All Posts in Fintech

|In: Incubators|Last Updated: | 0 Comments

The Honourable Chief Minister of Andhra Pradesh, Chandrababu Naidu presided over the signing of two significant MoU with fintech multinationals Visa and Thomson Reuters at Mumbai. The milestone represents another firm step by the state government designed to catapult Fintech Valley Vizag as the national and global hub for Fintech innovation.

Also hosting the event were Mr. J. A. Chowdary, Special Chief Secretary and IT Advisor to the AP Chief Minister, Ms. Latha Ayyar, Special Representative for Innovation & IT in the Government of AP & COO, Bharti AXA, Mr. Vijayanand, IT Secretary for Government of AP, Mr. J Satyanarayana, UIDAI chairperson and former IT Secretary, Mr. T.R Ramachandran, Group Country Manager, Visa India & South Asia and Mr. Pradeep Lankapalli, Managing Director, Thomson Reuters South Asia.

The Government of Andhra Pradesh is also hosting the first Fintech Valley Vizag Spring Conference 2017 on March 9~10, 2017. The conference will bring together fintech companies, start-ups, researchers and key government officials who are working in the fintech sector, and will provide opportunities for disruptive business solutions. With a special focus on nurturing start-ups, the conference will also announce the winners of the Fintech Startup Challenge who will receive INR 15 lakh prize and free infrastructure for six months in the Fintech Tower.

Chief Minister Chandrababu Naidu said

Our vision is to create 5 lakh jobs in Andhra Pradesh by 2020 through technology-enabled services. Fintech Valley is a playground for start-ups and innovators. Our aim is to turn Fintech Valley into a global hub by enhancing the fintech ecosystem with mutually beneficial cross border collaborations and relationships. This can lead the way in the technological and financial growth of the nation.

J. A. Chowdary, Special Chief Secretary & IT Advisor to the Chief Minister, Government of Andhra Pradesh added

These MoUs are steps towards converting our vision to reality – of making AndhraPradesh the leader in fintech ecosystem – through Fintech Valley Vizag. Both these companies, Visa & Thomson Reuters, are industry leaders in their space and we are excited to be working with them.

As per the MoU between Visa and Government of Andhra Pradesh, the parties intend to collaborate to develop a robust digital payment ecosystem in Vizag through a multi-level approach that targets several stakeholders.

Through the promotion of awareness campaigns and educational programmes, the MoU sets out to encourage both merchants and consumers to accept and adopt digital payments. To make payments more efficient for businesses, the government is taking Visa’s support to enable digital payments for government and business segments, including the latest technologies in Quick Response [QR] code and Near-Field Communication [NFC]. Visa will also develop a curriculum for government and consumers, including modules to scale financial literacy. By encouraging the use of electronic payments in the city, with a special focus to include traditionally underserved segments, the agreement promises to make Vizag more financially inclusive and accepting of the digital future.

TR Ramachandran, Group Country Manager, Visa India & South Asia, speaking on this collaboration said

Visa welcomes the opportunity to partner with the State Government of Andhra Pradesh on this unique and strategic endeavor. We propose to undertake this initiative as a part of Visa’s global financial inclusion efforts that aim to provide 500 million underserved with a payment account by 2020.

We are committed to bringing Visa’s global expertise, innovations, and resources to make this endeavor a success. With the launch of BharatQR, a global first of its kind low cost payment solution, we hope to rapidly scale up the number of small merchants accepting digital payments. In addition, we hope to implement innovative commercial payment solutions that will accrue significant benefits to the state.

Commenting on the MoU, Pradeep Lankapalli, Managing Director, Thomson Reuters South Asia said

The Andhra Pradesh Government’s vision of transforming Visakhapatnam as the next fintech destination is admirable. As world’s oldest fintech company, with 150 years of financial innovation history, Thomson Reuters will serve as an accelerator in this journey. Our Open platform technology and access to global best practices, will provide the right enablers and expertise to the Andhra Pradesh government as they pursue the goal of building a global fintech hub.

