you just how much cash you’ve got left after your goals and payments. Users can set custom goals, build rollover budgets, and plan for debt payoff. Alerts in real-time warn against any out-of-the-ordinary spending, while bank-grade security stands watch to protect the user’s data.
Pros
Free cash budgetary tracker just for “In My Pocket” use.
Negotiates your bills with major providers.
Live alerts and security features.
Cons
Specific transactions require manual entry.
Most features need premium
Pricing
Plan
Pricing
Monthly Plan
$12.99 / month
Yearly Plan
$6.25 / month
YNAB Smart Planner
Website
ynab.com
Rating
4.8
Free Trial
Yes
Best For
Users seeking proactive budgeting with real-time tracking, goal planning, and debt payoff strategies using the YNAB method.
YNAB Smart Planner – Top AI Apps that help you save Money
YNAB Smart Planner is an artificial intelligence-driven budgeting application based on a zero-sum budget, so that every single rupee is accounted for: from bill payments to savings. It connects with bank accounts, categorizes expenses, and forecasts cash flow to keep the user one step ahead. Scenario tools allow users to prepare for risks or changes in their lives. An “age of money” report gives insight into financial health, while real-time goals with detailed breakdowns leave no doubt as to where one could cut back. YNAB Together allows groups of a maximum of five people to budget together. The app is available on mobile and desktop to give its users full control from anywhere.
Pros
Unique Zero-based budgeting for maximum savings.
Scenario planning and goal tracking using AI.
Share budgets with a maximum of 5 users (YNAB Together).
Cons
No automatic cancellation of subscriptions.
Manual and time-consuming management of budgets.
Pricing
Plan
Pricing
Monthly Plan
$14.99 / month
Annual Plan
$9.08 / month
Conclusion
The apps help in saving money by letting people make intelligent choices easily. They keep a track of the expenses, identify the wasteful ones, and increase savings with little effort. Each of them has a simple dashboard and uses data to show where cash flows, so one can change his/her habits easily. With the assistance of bill alerts and budget tips, people get the required track to pursue. Some offer cash-back, round-ups, or even help with investments, so that to feel that growing wealth is automatic. Group plans make savings for the families easy, and reminders help avoid late fees. Using advanced security, these applications keep money safe while guiding smarter moves.
AI-powered finance apps track your spending, categorize expenses, locate bargains, suggest coupons, and even cancel unused subscriptions.
Are AI budgeting apps safe to use?
Yes, most leading apps use bank-level encryption and security measures.
Can AI finance apps help improve credit scores?
Yes, apps provide a Credit Builder card that helps users build or repair their credit history while also tracking spending and offering savings challenges.
Engineering businesses are related to building and implementing an engineered solution to a real-world problem. Unlike eCommerce businesses, engineering businesses need large capital infusions and abroad markets. With the increasing consumer economy, a large number of businesses require new and innovative solutions in manufacturing. With the right mix of design and innovation, such markets can be identified and dominated to create multi-million dollar businesses. However, if you are looking for some great engineering business ideas or engineering startup ideas then you have landed at the right place.
3D printing involves recreating products using a raw material fed into a machine that cuts a 3D design into an actual, real prototype. This is one of the works that is highly innovative and is a need of the hour. Many people seek the services of 3D printing to make samples, prototypes, or even actual commercial products. It is one of the best engineering business ideas.
3D printing services can generate huge profits due to large margins since it is a premium service. Currently, this field is unexplored due to the high capital infusion for the machinery involved and due to the lack of companies making quality 3D printers. 3D printers are yet to see engineering innovative ideas that can boost business in this segment. Chizel is one of the startups that provides 3D printing services.
This business is very profitable to begin because cookware utensils are needed in daily life to make food that is free from being charred. Nowadays, a large percentage of people turn to non-sticky cookware even for a higher premium because of the utility it offers. Hence, this is a viable business requiring engineering solutions.
Moreover, non-stick cookware has more benefits than other cookware as it consumes less oil and food is healthier when cooked in this type of cookware. Furthermore, if you explore more in this business segment then you might be going to have a win-win business model waiting for you.
Solar Panel Installation
Solar Panel Installation
Electricity can be generated from solar energy using solar panels. Solar energy is the need of the hour with the world’s increasing need for energy and the non-sustainability of fossil fuels to fulfill this need. On the other hand, solar panels can transform sunlight into electrical energy, which is renewable, sustainable, and non-depleting.
This is one of the best electrical engineering startup ideas or electrical engineering business ideas which makes the manufacture and installation of solar panels at homes and workplaces a great engineering business idea so that people can easily produce their own, clean electrical energy without having to pay the surmounting electricity bill each month and reducing the dependency on the depleting fossil fuels. However, this would bring down pollution and will further reduce costs overall.
Automobile-Repair Shop
Automobile Repairing Business – Mechanical Engineering Business Ideas
With the increasing urbanization, the number of people buying their own automobiles is at an all-time high, and this is increasing with every passing moment. With the advent of eco-friendly solutions like Tesla, the world is on the verge of a new automobile revolution.
With the increasing number of cars and motorbikes being sold, an automobile repair shop is a viable engineering business idea that can actually help people cater to their automobile repair needs.
Household Appliances Manufacturing – Electrical Engineering Business Ideas
Household appliances such as coffee makers, toasters, vacuum cleaners, tools, and other appliances are a part of everyday urban life. A business making home appliances will greatly benefit you when you can prove to them that the equipment that you can create functions properly and has greater benefits. People will prefer these innovations compared to their older models and shall adapt to the innovative, new version of the old equipment.
Engineering Consultancy
By having expertise in engineering, one can set up an engineering consultancy firm. This is one of the least capital-intensive engineering businesses and one can join with other engineers and employ them to grow the business and gain quality clients by providing value to them with expertise in the technical field, making it one of the low-investment business ideas for engineers.
Engineering consulting firms may require Engineers from multiple disciplines including Civil, Structural, Mechanical, Electrical, Environmental, Chemical, Industrial, Agricultural, and others. This diversity may be necessary to cover a wide variety of potential projects that could be presented to the firm.
