3 fast growing FinTech platforms in India
India has framed itself into a digital economy where FinTech start-ups are leading the digital transformation of the financial industry. Today, Indians have become more welcoming towards the use of digital payments modes, which has led to the rise of more FinTech platforms in India.
Amid the ongoing situation, the importance of going cashless has risen. Mobile wallet transactions have been surpassing credit card usage and will slowly begin to replace the traditional payment methods. The Digital India initiative has played an active role in transforming payment.
Today India has millions of registered users for digital transactions. FinTechs not only provide a digital payments platform, but also provide digital insurance for health, travel, digital banking solutions in order to go branchless, lending systems making credit easier and many others. Here are three FinTechs in India which are influencing the digital initiative in our country:
Lendingkart: Founded in 2014, Lendingkart Technologies Private Limited is a FinTech start-up in the working capital space. The company aims to make working capital finance available at the fingertips of entrepreneurs, so that they can focus on business instead of worrying about the gaps in their cash-flows.
The platform makes use of big data analysis and technology tools to create a more efficient and effective way to evaluate one’s credit worthiness. Lendingkart analyses thousands of data points from various data sources to assess the creditworthiness of small businesses rapidly and accurately. It is a non-deposit taking NBFC, offering SME lending in India.
Mswipe: Mswipe is an independent mobile POS merchant acquirer and network provider. The FinTech company provides software solutions and payment devices to merchants. Mswipe aims to provide seamless mobile POS solutions to such merchants across India and create India’s largest financial services platform for SMEs.
Mswipe works with all kinds of bank accounts, therefore, merchants don’t have to open a new account for their devices. Mswipe’s terminal, Wisepad accepts all major types of cards (VISA/MasterCard/AMEX & Rupay cards) and works with conventional phone, smart phones, tablets and PC’s. The company claims to serve more than 25,000 merchants across India.
Razorpay: Razorpay is India’s first full-stack financial solutions company. The FinTech helps companies with its suite of products to receive, process, and disburse payments.
It gives access to all payment modes, including JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money, and PayZapp, including credit card, debit card, net banking, UPI, and common wallets. Razorpay was founded by Harshil Mathur and Shashank Kumar in 2014. Businesses can handle the marketplace, simplify money transactions, receive regular fees, exchange client invoices, and take advantage of working capital loans all from the Razorpay platform.
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