Fintech Valley Vizag is fast becoming the epi-centre of fintech disruption. Since the launch of Fintech Tower, the Andhra Pradesh government has signed thirteen MoUs, of which six are with renowned educational institutions and seven with corporations seeking to disrupt the fintech sector.

The Chief Minister of Andhra Pradesh has offered full support to companies, incubators, facilitators and start-ups, inviting anyone with disruptive ideas to be a part of Fintech Valley, on the edge of innovation. Aiding the state’s efforts to make Vizag a global destination for fintech disruptors and innovators is KPMG, the Knowledge Partner of the Fintech Valley Vizag.

The IT sector in Vizag has achieved an annual turnover of INR 2,000 crore. The city is supported by a robust industrial base and educational infrastructure that is being expanded with the support of innovative start-ups and firms. Additionally, it offers peaceful solace compared to the bustling tech-hubs India otherwise offers, to innovate the future of fintech.

About Fintech Valley Vizag

The Fintech Valley brings together public and private players, state of the art incubators and accelerators, innovation labs, mentorships, angel investors and anyone willing to break free from traditional processes. The self-sustained global Fintech Ecosystem provides more than just access to Fintech and its innovators; it nurtures an oasis in which cyber security, block chain, digital education and research thrive at international standards. For more information, please visit Fintech Valley Vizag

About Spring Conference 2017

Fintech Valley Vizag is Government of Andhra Pradesh’s flagship initiative that brings together industry, academia and investors to innovate, co-create and build the Fintech ecosystem. The Fintech Spring Conference 2017 marks the beginning of this new journey. Spring conference will have CXOs from Fintech companies, start-ups & financial services. For more information, please visit Spring Conference 2017

|In: Fintech|Last Updated: | 0 Comments

MoneyTap, India’s first app-based credit line have announced the launch of ZeroPaper technology, which enables 100% paperless processing of its customer applications.

The MoneyTap and RBL Bank ZeroPaper technology introduces the new e-Sign feature, which eliminates the use of paper for various steps in the customer application and overall credit underwriting process. Eligible customers can download the MoneyTap app to apply and avail their line of credit without ever submitting a single piece of paper or meeting an RBL Bank representative. They can digitally sign relevant documents via an Aadhaar-based e-Sign that is fast, secure & simple.

While a few banks have optimized some parts of their credit application processes, they retain paper KYC formalities with the requirement of wet signatures for loan applications. Coordinating a visit to the customer’s house or office is not only expensive for banks but also one of the biggest sources of hassle and delay in processing the application. Now, customers can comfortably complete the whole process on the app at any time including paperless KYC.

This enables them to go from start to finish in the same day (instead of days or weeks), as compared to manual forms where there are hassles of collection, submission and verification of applicant data. With the help of Aadhaar, ZeroPaper also reduces the chances of fraudsters, which helps to keep a check on counterfeit documents, forged ink signatures and fake identity papers.

Going paperless also means empowering financial institutions with ZeroPaper technology that enables them to drastically cut operating costs. In addition to the app, MoneyTap’s technology includes a cloud-based back-end platform that is 100% compliant with Aadhaar and Bank security regulations while facilitating an efficient, fast and completely paperless processing of customer applications.

ZeroPaper facility is available to all eligible customers of MoneyTap who have their mobile numbers updated on Aadhaar. The MoneyTap app is available on Android Playstore to all salaried employees, living in Pune, Ahmedabad, Vadodara, Gandhinagar, Anand, Bharuch, Delhi NCR, Mumbai, Bangalore, Hyderabad and Chennai. The company is planning to expand to other cities as well in the next few months. There are no extra charges for ZeroPaper.

Kunal Varma, Co-founder, MoneyTap said

This is a huge moment for financial services in India and we are totally excited to be the first to launch ZeroPaper along with the RBL Bank. This will result in a delightful and unparalleled experience for MoneyTap customers that is not yet offered elsewhere in the industry.