Weighing machines are needed in various fields such as manufacturing, retail, and logistics. Even households require weighing machines for their own domestic requirements.
There is a constant need to know the exact weight of many items, e.g., food, ingredients for production, pharmacology, chemistry, technology, etc. This makes it a viable business because there are varied customer groups who would be interested in buying this machine, customized according to their needs.
Mining Equipment Manufacturer
Mining Equipment Manufacturer – Engineering Business Ideas
There are only a few companies that work in the field of mining equipment manufacturing due to the high complexity and the engineering dexterity involved in the same. Mining equipment includes mining drills and tools, earthmovers, crushing equipment and machines, feeding & conveying equipment, and others.
Furthermore, the adoption of various technologies such as automation and IoT is reducing labor costs and operational time associated with mining activities, this, in turn, is expected to increase the demand for innovative mining equipment. In addition, the growing consumption of natural resources, such as coal, diamond, and uranium, and the increasing need for mineral fertilizers to improve agricultural yield supplements are major factors expected to increase the demand for the global mining equipment market.
With the right expertise, innovations, and capital, one can make world-class equipment and bring value to large-scale corporation clients that operate in this engineering-intensive field.
Fitness Equipment Manufacturer
Fitness Equipment Manufacturing – Engineering Business Ideas
Worldwide, the rise of obesity and the incidence of weight-related health problems such as diabetes, hypertension, and heart disease increases health concerns and drives the use of fitness equipment.
This makes a quality fitness equipment manufacturing business with a clear differentiator, a strong business that is scalable as the urban population is happy to invest in fitness equipment even at premium prices. This helps people to train at the convenience of their own homes as auxiliary training to their regime at the gym.
Training School
The training school is the best business for engineers as it is the right place to coach kids who have expertise in the field of engineering. Such schools help students to practice both theories as well as with hands-on experiments, making the students gain valuable real-life insights.
As a trainer, one contributes greatly towards shaping students who are intelligent, and competent in their field and are trained to become innovators in their fields. This can provide benefits to them to prepare them for their professional careers and create disruption in their fields.
Starting an LED light production business is a promising engineering business idea that requires a modest initial investment. It’s important to research the market to understand current trends and demands before launching your venture.
Recycling of E-Waste
Starting an e-waste recycling business not only helps you earn money but also protects the environment from harmful substances. The goal of this engineering business idea is to turn electronic waste into useful raw materials like valuable metals, plastics, and glass using simple and affordable methods. This makes the materials valuable for both industrial and social use.
Welding Station
Welding Station – Engineering Business Ideas
Starting a welding shop with a mobile facility is a profitable engineering business idea. It allows you to offer on-site welding services for industries like construction and automotive repair. To succeed, you need a strong drive and enjoy interacting with people. Building good client relationships and providing high-quality, flexible services will help you stand out in the market.
Manufacturing of Nuts and Bolts
Nuts and bolts are essential industrial fasteners used across many industries. Starting a small-scale nuts and bolts manufacturing business is a great engineering business idea because it requires a comparatively low initial investment. It is one of the small-scale and low-investment engineering business examples.
Computer Assembler
Starting a computer assembling business is a great engineering idea for those knowledgeable about computer hardware. It requires a relatively low initial investment and allows you to build custom PCs. Many consumers prefer high-performance, custom-built computers over expensive branded ones, making this a potentially lucrative venture.
Manufacturing of Aluminium Doors & Windows
Manufacturing Aluminum Doors & Windows – Engineering Business Ideas
One of the top engineering business ideas is in the construction sector, focusing on aluminum doors, windows, and other metal fabrication products, which are currently in high demand. With continuous advancements in technology, these materials offer greater durability and a modern aesthetic compared to traditional options like wood or iron. This business can be launched with a 1,000-square-foot workspace, catering to both residential and commercial customers.
Manufacturing Generators
A generator serves as a reliable alternative power source during outages by converting mechanical energy into electricity through electromagnetic induction. This makes it an ideal engineering business opportunity, especially for mechanical engineers. Manufacturing generators can be considered one of the most reliable small business ideas for engineers.
Distribution and Installation of Machinery
Machines have become an essential part of daily life, playing a crucial role in various sectors such as retail, construction, transportation, and manufacturing. Different industries rely on specialized equipment to operate efficiently. You can start an engineering business by distributing and installing these machines in your area, but it is advisable to focus on a specific niche for a strong market presence.
Basically, to start any business a person needs passion and constant dedication. A person should be able to identify the specific demand and the target customers for his products and services. We hope this list of engineering-related business or engineering business opportunities will help you to start your own business.
FAQs
Can an engineer become a businessman?
Having an engineering degree will provide many different job opportunities. One of those career possibilities includes becoming an entrepreneur. Starting a new business can be quite challenging. However, an engineer possesses a few characteristics that will make the transition a bit easier.
How to start an engineering business at home?
Work out what you have to offer to the market, and make sure there is a niche for your company. Define your value proposition before you create your engineering consulting business plan. Think of it as the starting point from which you will develop the firm. Write it down and make your value proposition your mantra.
What are some best startup ideas for engineers?
Some startup ideas for engineers or business ideas for engineering students in India:
Nuts and Bolts Manufacturing.
Solar Panel Installation.
Product Assembly Service.
Mechanical Engineering Consultancy Firm.
Supply Chain Management.
Chemical Industry Machines Designing.
CNC Machining Business.
E-waste Recycling, etc.
What are the start up ideas for engineering students?
Engineering students can explore startup ideas such as machine operations, electrical generator services, metal fabrication, and equipment distribution, catering to industries like construction, retail, and transportation.
What can be small engineering business ideas?
Small engineering businesses can focus on 3D printing, CNC machining, metal fabrication, and renewable energy solutions. Other ideas include automation, IoT services, machine repair, CAD design, and electronics repair. Manufacturing aluminium doors and windows or offering technical consulting are also great options with strong market potential.
