Top 10 Fintech Startups in India in the Lending Space
Fintech businesses have a significant impact on our economy. They have changed the way we make payments and lend money. As a result, the way we do business has altered due to the emergence of these fintech solutions.
A few FinTech companies are making waves in the finance industry and reaching out to different sectors with innovative financial solutions.
Lendingkart was sent off in 2014 by Harshvardhan Lunia and Mukul Sachan as an internet loaning stage. Lendingkart Finance gives little and medium-sized undertakings in India with working capital credits and corporate advances.
The loans are collateral-free and range from Rs 50,000 to Rs 1 crore, with terms ranging from one to 36 months. This Ahmedabad-based FinTech has a Rs 2,500 crore credit line from its lending platforms to lend to SMEs, thanks to $231 million in funding.
It’s a non-deposit-taking NBFC seeking to expand its customer base by partnering with established lenders and leveraging their technical expertise to assist them in underwriting loans. They give capital online in a quick and painless process that requires no documentation or collateral.
Finpedia is a service provided by JT India, a subsidiary of Jianpu Technology (NYSE: JT), a new-age personal loan aggregator that uses cutting-edge technologies, including artificial intelligence, machine learning, big data, and cloud computing to connect lending institutions and users(borrowers).
Finpedia provides a whole spectrum of services, beginning with user acquisition, BNPL, virtual credit cards and credit with low-interest rates for users, and ending with quick personal loan payout.
MoneyTap is India’s first app-based credit line launched in 2015 by Bala Parthasarathy, Kunal Verma, and Anuj Kacker. MoneyTap offers small-to-medium cash loans, fast mobile financing, low-interest rates, and a variety of EMI plans. It has received $90 million in investment and plans to develop UPI-to-EMI and PostPaid UPI functionalities for both offline and online shops.
FitCredit, a new app, monitors and tracks changes in credit history while also providing advice on how to enhance one’s credit score. Its BNPL service is growing in popularity among millennials who prefer credit for major purchases. With their neo-banking offering, MoneyTap is now known as FREO.
MoneyTap exclusively works with RBI-regulated financial institutions in India and have their own NBFC license.
The Finn Group created a FinTech loan startup in 2018 that focuses on financing young professionals and small enterprises. It specializes in personal and consumer durables loans up to Rs 2 lakh, with terms ranging from two to fifteen months.
It has a total capital of $204 million and is steadily expanding into insurance and card-based lending. It intends to target the new-to-credit consumer with a user base of over 20 million.
To obtain a personal loan, the user can register using Facebook or Google, submit eligibility proof, upload KYC documents, and attach bank details. After applying for a loan, the platform connects borrowers with several lending partners, allowing them to choose various financing options depending on interest rates and loan terms. It also has an app-based platform that works with Android and iOS smartphones.
Founded in 2015, OfBusiness offers finance to SMEs to acquire raw material in the infrastructure and manufacturing space through its non-banking financial corporation (NBFC) Oxyzo Financial Services. It has thus far received $200 million in equity and loan capital and has around 40 lending partners, including IDFC First Bank, ICICI Bank, HDFC Bank, and others.
It offers working capital financing, capital expenditure financing, and raw material purchase financing for steel, TMT, cement, polymers, and other industries. Users in business apply for a loan online and provide their KYC and financial documentation. After reviewing the paperwork, the company extends an unsecured credit limit.
6. Capital Float
According to PGA Labs, Capital Float, which has total financing of $154 million, is on its way to becoming a unicorn. Creating flexible credit options with zero or low-cost EMIs has extended the customer base of this ‘buy now pay later (BNPL) credit platform. Walnut, a Capital Float app, has over 500,000 active users and offers a comprehensive financial suite including consumer credit, personal financial management, and insurance. Over 70,000 self-employed entrepreneurs and small firms have benefited from its modest-ticket term loans.
Capital Float Financial Services owns Capital Float, which provides firms with specialized financial loans and credit. This fintech startup employs its loan underwriting tools to lend to potential borrowers.
Uber, Paytm, and Shopclues are among the clients it has partnered with. However, its current focus is on Kirana store owners and small-time merchants.
With three-year revenue growth of 7,295 percent, the Bengaluru-based gold loan startup was placed first in Deloitte Touche Tohmatsu India’s ‘Technology Fast 50’ program. Rupeek offers gold loans ranging from Rs 2 lakh to Rs 20 lakh and door-to-door insurance. With a branchless business strategy, it has raised $109 million and has increased the number of people who can get formal credit.
8. Vivriti Capital
Vivriti Capital is a Chennai-based startup that is a registered NBFC. Vivriti works with institutions, corporations, small enterprises, and people as a lender and debt facilitator. In addition, it has a Vivriti AMC asset management arm for alternative investments and CredAvenue, an enterprise financing platform. It has received $107 million in finance and is currently constructing its technological infrastructure to improve its data science capabilities.
NeoGrowth, a digital financial lender, loans small and medium-sized businesses (MSMEs) on future credit and debit card purchases at stores that utilize point-of-sale (POS) scanning devices. It grants loans to 70 industries and has disbursed over Rs 6,200 crore in loans to 29,500 customers with $95 million in investment. It serves underserved markets and has gone digital with superior technology solutions. The Dutch Development Bank FMO has also recently invested in NeoGrowth.
FlexiLoans is a small business lending and working capital lender with $68 million in investment. It also provides loans on POS sales and has partnered with crucial e-commerce companies like Amazon, Flipkart, Shopclues, Jabong, and others to increase retail credit payments. In addition, it will issue collateral-free business loans to freelancers, women entrepreneurs, and MSMEs due to its recent agreement with PayPal.
There is no better time in terms of lending and borrowing than now. With so many personal loan apps available, you can easily apply for a personal or business loan.
Read more interesting articles at Time Business News