Harjeet Toor, Business Head-Microbanking, Cards, Retail and MSME Lending, RBL Bank said

RBL Bank is delighted to collaborate with MoneyTap to bring ZeroPaper into the banking arena, as it makes processes faster and smoother. It will result in significant operational efficiencies and cost savings. More importantly, it will provide customers with a secure and superior banking experience.

Pramod Varma, Chief Architect, Aadhaar said

We firmly believe that in a country with more than 1 billion people on Aadhaar, 220 million SmartPhones and 254 million Jan Dhan Accounts, improvisation in paperless banking and particularly consumer lending is essential to create truly inclusive systems.  MoneyTap’s ZeroPaper can change the way customers access credit in India and make technology ubiquitous with banking.

About MoneyTap

MoneyTap is a Bengaluru-based fintech startup, founded by serial entrepreneurs Bala Parthasarathy, Anuj Kacker & Kunal Varma, who are IIT/ISB alumni. Bala has co-founded multiple startups in Silicon Valley including Snapfish (sold to Hewlett Packard), which he helped grow to 100M users and $300M in revenue. After moving to India in 2007, he volunteered for UIDAI under Mr. Nandan Nilekani before starting AngelPrime in 2011 (now Prime Venture Partners) where he helped create companies like ZipDial (sold to Twitter), EZETap, Happay, etc. Kunal (ex Texas Instruments) & Anuj (ex Airtel & JWT) co-founded Tapstart that grew to 300K users and turned profitable in 2 years. MoneyTap works in very close partnerships with various banks and other financial institutions to make the process painless and on-app. For more details, please visit MoneyTap

|In: Fintech|Last Updated: | 0 Comments

ETInsure from Times Internet, an online insurance platform makes it super simple for anyone to buy the best insurance plan by providing a transparent, easy to understand buying experience. Starting with Car and Two-wheeler insurance, it will offer insurance plans from popular seven insurance companies.

Mukesh Kalra who lead leading Times Internet’s foray in FinTech said

The launch of ETInsure.com is in line with our mission to simplify the financial journey of consumers in India. Insurance is a critical part of this mission as the current experience of buying and owning an insurance policy is cumbersome and riddled with rampant miss-selling from pushy sales agents.

Designed as a mobile responsive website, ETInsure provides a seamless experience whether you are in front of a desktop or on your mobile. You can buy the policy without any paperwork, the policy is issued instantly and the coverage starts within minutes.

Data-led suggestions to help you buy the right policy

By talking to more than 100+ consumers, ETInsure team found that while buying a car or two-wheeler insurance, consumers mostly buy products with lowest premiums, ignoring the fact that lowest priced plans would usually put a very low value to their vehicle. This meant consumers are under-covered & they don’t even realize it until they make their first claim.

ETInsure.com solves this problem by giving a suggested value of the vehicle which takes into account multiple data points such as-the age of the vehicle, buyer preferences, number of quotes, competitive prices etc. Consumers can then customize their quotes with a single click to get the best policy with suitable coverage.

In addition to this, consumers also get data-led suggestions on the type of add-ons they should attach to their policy, which can increase their coverage at a very nominal cost.

Decoding the Fine Print

Another important aspect is the fine print & complex wordings of the policy document, which intimidates and scares most people. ETInsure digitally decodes the terms and conditions of every policy and presents them in simple visuals and easy-to-understand language bringing the much needed clarity. This provides the required confidence to consumers, making the buying experience more positive & worry-free.

Further, once bought, there is an expert team to help the consumer during claim settlements.

Shankar Nath, Principal Officer & Head, ETInsure.com said

We have redesigned and re-engineered the entire insurance stack from the ground up. We are excited to empower our consumers to make informed decisions about their insurance needs, so that they feel positive about their future-as they are well-covered.