Which engineering is best for business?
The best engineering fields for business include mechanical engineering for manufacturing and automation, electrical engineering for power and electronics, and civil engineering for construction ventures. Computer engineering is great for software and AI startups, while biomedical engineering suits healthcare technology. Industrial engineering is ideal for process optimization and logistics businesses.
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
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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
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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.
“Inflation”, you might have read or heard this word often in the Economic section of a newspaper or a news channel.
Inflation is one of the metrics to measure a country’s economy. It is a measure of the rate of increase in the pricing of goods and services.
Let’s say, in 2021, a kg of Apple was ₹100. In 2022, the price went up to ₹120. So, that would mean inflation of 20%.
In calculating a country’s inflation, many products and services such as housing, food, transportation, clothing, medical, and others are taken into consideration. Next, the prices of these products and services are taken into a group and the rate is calculated in percentage, keeping that year as a base year.
As the inflation rate increases, the cost of living will also increase. However, the average income remains constant.
This way, the majority of the country’s citizens may find it hard to balance the cost of living leading to a financial crisis.
So, what can be the possible causes of inflation? This article lists various causes of inflation and the consequences of worst-hit inflation.
Inflation can be caused because of various reasons with demand-pull and cost-push inflation being the most common. Besides this, a country’s economy can also be shocked due to various factors as discussed below:
As the name suggests, this effect is associated with the growing demand for goods and services. demand-pull inflation may occur when the demand is higher than the economy’s ability to meet those demands.
With increasing demand, the prices may rise and the consumers will have to purchase at those prices causing disbalance in the economy.
Take an example of a music concert. If the number of seats is less and the demand is high, the ticket prices would eventually be increased and sold to the ones who can pay for them.
Demand-pull inflation usually happens in a growing economy and is not always a negative sign. In fact, the Federal Reserve suggests that inflation of 2%-3% is considered healthy for the economy.
2. Cost-Push Inflation
This is one of the most common reasons for inflation and increasing prices. When the cost of manufacturing or raw materials increases, the companies will increase the product prices to meet the profits. This increases the burden on the consumers as the prices are controlled by the companies or the industry.
Cost-push inflation may happen if the government has increased the taxes on certain materials or the new laws have made imports or exports expensive.
The other possible reason could be the increase in taxes. If the government has hiked certain taxes that may affect the corporations, they are likely going to increase the pricing to meet the production costs.
Inflation Rate in India
3. Devaluation of Currency
Devaluation is defined as the lowering of a currency’s value, which then reduces the currency exchange rates. Devaluation affects inflation indirectly.
When the currency value lowers, the export rate becomes cheaper resulting in increasing exports to the foreign countries. Further, the import rate increases and the devalued country results in increased imported products.
As a result, the citizens turn toward domestic products, increasing the demand. When the demand surpasses the production, the cost increases, resulting in the demand-pull effect.
The recent economic crisis in Sri Lanka with an inflation rate of 17.5% is attributed to the devaluation of its currency.
An increase in the circulation of currency can be one of the major causes of inflation. Printing or circulating excessive money is never a solution to support the falling economy.
Printing more notes, cash, or coins that country’s economic growth is only going to devalue the currency and bring it down.
The lower the costs of export, the higher will be the dollars and foreign buyers.
Again, this results in demand-pull inflation increasing the costs of production. This, in turn, puts financial pressure on the citizens of the country resulting in higher prices and increased inflation.
One such example is Zimbabwe’s increased money supply in 2008. The country was already in debt when its government decided to increase the money supply.
Due to the increased circulation of currency, the demand skyrocketed resulting in a shortage of supplies. As a result, the cost of production increased and the suppliers had to raise the prices.
The government then tried to control the prices of basic goods, but this cost was much lower than the cost of production. And, the supplier wasn’t left with many production units.
In 2008, the country’s inflation rate reached a shocking 231,150,888.87% causing hyperinflation.
5. Wage Push Inflation
An increase in the average wages of the workers or employees can be a contributing factor to inflation.
Higher wages and the increased cost of production are tied in a circular loop. If the rise in wages is high, the companies will have to increase the costs of production or adjust to the lower profitability. This is a case of cost-push inflation. Now, if the wages are increased, the companies may cut off the employees and this will only increase unemployment.
That said, the general rise of wages to keep up with the increasing inflation will have put less pressure on the economy.
What are the consequences of Inflation?
As inflation continues to grow, it may affect your cost of living, investments as well as future retirement plans.
The increasing prices may reduce the consumer’s purchasing power cutting off the costs of living. In worst-hit inflation, the citizens may even fail to meet the basic necessities.
This would result in lower profits, higher layoffs, and an increased rate of unemployment. To combat this, the countries may seek loans from the World Bank, IMF, and other financial organizations.
Further, the growing economies may lend loans to the countries facing hyperinflation with higher interest rates. This may lead to higher debts and worsened inflation.
Conclusion
Inflation can make or break a country’s economic growth. Optimal inflation of 2%-3% is considered positive whereas the inflation rate of 50% or above in a month can result in hyperinflation.
The above-mentioned causes of inflation should be regularly checked by the government and the financial institutions in the nation. The balance between demand-pull and cost-push would bring stability to inflation.
FAQs
What are the 5 causes of inflation?
Demand-Pull Effect, Cost-Push Inflation, Devaluation of Currency, Increase in Money Supply, and Wage Push Inflation are the 5 causes of inflation.
What are the main causes of inflation in developing countries?
Government spending, money supply growth, world oil prices, and the nominal effective exchange rate are the main causes of inflation in developing countries.
Indians can now open an Indian passport bank account in the U.S with an app. “The bank account may be opened with Indian passports and other KYC (know your client) local documents,” said Aeldra founder and CEO Sukeert Shanker in a statement, “We are in beta phase, opening some 30 accounts a day and we have a waitlist of about 5,000 customers wishing to open a US bank account.”
How To Open A US Bank Account From India | Aeldra Bank
How To Open A US Bank Account From India?
