5 fintechs that are disrupting the traditional methods of managing finances, credit and spending!

People desire financial freedom, but many of them lack the knowledge and resources to do so. Some people think that working more jobs will bring in more money and in turn lead to more savings. However, even the highest paid employees can get burdened with debt and the primary reason behind this is the mismanagement of their finances. But worry not; fintech applications that can keep track of your financial well-being have arisen as a blessing. From budgeting, and auto repayments of bills, to reminding you of your investments, these new-age applications are using automation and innovative technology such as AI, Big Data, and Machine Learning to help you achieve your financial goals.

Gone are the days when the scope of the financial function was restricted to the procurement of funds by corporate enterprises to meet their financial needs. Fintechs have entered, as well as conquered a major chunk of digital lending and payment space by facilitating small ticket transactions with utmost ease and convenience. They have given rise to financial inclusion in the country, as millennials and GenZ are constantly eyeing out for micro-credit solutions to manage their recurring as well as occasional expenses and using digital payment services for their daily spending.

In conclusion, fintechs are leading the wave of financial literacy in the country, by not only enlightening the consumers about their financial health but also giving them platforms to manage the same effectively.

Mentioned below are 5 such fintech platforms that are disrupting the traditional methods of managing finances, credit and spending:

Mobikwik

MobiKwik is the largest digital credit player and the second largest mobile wallet in India. They have expanded their suite of financial products for consumers and merchants from payments to digital credit and investments. Their mission is to build a world-class neobanking platform for Bharat!

Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik today has 127 million registered users who can make payments for all their daily life needs, including utility bills, eCommerce shopping, food delivery, and shopping at large retail chains, mom & pop (kirana) stores, etc. across a 3.7 million strong merchant network.

With credit card penetration in India at an abysmal 3.5%, they launched digital credit in 2018 with an aim to address the credit needs of a large and growing base of digitally savvy users. With 30 million credit pre-approved users, MobiKwik is focused on providing this unserved Indian population their first experience of credit.

Paytail

Founded in March 2021 by banking industry veterans Vikas Garg and Amit Chaturvedi, with a combined experience of over 3 decades, Paytail is revolutionizing offline commerce by enabling instant paperless no-cost EMIs to consumers and transforming merchants’ selling experience through scalable technology solutions.

Paytail enables merchants to offer 0% EMI led directly by OEMs & other sellers, leading to better sales. The Made by Bharat, Made for Bharat startup is disrupting the $1 trillion offline commerce market by bringing affordability, speed and convenience to customers. Using the Paytail app, a retailer can approve EMIs for their customers within a few taps.

Indian retail has a lot of untapped potential to achieve growth. Paytail strongly believes that technology can extend a helping hand for retail, create the perfect environment for their success, and position them equally in the economic framework.

Their primary mission is to create a level playing field for all merchants where access to technology is not a barrier to growth. Vikas Garg, Co-founder and CEO, Paytail, said, “Becoming a Paytail member enables our vast network of over 85,000 merchants to offer instant and paperless in-store 0% EMI credit to customers, leading to higher sales and satisfaction.”

Siply

Founded in July 2020 by Sousthav Chakrabarty and Anil Bhat in Bangalore, Siply is a tech-enabled micro-savings platform. Siply wants to be the preferred financial services brand to the 40 crore Indians who are not yet a part of the formal banking system. The company is building a platform that is tailor-made to serve the specific needs of this segment, which has so far been largely overlooked by current financial institutions like banks and mutual fund houses.

The platform helps the underserved masses such as contract workers, blue-collar workers, gig economy workers, and small business owners inculcate savings behaviour through sachet financial services where the investment can be as low as INR 1.00 to build a more productive, inclusive, and financially secure Bharat.

Savings and investments are the centre point of any financial plan, and Siply is perfect for people to develop a habit of saving through their sachet financial services.

Protium

Protium is an Engineering-Driven Pan India lending company with a keen eye on Risk-Management in India that efficiently empowers small and medium-scale businesses and consumers to make quick and convenient purchase decisions. Founded by former Goldman Sachs Partner Peeyush Misra, he believes cutting-edge engineering is critical to reaching credit seekers in every part of India.

The company makes credit conveniently available and accessible by operating under Protium Finance, Protium Money, and Protium Sakshara, which lend finances to MSMEs, consumers, and educational institutions. It uses proprietary models to assess revenues and growth to equip and empower its customers with financial solutions like secured and unsecured loans up to INR 5 Crores to small businesses in tier 1, 2, and 3 cities and personal loans to the consumer segment.

The availability of credit from traditional banking solutions was a big problem for SMEs. Protium, a full-stack lender with a pan-India branch presence, stepped up to the task of empowering these businesses.

The company aims to ensure that no deserving credit-seeker misses out on a line of credit just because of their location, language, or lack of access to formal institutions.

Castler

Castler is a pioneer in the field of Digital Escrow in India. Founded by Vineet Singh and Dinesh Kumar, both startup veterans in 2020, the company’s endeavour is to build a transaction banking focused escrow banking solution for enterprises, for both domestic and cross-border transactions. It also wants to democratize the escrow product for mass adoption amongst consumers and MSMEs to eliminate fraud.

Castler regulates payment processes between transacting parties. It ensures that the transaction is carried out according to the mutual terms and conditions set by them. The company’s offerings are diverse and can service any industry or use cases for individual buyers, individual sellers, and enterprises.

Castler’s proprietary Digital Escrow Banking Suite provides its clients with a unique ‘Open, Own & Operate’ escrow solution that ensures trust and transparency in every transaction.