Launching with Car and Two-Wheeler insurance, ETInsure.com will soon add Health, Life & Travel Insurance products to its online platform. Do give ETInsure.com a spin and leave your feedback in the comments section…

|In: Fintech|Last Updated: | 0 Comments

These days, young adults in the country have a higher disposable income, and therefore there has been a marked change in the expenditure profile. Products considered as luxuries earlier have now become necessities.

Consequently, demand for consumer appliances is witnessing unprecedented growth. Historically, you had to save for months in order to purchase a high-end refrigerator or a mobile handset. However, this is not the case today as several financial institutions like Capital First offer different financial products, such as personal loans, consumer durable finance, and two-wheeler loans.

A consumer durable loan is available for purchasing products, such as television, music system, mobile phones, laptops, air conditioners, and several other items. In India, almost 11% of such purchases are funded through consumer durable loans. These are 0% interest loans generally available for amounts between INR 8,000 and INR 5 lakh. However, when you apply for a consumer durable loan, you might have to pay a processing fee.

Here are the benefits of consumer durable loans.

Faster processing

If you want to buy any consumer durable product, such as a TV on loan, a consumer durable loan is an excellent option. You may have to pay a small down payment at the time of purchase. The balance amount is divided into Equated Monthly Installments [EMIs]. The repayment can be easily made through EMI’s without the need for a credit card. Additionally, since most lenders like Capital First offer online loan approvals, the entire process is completed quickly.

Affordability

The processing fee for consumer durable loans is nominal. Furthermore, if you receive unexpected funds like a bonus, you may prepay the loan amount since consumer durable loans do not entail prepayment penalties.

The 0% interest scheme is available through tie-ups between the retailers or manufacturers and the financial institutions. In most cases, the manufacturing companies bear the interest costs to encourage higher purchases. This helps you upgrade your lifestyle by purchasing any product on EMI without the burden of interest payment.

|In: Fintech|Last Updated: | 0 Comments

Aeries Financial Technologies Pvt. Ltd, a fin-tech company promoted by serial entrepreneur and private equity investor Mr. V. Raman Kumar made two announcements.

CASHe, India’s fastest loan giving app for young salaried professionals has entered into a strategic sales partnership with India’s largest financial distributor, Andromeda. With this sales collaboration, the customers registered with Andromeda will now have easy access to instant short-term credit facility from CASHe through its multiple loan options ranging from Rs 5,000 to Rs 1,00,000 payable over 15, 30 & 90 days.

CASHe has also partnered with India’s largest mobile payments and commerce firm, Paytm to allow its users to deposit cash transfers from CASHe to their Paytm wallets. With this integration, users of CASHe now have an option to transfer their loan amounts into their Paytm Wallets in part or in full and credit the rest of the amount into their bank accounts. This is an industry-first innovation from CASHe.

Speaking about the Paytm partnership, Mr. V. Raman Kumar, Chairman, Aeries Financial Technologies Pvt. Ltd said

The mobile wallet usage has grown exponentially over the last few years. We are excited with our partnership with Paytm, the leader in digital payments in India. Both CASHe and Paytm stand to gain with this integration. Our easy-to-use mobile application platform will now offer an option for our users to directly credit their loan amounts into their Paytm accounts in parts and the rest can be directly credited in to the bank accounts. With their wallets now funded, our customers can use Paytm to pay for various transactions. The integration with Paytm is in line with our product expansion strategy to continuously innovate and offer benefits to our customers.

Speaking about the Andromeda partnership, Mr. V. Raman Kumar, Chairman, Aeries Financial Technologies Pvt. Ltd said

We are excited to partner with Andromeda, India’s largest financial distributors. Andromeda’s large customer base can now avail loans within minutes on a smartphone. We believe access to quick and easy credit without any collateral and documentation is an exciting proposition for the young salaried professionals. With our partnership with Andromeda, we hope to increase our customer base exponentially.