Aeldra Bank App to open a US Bank Account
In 2020, Aeldra began bridges between India and the United States. Indians can now open a US bank account insured by FDIC with an Indian Mastercard Debit Card on their mobile devices. A valid Indian Passport and Aadhaar number are required for all customers. It takes less than 10 minutes for the mobile account to unlock. As with any other American bank, money may be transferred to the Aeldra account from India through the Indian Government’s Liberalized Remittance Scheme. Customers can make account-to-account transfers, real-time peer-to-peer transfers, deposit checks, lock/unlock the debit card with one click, review transactions, and much more through the Aeldra app (mobile banking app), in addition to transacting with the global Mastercard Debit Card.
The FDIC, short for Federal Deposit Insurance Corporation, is an independent agency of the United States government. He is sponsored by the US government’s full confidence and credit. No custodian has ever lost one penny of FDIC-insured funds since the FDIC started in 1934. FDIC insurance protects funds of up to $250,000 per depositor of bank accounts. There is no fee paid by Aeldra. The ones Aeldra is targeting are clients who want to invest in the US.
Aeldra Bank
Aeldra bank is a neo-bank, meaning it doesn’t have a license for banking. It provides banking services to its customers with the help of existing banks. The business plans to provide similar services in Canada, the United Kingdom and Australia for bank accounts. Using your passport and other local documents, customers from every part of the world should be able to open a bank account in these markets.
Shanker said, “There are many Indians who invest in the US for different reasons. They may want to take exposure to the market. They could be traveling to the country for business or because they have relatives. There are others who start remitting money abroad as they want to send their children for further studies to the US.”
For consumers, there is a high-yield savings account, dedicated concierge, investment and trading service, credit card, and home loans. Apart from wealthy Indians, the bank also targets students, freelancers who get jobs from the US, and micro, small and medium enterprises. Shanker said, “There are many Indians who invest in the US for different reasons. They may want to take an exposure to the market. They could be traveling to the country for business or because they have relatives. There are others who start remitting money abroad as they want to send their children for further studies to the US”.
For consumers, there is a high-yield savings account, dedicated concierge, investment and trading service, credit card, and home loans. Apart from wealthy Indians, the bank also targets students, freelancers who get jobs from the US, and micro, small and medium enterprises.
It is worth adding that under the Reserve Bank of India (RBI) Liberalized Remittance Scheme, an Indian citizen is restricted to remit amount abroad. Each financial year, up to $250,000 can freely be remitted to a foreign country under this scheme.
The regulations allow remittance for specific purposes. For example, an individual can remit funds to another country for private or business travel, gift or donation, employment, emigration, maintenance of close relatives, medical treatment, and education. Individuals can also remit money to invest abroad.
For opening a bank account you need certain documents. Without them, you cannot open a bank savings account. Documents that you need to open a savings account in a bank are – your valid photo identification proof like an Aadhaar card or PAN card, passport, driving license etc.
Can an Indian citizen open a bank account in US?
You may now open a bank account in the US with an Indian passport from an app.
Is Aeldra a bank?
Aeldra is a Silicon Valley and Bangalore-based Fintech company. Aeldra bank is a neo-bank, meaning it doesn’t have a license for banking.
With the increase in their wealth, the richest of people also inspire the world to come to their level. However, very few people can hustle as the richest do. Top richest people inspire more people to hustle and motivate them. Here is a list of the world’s richest people’s monthly income, annual income, earnings in a week and a day.
The Co-founder, CEO, and Chief Engineer of SpaceX, an American aerospace manufacturer and the CEO and Product Architect of Tesla Inc., Elon Musk is known as an entrepreneur and business magnate of worldwide fame. He is currently known as the richest person in the world and highest-paid CEO, who notably retains his position as one of the top 3 of the highest income holders of the world. Musk successfully crossed the $200 billion on September 27, 2021, following the surge of a Tesla stock and was worth 203.4 billion at the close of the markets on the same date. With this, he surpassed Jeff Bezos, who attained the same in August 2020, and Bernard Arnault, to achieve the feat!
Elon Musk is also the founder of The Boring Company, Neuralink, and OpenAI but his fortune is strongly tied to the ownership of Tesla.
Jeff Bezos
Founder – Amazon Net Worth (2022) – $171.4 Billion
Jeff Bezos Income | Salary of Richest People in the World
Jeff Bezos is the executive and the biggest shareholder of the web-based shopping giant Amazon. Bezos is an American innovation business visionary and speculator, esteemed over $100 billion. He is among the top 3 persons with the highest income in the world. Bezos’ different business interests incorporate aviation and e-commerce. He is the originator and proprietor of Blue Origin, a space transportation company. Established in 2000, the organization has directed dry runs to space starting in 2015, and arrangements for business suborbital human spaceflight starting in 2018. He likewise bought The Washington Post daily paper in 2013.
Bernard Arnault oversees an empire of 70 brands including Louis Vuitton and Sephora. Arnault got his start by putting up $15 million from that business to buy Christian Dior in 1985. LVMH spent $3.2 billion in 2019 for luxury hospitality group, Belmond, which owns or manages 46 hotels, trains and river cruises.
Bill Gates
Founder of
Microsoft
Net Worth
$117 Billion
Founded in
1995
Bill Gates Income | Salary of Richest People in the World
Bill Gates is the Co-founder and Technology advisor of Microsoft Corporation. Bill Gates was the second richest person in the world in 2018 following Jeff Bezos. He became the third richest person, after Bernard Arnault, who took him over in the July of 2019. Bill Gates is one of the best-known businesspeople of the tech industry. He has been scrutinized for his business strategies, which have been viewed as unfocused, a conclusion that has now and again been maintained by various court rulings. Later in his vocation, Gates sought after various magnanimous attempts, giving a lot of cash to different altruistic associations and logical research programs through the Bill and Melinda Gates Foundation which was set up in 2000.