CASHe provides hassle-free loans with its app enabled documentation & loan disbursal process. Powered by its industry-first algorithm driven credit scoring platform, The Social Loan Quotient [SLQ], CASHe quickly determines a user’s credit worthiness by using multiple unique data points to arrive at a distinct credit profile of the customer. SLQ is transforming the traditional credit rating measurements thereby providing immediate loans to the under-served young professionals who are kept out by traditional credit rating and banking systems. CASHe is completely automated and requires no personal intervention and no physical documentation. The average time taken for a loan to be disbursed is about 8 minutes, subject to proper submission of all documents.

About CASHe

CASHe, a fin-tech product of TSLC PTE. LTD., promoted by Aeries Financial Technologies is as unique as the young professionals it serves. In a smart digital world, CASHe offers millennials quick and easy personal loans through processes that are transparent, innovative and tuned to the times. CASHe utilises sophisticated algorithms and machine learning capabilities to deliver an amazing and improved lending experience to our customers, thereby helping young professionals achieve their financial goals effortlessly. CASHe offers instant transfer of funds for approved applicants. CASHe is currently available on Android and iOS platforms. Click here to know more on CASHe. Download app from Google Play and iOS app store

|In: Fintech|Last Updated: | 0 Comments

MoneyTap, India’s first app-based credit line, has crossed 1,00,000 app installs in three months since launch, becoming the fastest app-based lending start-up to achieve the feat. The company has also lowered minimum salary eligibility to INR 20,000 per month and made the service available to consumers living in shared accommodation.

Since lowering the entry barrier late December 2016, MoneyTap has seen a huge demand from consumers in the lower-middle income group, with average salaries of around INR 22,000 per month and or living with their friends in shared housing.

In the last 20 days, more than 25% consumers who have applied for MoneyTap are in this category. This new category of young consumers, working in public, private or multinational companies in Tier-1 and Tier-2 cities are underserved by the financial institutions and are usually shunned in the absence of credible credit history. MoneyTap realised the need to tap this segment and provide credit line to the eligible shared accommodation dwellers with credible KYC.  This is a significant number of potential customers for MoneyTap.

MoneyTap introduced the concept of a Credit Line [personal line of credit for consumers] for the first time in India when it launched in end of September 2016. “Credit Line” means that the bank will issue a limit of up to INR 5 lakhs, without any collateral or charging any interest.

The credit limit could range from INR 25,000 to INR 5 Lakhs depending on individual credit history. With a patent-pending chat interface, the free app rapidly evaluates the user’s credit in 7-minutes and tells them right then and there the amount they are eligible for. Against this limit, using the MoneyTap app, consumers can borrow as little as INR 3000 or as much as INR 5 lakhs and repay it as EMIs from 2 months to 3 years. Interest is paid only on the amount borrowed and rates can be as low as 1.25% per month. Credit limit also gets automatically topped up as soon as EMIs are paid back.

MoneyTap launched the product in September end with its first banking partner, The RBL Bank. RBL’s technology enables MoneyTap to provide instant decision and instant access to money, 24/7, irrespective of holidays. Though all actions are initiated on the MoneyTap app, per RBI guidelines, all financial transactions such as billing, repayment or withdrawals are directly dealt with the bank using secure APIs. Consumers do not have to hold a bank account or any other account with the partner bank to avail MoneyTap. As an added convenience for shopping needs, a MoneyTap RBL Credit Card is also provided to the user. This is a regular MasterCard Credit Card that is accepted at all locations and for all card purchases – offline and online.

The MoneyTap app is available on Android Playstore to all salaried employees, living in Ahmedabad, Vadodara, Delhi NCR, Mumbai, Bangalore, Pune, Hyderabad & Chennai. The company is continuously expanding across India and will soon be announcing other cities. Qualified customers, after completing the KYC [right from the app with no paperwork involved], will pay a one-time Line setup fee of INR 499 + tax in their first month e-settlement. This includes the cost of issuing the limit for the customer, a free MoneyTap RBL MasterCard and a slew of other benefits. There are no hidden fees or charges and every time the customer chooses to take an EMI, they will be shown the interest & any other applicable charges and the customer will be required to provide explicit consent before borrowing.

Bala Parthasarathy, Co-founder, MoneyTap says

We are humbled by the feedback we have received from our customers and are happy that we have been able to reach a large number of them. Since its inception, MoneyTap’s focus has been to enable easy access to small credit needs. The lower-middle income group in India is largely underserved by financial institutions. It is also a segment which is expanding and in need of credit. With the proliferation of smartphones in every nook & corner of the country, an expanding middle-income group and increasing ability to earn and spend, it will be interesting to see how access to a Credit Line will change their lives.

About MoneyTap

MoneyTap is a Bengaluru-based fintech startup, founded by serial entrepreneurs Bala Parthasarathy, Anuj Kacker & Kunal Varma, who are IIT/ISB alumni. Bala has co-founded multiple startups in Silicon Valley including Snapfish (sold to Hewlett Packard), which he helped grow to 100M users and $300M in revenue. After moving to India in 2007, he volunteered for UIDAI under Mr. Nandan Nilekani before starting AngelPrime in 2011 (now Prime Venture Partners) where he helped create companies like ZipDial (sold to Twitter), EZETap, Happay, etc. Kunal (ex Texas Instruments) & Anuj (ex Airtel & JWT) co-founded Tapstart that grew to 300K users and turned profitable in 2 years. MoneyTap works in very close partnerships with various banks and other financial institutions to make the process painless and on-app. For more details, please visit MoneyTap

|In: Fintech|Last Updated: | 1 Comment

Considering the recent demonetization initiative by the government of India, ToneTag has introduced mobile payments through feature phones. The technology enables anyone with a standard phone to make cashless payments seamlessly without having to download an app or worrying about internet connectivity.

India is home to more than a billion active mobile phone subscriptions with an overall tele-density of 81.18% as of May 2016, according to TRAI. Mobile is the one technology that has permeated across all geographies and strata of the Indian society. Despite this the smartphone penetration in India was less than 30% in early 2016.

Most Indians living in tier II or tier III cities and villages in India have limited access to smartphone based services and mobile internet. Apart from that, according to RBI data, there are 665 million cardholders in India who are served by only 1.24 million POS terminals that accept card payments, majority of which are found in larger stores within urban India. In the wake of demonetization, therefore feature phone users in villages and rural areas are unable to avail digital payments, resulting in a severe cash crunch. There is an immediate need to solve this issue, through accessible solutions.

Though certain technologies such as USSD can be used to transfer funds between feature phones, the solution is not frictionless and there is a steep learning curve to perform these transactions which has affected adoption in India. Also, the digital payment companies have to ensure that this shift to cashless payment is not momentary as a result of demonetization but a long term behavioral shift and the user should not fall back to cash payments post the demonetization effect is normalized. To make digital payments mainstream, the entire experience of making digital payments should be better than paying by cash to bring user stickiness.

ToneTag is built on technology which is frictionless, interoperable and built on an open architecture that enables cashless payments to be made from feature phones. Now a cashless payment transaction can be as simple as making a telephone call, something all feature phones users are adept at doing. This means that small town and rural consumers will become part of the digital payment ecosystem by just dialing ToneTag toll free number 180030101887. They are able to deploy this technology to support the national agenda for financial inclusion and cashless payments.

Mohandas Pai, Vice chairman of Manipal group & a ToneTag investor said

This launch of an open platform to enable feature phone users to access the benefits of a cashless digital economy that’s being driven by our PM’s vision-driving financial inclusion for 70% of Indian phone users.

Arvind Gupta, Fintech Innovator & Co-Founder-DigitalIndiaFoundation said

I think that ToneTag sound-based technology will enable consumers in small towns to go cashless with minimal digital literacy. This will also be a boon in rural India where there is a huge need for accessible and easy to use digital payments to replace cash usage. It is heartening that start-ups such as ToneTag will help bridge the digital divide and enhance financial inclusion among feature phone users.