Warren Buffett
Founder- Berkshire Hathaway Net Worth (2022) – $117.4 Billion
Warren Buffett Income | Salary of Richest People in the World
Warren Buffet is an investor, CEO and the biggest shareholder of Berkshire Hathway, the American multinational aggregate holding organization. The best financial specialist on the planet, Buffett is likewise a business head honcho and an altruist esteemed at $68.2 billion. He is the Buffett, the fourth wealthiest individual on the planet, is frequently alluded to as the Wizard of Omaha or Prophet of Omaha, and is noted for his adherence to esteem contributing and for his own thriftiness in spite of his massive riches.
Larry Ellison
Founder – Oracle Corporation Net Worth (2022) – $104.8 Billion
Larry Ellison Income | Salary of Richest People in the World
Larry Ellison is the prime supporter of Oracle Corporation and was the CEO of the company until September 2014. With a net worth of $43.4 billion, Larry is, as of now, the seventh wealthiest individual on the planet. As of now, he is the official administrator and boss innovation officer of Oracle. Larry Ellison has given up to 1% of his riches to philanthropy and has marked The Giving Pledge. He ranks 8th position in the Forbes list of top 10 richest person in the world.
Carlos Slim is a Mexican business head honcho, financial specialist, and giver who is among the most successful entrepreneurs and one of the wealthiest individual on the planet esteemed at $80.7 billion. Slim is known as the Warren Buffett of Mexico, getting his fortune from his broad possessions in an extensive number of Mexican organizations through his aggregate, Grupo Carso.
Mark Zuckerberg
Founder – Facebook (Meta) Net Worth (2022) – $71.7 Billion
Mark Zuckerberg Income | Salary of Richest People in the World
Mark Zuckerberg, a prime supporter and CEO of Facebook. He is among the richest people on the planet with net worth esteemed at $71.7 billion. American developer, Internet business visionary, he established Facebook from his school apartment in Harvard. The site later extended quickly with one billion users joining in by 2012.
Jim Walton
Founder – Walmart Net Worth (2022) – $66.5 Billion
Jim Walton Income | Salary of Richest People in the World
Jim Walton is the youngest son of Sam Walton, the founder of Walmart – the retail brand. The Waltons are the richest family in America. Walton held a seat on Walmart’s board until 2016 when he yielded the seat to his son Steuart. Jim Walton shares 96% ownership of the family’s Arvest Bank, of which he is the chairman and CEO.
Charles Koch
Founder – Koch Industries Net Worth (2022) – $58 Billion
Charles Koch Income | Salary of Richest People in the World
Charles de GanahlKoch, esteemed at $55.2 billion, is an American businessperson, political benefactor and altruist. Charles Koch is the 12th wealthiest individual on the planet. He is co-proprietor, director of the board, and CEO of Koch Industries, well known additionally for its say in a prevalent American TV demonstrate ‘The Newsroom’. His family possesses 42% of the shares of the aggregate.
Amancio Ortega
Founder- Inditex Fashion group Net Worth (2022) – $55.8 Billion
Amancio ortega Income | Salary of Richest People in the World
Amancio Ortega is the founder and former chairman of Inditex Fashion Group. He is the richest man in Europe and the 2nd richest mai in the world as of July 2019. He cofounded retail chain ‘Zara’ for clothing and accessories with his ex-wife Rosalia Merabest. He owns around 59% of Inditex. Amancio has a net worth of USD 68 Billion.
David Koch & Family
Founder – Koch Industries Net Worth (2019) – $50.5 Billion
David Koch Income | Salary of Richest People in the World
David Koch is the sibling of Charles Koch, was the Executive Vice President of Koch Industries. Esteemed same as his sibling at $55.2 billion, David was the 6th wealthiest individual on the planet. David likewise possessed 42% of the aggregate that the sibling acquired from their dad and afterwards extended. David coch wife Julia Koch & family has net worth of $47.4 billion (2021).
Ingvar Kamprad
Founder – IKEA Net Worth (2018) – $58.7 Billion
Ingvar Kamprad Income | Salary of Richest People in the World
Ingvar Kamprad was the Swedish business financier and originator of the renowned IKEA. The Swedish billionaire died in January 2018. He has positioned the 8th wealthiest individual on the planet at $58.7 billion in 2018. The Swedish retail organization was World’s biggest furniture offering organization in 2008. Kamprad transferred all his assets to his sons Peter Kamprad , Mathias Kamprad and Jonas. All the kamprad brothers are billionaires. Each of them has net worth of $1.3 billion (2021).
FAQs
Who is the richest person in the world 2022?
Elon Musk is the world’s richest person, with an estimated net worth of $229.1 Billion followed by Jeff Bezos, who is worth $171.4 Billion.
How many billionaires are there in the world 2022?
In the 35th annual Forbes list ofthe world’s billionaires, there are 2,755 billionaires.
Who are top richest people in the world?
Top 10 Richest in the world are:
Elon Musk
Jeff Bezos
Bernard Arnault & Family
Bill Gates
Warren Buffett
Larry Ellison
Carlos Slim
Mark Zuckerberg
Jim Walton
Charles Koch
Which Country has the most Billionaires?
Countries with the most Billionaires with ranking:
1. United States 2. China 3. India 4. Germany 5. Russia
Who is the highest paid person in the world?
Tim Cook, the CEO of Apple, is the highest paid employee in the world. He received $265 million in 2020 (base salary of $3 million, stock awards of $250 million, and perks around $1 million).
E-Commerce is a business trending at present due to the increased convenience that it provides to the customer. All the activities of commercial transactions which include transfers, Supply Chain Management, electronic marketing, EDI, and distribution of goods and services are integrated by an electronic system. These convenience and quick buying decisions make e-commerce businesses achieve scale much faster than their brick and mortar counterparts.
E-commerce refers to the science of buying and selling goods and services over an electronic network, known as the internet.
According to a survey done by the Indian Government in 2021 which shows that demand is at a continuous growth of 12.79 % a year. Current active e-commerce penetration in India stands only 28%, with lots of room for improvement, India’s retail e-commerce is projected to reach 23% from 2016 to 2021. If you are looking to start an eCommerce store then here are some business ideas which you should try out.
With the increase in the demographics of people who live an urban lifestyle where time and convenience is more valuable than money, people rely on an e-commerce website to fulfill their fashion need.
Online Fashion Market
Especially in the Fashion industry, there is a huge demand for niche products and services. This makes niche fashion websites massively popular as they serve their audiences with the latest trends. Even though the fashion industry is pretty crowded, there are still people who can’t find what they are looking for.
Creating quality brands that specialize in simple and minimalistic clothing is one such niche that targets the millennial demographics and could be a profitable business opportunity.
You can start your own e-commerce website by using WordPress and Wix and other platforms.
One of the most lucrative markets after 2020 is the online food and grocery business. This market has continued to develop as mobile apps become increasingly popular and are used by billions of people.
Online Grocery and Food Shopping
Given the wide range of products and equally huge market, the food and grocery industry is far from saturation. More and more people in urban areas are quickly shifting towards local produce and markets. As we can see, consumer behavior in the food industry is transforming thanks to emerging technologies and e-commerce trends.
As an entrepreneur, you can start small with local vendors and produce. Once your profits increase, you can easily scale up your business by establishing and improving relationships with your vendors.
A large number of Millennials wish to travel. Although, the process of travel is complicated by the lack of information about the destination they are traveling to and other hassles such as accommodation and transportation. This opens up a huge demand for online travel agencies which can incentivize the traveler and book hotels and transportation in a jiffy as well as providing curated content about the destination, hence making the life of the traveler easy!
The precious time saved in planning for a trip makes this business solve a huge problem for millennial travelers. The e-commerce business has flourished in this segment and a very personalized service curation is required in this segment which can give you the best customers for your business. The travel industry is all about how satisfactory your customer’s trip was. So, while starting up with this be quality-oriented.
Online Health Services
Unsurprisingly, even the healthcare sector has begun to creep into e-commerce territory with apps like Practo, Doctor2U, and YourDoctors. Even though each service works on different business models, the underlying concept is the same: doctors offer advice over text or chat to patients.
By making this service online, the need to physically visit a doctor is eliminated which saves both your time and your doctor’s. However, this does not substitute the need for in-person visitations but is useful to determine if an examination is necessary or not.
Artificial Intelligence
Artificial Intelligence
This idea may sound strange, but this is very helpful for everyone. You can create a startup business with the concept of artificial intelligence. It enables companies to gather as well as investigate data in real-time, thus facilitating more efficiency and competence in business.
The customers are provided with a personalized experience of knowledge about their preferences. Some examples of Artificial Intelligence in e-commerce are
In the upcoming ecosystem of startup businesses, startup business consultants have a major role to play. A large number of people starting a new business do not understand the nitty-gritty of starting up a new business and need online experts who can advise them in the right direction to make the process of starting up seamless. People prefer online consultants these days as they look for solutions on the internet with the advent of the digital revolution.
International Shipping
The lack of services in the field of shipping to and from overseas has made many people complacent with online shopping from Indian e-commerce. This presents a huge opportunity for international shipping startups that can book pickups at the mere click of a button.
An international shipping startup can be an alternative for sending products overseas or bringing in goods from abroad. With international shipping, people will be facilitated in terms of delivery of goods and increase the convenience of the globalized Indian online consumer.
Interior designing is important for people who want to have a new home, but can not afford to employ an architect. An interior designer is someone who has the creativity, skills, and knowledge required to design a beautiful and functional space. Online interior designing is a practical as well as cost and time-efficient solution to make a structure of the house and a model home desired by the user at the convenience of their home internet.
Online Education Services
If you have expert knowledge of a subject, industry, or simply found a new way of doing things, then why not take a course about it?
With expected sales at $286 billion in 2023, a whopping 80% growth from the figure recorded in 2017, this makes for a good online business.
People are disappointed in both private and public educational institutions. One tends to be very costly and can only be afforded by a few while the quality of education in public institutions is dismal. Although there are many online courses, the demand for good and cheap education is at an all-time high.
Basically, to start any business a person needs passion and constant dedication. A person should be able to identify specific demand and the target customers for his products and services. We hope this list of online business ideas will help you to start your own business.
E-commerce – FAQ’s
What are the features of E-commerce?
The features of e-commerce are non-cash payment, service availability (24*7), Improved sales, support, advertising and marketing, inventory management, communication efficiency, faster, reliability, less time-consuming, on-the-go service, and saving time. It is available at any time and anywhere, helping in making better management of products and services.
What are the different e-commerce business models?
The different e-commerce business models are Business to Business (B2B), Business to Consumer (B2C), Consumer to Consumer (C2C), Consumer to Business (C2B), Business to Government (B2G), Government to Business (G2B) and Government to Citizen (G2C).
How does e-commerce work?
When a customer needs any product to buy, a customer goes to the website and chooses the product that he wants to buy. After the selection of the product, a customer will select the mode of payment whether it is online or offline and after that product will checkout and order. The ordered products information has been exchanged with the customer and delivery logistics. This process is being done in just a matter of minutes only. For e-commerce enablement, getting internet merchant bank account, webs hosting, obtaining the digital certificate, provider for online transactions, and purchasing or creating the shopping cart software.
Tell us which different sector e-commerce applications are available in the market?
The applications are mainly available for many different sectors or areas, from those areas some are like books, music, financial services, home electronics, mobiles, entertainment, apparel, travel services, toys, movie tickets, information, gifts and computer products, accessories, etc.
In today’s time, sending money has become so much easier than ever before. You don’t have to meet someone or go to an ATM, just open your phone and click “send”. Sounds accurate, right? In a wholesome, Yes, it does sound accurate!
The fun fact is, this smooth service isn’t limited to one’s own country, but to abroad as well. Whenever someone thinks of sending money abroad, they worry about the long hectic process and paperwork. But ever since the digitalization era took over, this has also become pretty simple.