Kumar Abhishek, CEO of ToneTag said

By enabling feature phones to pay, we are removing hardware costs and the steep learning curve many Indians had associated with mobile payments. With this accessible technology ToneTag is sure to include many into the digital financial ecosystem especially as demonetization has disrupted the formal cash economy.

How the ToneTag technology works

ToneTag’s breakthrough technology uses audio signals or ‘tone tags’ for data exchange between devices. Payment instructions can be transmitted, using a sound signal, through a traditional phone line, without any additional hardware or software requirements. This makes highly inter-operable cashless payments possible from any mobile phone to another phone or computing device.

A feature phone user just needs to call an IVR number and bring the phone close to the merchant’s ToneTag enabled phone or other computing device, that is enabled to accept payments. The merchant will transmit the billed amount and transaction details by sending an audio signal or ‘tone tag’ which is captured on the IVR server.

Security and Compliance

The customer’s unique mobile number serves as the first factor of authentication. The customer then enters a PIN from the dial pad on his/her feature phone, as a second factor of authentication, resulting in an easy and secure cashless payment transaction from a regular feature phone. Processing takes place through IMPS or existing IVR banking infrastructure in real-time. This makes ToneTag the fastest, easiest and most secure solution available in the market for cashless, digital payments, bridging the last mile in financial inclusion.

About ToneTag

ToneTag is a sound based proximity communication provider that enables contactless proximity communication, location based services and customer engagement services among a multitude of other solutions. Backed by Reliance VC among a host of investors, ToneTag has enabled contactless, offline, proximity communication on any device through sound and their team continues to innovate and transform the way devices will communicate with each other in the near future. For more information, please visit ToneTag

|In: startups|Last Updated: | 0 Comments

India’s leading online platform that facilitates SMEs in obtaining working capital loans, Lendingkart Group, has been recognized as one among the world’s top fintech innovators by KPMG and H2 ventures in their prestigious 2016 Fintech 100 Global report. Lendingkart Group’s consistent focus on seamless delivery of quality and hassle-free services in facilitating small business working capital loans, has enabled it to become a part of the celebrated report. It is the only Indian fintech company to be featured thus in the online lending SME space.

The report is distinguished to feature companies that utilize technology to disrupt financial services industry across the world. Currently in its third year, companies from 23 countries worldwide were evaluated and the ones who demonstrated commitment to superior customer experience have been included. Apart from LendingKart Group, some of the other leading fin-tech companies in the world that were featured in this report are Lending Club, Ant Financials (Alibaba Subsidiary), Qudian, Oscar and Lufax.

Harshvardhan Lunia, Co-Founder and CEO, Lendingkart Technologies said

FINTECH100 is one of the most sought after reports in the Fintech space and it is an honor to be a part of the global list. We at Lendingkart Group are committed to eliminate the credit gap that exists in the SME community, and this is an important recognition that reflects on the success we have seen over the last two years. Technology has been the back bone of all we do at Lendingkart Group as we constantly innovate towards a more seamless and automated loan disbursal process. Such accolades keep us motivated to continue the innovation, working our way towards financial inclusion of the MSME space.

Lendingkart Group NBFC provides for working capital needs of Small and Medium-sized Enterprises offering quick and easy collateral-free loans with minimal paperwork. The robust technology platform has helped create a highly operational efficiency model that utilizes over 2200 variables and data points for swift loan disbursement, delivered within 72 hours of complete loan application. Most recently Lendingkart Group was also felicitated with the title of ‘Fastest Growing Company’ by Golden Star Six Sigma Awards.

About Lendingkart Group

Lendingkart Technologies is a fin-tech startup in the working capital space. It has developed technology tools based on big data analytics that facilitates lenders to evaluate borrowers’ credit worthiness. Aadri Infin Limited, a wholly owned subsidiary of Lendingkart Group, is a non-deposit taking NBFC, offering small business loans for SMEs in India. Lendingkart Group 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. To know more, please visit LendingKart