Just like Western Union, which is considered as one of the biggest finance companies that provides the smoothest service of international payments across the world. But there are some pretty cool and genuinely better options available in the market, as an alternative to Western Union.
You can choose the company based on various tactics such as transfer mode, fees, incentives and what kind of currencies it’s specialized in. Analyze the best exchange rate these companies are offering, then select the most suitable International payment provider for you.
To make this more simple for you, we have listed some of the best alternatives of Western Union across the globe. So, let’s get started!
Wise was founded in the year 2011 and soon became an ultimate choice for the customers. It eliminated all the conventional sending money methods along with the tight expenses that it would cost.
When they became absolutely frustrated with all the paperwork of sending money abroad, they created Wise. Yes, that’s the actual story!
The company offered its customers the mid-market exchange rates that you can easily find on the Internet. Wise barely charges any amount of fees, but what it does is just one low percentage cost. This shows the exact fee amount to the customers for sending the money.
Moreover, Wise offers the service of borderless multi-currency accounts. This was basically for people who travelled a lot to different countries. Wise provides a free account login for everyone and also, allows the user to store multiple currencies, transfer them across the world and digital account details for receiving money locally in the United States, Australia, Europe and the United Kingdom.
Xoom
Xoom Website
Xoom is a PayPal company that provides the service of sending money very easily digitally directly to the bank account or can be added to the cash collection. Xoom supports multiple currencies across the world and the user can easily send money to different countries.
Xoom charges minimally on its transactions. And it entirely depends on where you are sending the money or your method of fund transfer.
When you use a card for your abroad transactions, it becomes really expensive but with Xoom (through PayPal) balance or the bank account which is linked to it, it’s quite cheaper.
We all are familiar with the functioning and popularity of PayPal, especially for those who love to shop online. PayPal offers the users one of the best services to send money overseas.
For getting on with PayPal, the user, as well as the receiver, will require a PayPal verified account, where you will find a wide range of fee options that you can choose based on your preferences.
However, for sending money abroad, PayPal does charge higher as compared to the general domestic transactions.
WorldRemit
WorldRemit Website
WorldRemit has widely counted among the best alternatives of the Western Union. The company supports a huge range of currencies across the world and makes the process of sending, receiving, transferring and payment absolutely smooth and simple. It is very quick with its services and every transaction.
However, WorldRemit does have a small daily limitation on transactions which is around $9,000. For WorldRemit, you can pay with any method you prefer, for example, Bank transfer and Credit card.
Conclusion
In the end, we conclude that there are some pretty amazing companies out there in the market with great customers’ bases for sending your money abroad more smoothly.
People often choose such a company also as they consider it the safest and the best option possible. But you also know that’s not entirely true. Being a millennial, it’s important for you to seek more fluent ways to send money abroad. Stay tuned for much more similar content.
FAQ
What are some of the alternatives of Western Union?
PayPal, Wise, and Xoom are some of the alternatives of Western Union.
Who are the competitors of Western Union?
Western Union’s top competitors are Worldline, Wise, Ebury, Flywire, American Express, PayPal and MoneyGram.
How much is Western Union fee?
The transfer fee of Western Union is $4.50 to transfer up to $50 and $9.50 to send up to $900.
Big companies deal with many sectors and have the constant need to improve and try new things to keep their consumer engaged. Not only large tech companies but developing ones also spend on market research. They spent on research because of two reasons:
Businesses have to be innovation-focused. Working in a constantly changing marketplace, they use research to test new technologies and try to satisfy the customers.
Companies have resources, which simply is the reason to research more.
Steps of Market Research
All organizations would benefit from having a solid market research practice, but startups don’t have the money or staffing resources to dedicate to intense market research, and companies with mature products often don’t feel a market pressure to spend money on changing/staying ahead of the curve.
It depends on multiple things. Some of the insights are Qualitative Research and Quantitative Research.
The total amount spent by companies on market research in 2015 was $68 billion worldwide. The biggest market research spenders by industry are as follows.
Consumer Non-Durables, 23% of the total
Media and Entertainment, 15% of the total
Pharmaceutical, 13% of the total
Others like Government or Non-Profit Organizations (8%), Financial Services/Bank (7%), Telecoms and Wholesale/Retail (5%), Consumer Durables (4%), Research Institutes (3%), Automotive (6%), Advertising Agencies (2%), Utilities (1%), Other (8%).
Marketing-driven companies spend much more than product-driven companies. Companies like Unilever, Coca Cola, PepsiCo, etc. spend a few hundred million dollars per year on Research. These companies have a massive number of consumer brands, and the product does not change or update very often. Marketing and sales are key aspects of success, and insights can make a large difference in the business.
Similarly, success for media and advertising companies depends on reaching a particular number of consumers, so insights into their habits can make a huge difference for their effectiveness (e.g. message, channels used, time spent). However, even if you look at the biggest spenders, it is still significantly less than 1% of their annual spending.
Most big companies (1000 employees+) drive 80%+ of the spending.
Market research tends to be expensive if one does it with agencies, and low-cost / DIY alternatives (e.g. Google Surveys) tend to require trained people that few smaller companies have, otherwise they lack the quality to inform decision-making.
Top Companies
Spending on Research and Development
Amazon
$42.74 billion
Alphabet
$27.57 billion
Huawei
$22.04 billion
Volkswagen
$13.8 billion
Samsung
$18.75 billion
Intel co
$13.56 billion
Microsoft
$19.3 billion
Apple
$20.161 billion
Roche
$10.8 billion
Johnson & Johnson
$12.2 billion
Toyota
$10 billion
Ford
$7.1 billion
Facebook
$18.45 billion
Merck
$10 billion
Novartis
$8.5 billion
BMW
$8 billion
General Motors
$7.3 billion
Honda
$7.1 billion
Why is Market Research important?
R&D is the necessary and initial phase of any process leading to technological innovation or market expansion. Research embodies a company’s long-term vision and its strategy when innovation operates more in a short-term economic model of the company.
Spending growth of Organization on Research
Research and development consist of investing money/resources to find innovative products, services, or processes that will enable the company to earn some goodwill and new technologies.
The experience and the knowledge accumulated by the companies due to R&D activities enhance innovation for any given company. At the end of the day, market research investment will allow the companies to gain in technology and future capabilities that would be eventually convertible into new products, processes, and services. Some of the gains of Research and Development are –
Finance
If the companies are conducting their R&D activities to reduce manufacturing costs and improve the system, it provides them with the solutions with less costly processes to manufacture the product and therefore provide more competing prices to the customers or increase their profit margin.
When the companies are looking to raise funds, R&D activities provide good opportunities to prove the company’s vision to their potential investors. By showing the investors that the company has the right structure to innovate constantly will make them understand that the company has everything it needs to meet sustainable growth. Investors are looking to invest in companies having a proactive approach of finance to manage their business, the constant investment in R&D will prove them the company has quite potential.
Patents
Through Research and Development activities, your company can acquire patents for new products you have previously developed. It can help gain a set of sustainable competitive advantages and position the company in an extremely comfortable situation within your market and therefore benefit from long-term profits.
Recruitment
Talented and skilled ones are also attracted via recruitment to innovative companies doing exciting things and providing exciting opportunities. With R&D activities, the companies will attract several qualified candidates to join.
Conclusion
Research and development have no guarantee of profits, companies spend a lot of time and sacks of money that sometimes turns into nothing. R&D is vital for many companies as they use it to expand their market share and increase sales. The top Research and Development spenders on this list have made a difference on the market, providing new technologies and products that have changed lives and the way the market worked.
Market research is an effective tool to assist your business planning. It is about collecting information that provides an insight into your customers’ thinking, buying patterns, and location.
Why is market research important for a business?
It is important because it can identify how customers and potential customers might view your business and identify gaps in customer expectations. This is powerful information to have when completing your marketing strategy.
How much do companies spend on innovation?
On average, firms tend to spend 1-2% of turnover on various innovation-related activities, but this share exceeds 5% for large firms in some countries. R&D usually accounts for around one-half to two-thirds of all innovation expenditure, but the share varies widely by sector and firm size.
How much does Market Research cost?
The price for quantitative research can range widely, from $15000 to over $100,000, with most studies in the $30000-$55000 range.
What percent do companies spend on R&D?
Mostly, companies spend between 5-20 % of their annual revenue.
How much does the average company spend on research and development?
A company on average spends merely 2%-3% of their revenue on research and development.
Why R&D is important?
It is important in many senses like analyzing your target audience, competitors, recent trends, the reaction of consumers towards changing technology, etc. It minimizes the investment risk.
How is the R&D ratio calculated?
The price-to-research ratio is calculated by dividing a company’s market value by its last 12 months of expenditures on research and development.
The Reserve Bank of India has been reducing the circulation of 2000 rupee notes in the country. The country has seen a drop of 27% of its 2000 notes from circulation. Let’s look at why the RBI has stopped the fresh stock of 2000 notes and pulled out notes worth 57 crores in the FY21.
The number of Rs 2000 notes in the Indian economy has been reduced in the year 2021 from its peak in 2017-18. In the year 2017-18 the number of notes circulated in the Indian economy was around 33,630 lakh and in March 2021 it has reduced to 24,510 lakhs.
In the peak, the value of Rs 2000 notes is expected to be around INR 6.72 lakhs which has dropped to 4.90 lakhs in March 2021. The number of 2000 notes that are removed from the market is around 9,120 lakhs and has a value of around INR 1.82 lakh crore.
Why has RBI stopped Fresh supply of INR 2000 notes?
The latest annual report which was published by the RBI doesn’t convey any news about the missing notes. However, it is to be noted that the RBI has stopped producing the Rs 2000 notes as the notes are not coming back to the banks.
These high value notes are not available for people in the ATMs as well. It is estimated that the Rs 2000 notes are majorly hoarded in the form of black money as they have high value and require lesser space compared to a bundle of Rs 500 notes.
The estimated amount of black money which experts had predicted not to come back to the system during demonetization was around 4-5 lakh crores.
There is a growth of 10-12% for the money which is being circulated in the country from the past few years. The RBI has increased the circulation of other low valued denomination notes such as Rs 500 and Rs 200 in the market.
The annual report of the RBI has conveyed that the circulation of notes in the country has seen an increase of around 16.8 % and 7.2 % in the year 2020-21 when compared to the increase of around 14.7 % and 6.6 % in the year 2019-20.
In terms of value, the share of Rs 500 and Rs 200 notes in the country during the year 31 March 2020 was around 83.4 % and has increased to around 85.7 % in the total market value of bank notes in circulation for the year 31 March 2021.
The Rs 500 notes had a total volume has seen an of around 31.1 % as of 31 March 2021, when compared to the previous year of 25.4 %. The INR 10 denomination bank notes have seen a downfall in their total value which had a share of 23.6 % as of 31 March 2021 when compared to the previous year’s value of 26.2 %.
However, it is to be noted that the RBI has increased the production of INR 500 denomination notes and is trying to replace them with INR 2000 notes. In terms of the volume, Rs 500 recorded the highest volume which was followed by INR 10 notes for the year 2021.
Conclusion
The Rs 2000 notes’ main purpose was to ease the shortage of money supply during the demonetization and now the supply has reached a position where the central bank has become uncomfortable as the higher value note will be easier to hoard.
FAQ
Are 2000 rupee notes going to be banned?
No, RBI has announced that they will not issue a fresh supply of 2000 notes but there is no official notice by RBI of it getting banned.
Why 2000 Rs note is not issued by RBI?
As per the reports it is estimated that the Rs 2000 notes are majorly hoarded in the form of black money as they have high value and require lesser space compared to a bundle of Rs 500 notes.
Which note is going to ban?
Recently, a report claimed that the central bank was planning to ban ₹5, ₹10, and ₹100 notes.
Anish Sharma
