Financial inclusion is one of the leading goals of the Indian economy. While traditional methods dominated the banking and lending landscape as recently as 4-5 years ago, the pandemic changed everything. As a result, it’s not uncommon to see even the smallest of traders and vendors have a QR code installed with them.
According to a recent report by Boston Consulting Group, Indian fintech companies have acquired a significant 14% share of global funding in the last five years. The Indian fintech industry expanded at a galloping rate of 20% in this period, leaving behind countries like the US, UK and China. The fintech industry is now creating customised solutions for various verticals such as B2B, SMEs health, savings, investment, payments, insurance, agriculture and travel.
It’s clear that digital banking and cashless modes of transactions are here to stay, and the fintech and lending companies making such solutions will only keep growing in the years to come. Here are five prominent fintech and lending companies that are disrupting the finance market in India:
Protium – Transforming the lending landscape in India
Protium is an Engineering-Driven, Pan-India lending major with over 80 branches in 60 cities across the country and empowers millions of credit-seekers through the power of cutting-edge technology and smarter risk assessment.
A credit and finance solutions company aimed at small and medium-sized businesses, Protium is a game changer in its segment. In a radical departure from the standard model of a fintech, it has adopted an integrated approach to reach its customers by building a strong online and offline presence in the country. Founded in 2019, Protium has serviced more than 5 lakh customers and has disbursed more than INR 3,000 crore in the last two years.
The company makes convenient credit available and accessible through its various sub-units, namely, Protium Finance, Protium Money, and ProtiumSakshara, which lend to MSMEs, consumers, and educational institutions, respectively. It uses proprietary models to assess revenues and growth to customise financial solutions for its customers. Protium has a strong digital and on-ground presence that allows it to understand the needs of its clients better. Based on the requirement of the customer, it offers secured and unsecured loans up to INR 5 crores to small businesses in tier 1, 2, and 3 cities and personal loans to individuals. Website
Siply – Emerging as India’s go-to microsavings app.
Siply is a Bangalore-based tech-enabled micro-savings platform. Siply 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.
Founded in July 2020 by Sousthav Chakrabarty and Anil Bhat, 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.
So far, Siply – India ka Savings app has enabled over 3.2 million users to achieve financial independence through flexible micro-savings and a wide range of reliable investment instruments. Currently, users on Siply have collectively made more than 11 million transactions amounting to a total savings of over Rs 380 crores. The company also launched a Micro-Credit service in July 2021 and has disbursed more than 1.84 Lakh loans for a total volume of more than Rs 185 crores. Recently, the company has also piloted a Gold Jewellery Scheme, a goal-based scheme where users can choose from a range of jewellery items and buy them in instalments for as low as INR 1 whenever they want, without any fixed schedule, and receive 24 Karat BIS Hallmarked Gold coins or Gold Jewellery that’s BIS Hallmarked at completion. Website : https://siply.in/
Castler – Pioneering a new industry in India.
Castler is a pioneer in the field of Digital Escrow in India. Founded by Vineet Singh and Dinesh Kumar, both startup veterans, in 2021, the company endeavours to build a transaction banking-focused escrow banking solution for enterprises for both domestic and cross-border transactions. It also wants to democratise the escrow product for mass adoption amongst consumers and MSMEs to eliminate fraud.
Castler leverages technology, expertise, and innovation to make escrow services more accessible and convenient for enterprises and consumers alike by digitising the escrow process. The platform shields businesses with its dedicated multi-party protection system and different levels of authentication. Around 1 lakh companies in India use escrow accounts, according to industry estimates. Escrow deposits worldwide are worth $100Bn, and the market is poised to grow to $260Bn by 2030.
Currently, the company is the trusted escrow solution for over 150+ enterprises and processes over INR 1000+ crores in transactions every month. The new-age startup has recorded over 6500% growth in GTV in just one year.
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. Website : https://www.castler.com/
Nestegg – Remaingining Wealth Management
Nestegg Wealth LLP is a financial distribution firm that provides investment services to affluent and high-net-worth individuals & families. With an accumulated experience of 70-plus years in the banking and wealth management industry, our team of experts works with each client to determine an appropriate disciplined strategy to grow wealth based on individual goals, preferences, and circumstances.
The company’s vision is to be the financial services provider that defines a great client experience. Their priority is to help clients achieve their financial dreams. With an accumulated experience of 30 years in the banking and finance industry, Nestegg Wealth Management experts work with each client to determine an appropriate disciplined strategy to increase wealth based on individual goals, preferences, and circumstances. Furthermore, as an Independent Financial distributor, Nestegg is free to provide objective services in the best interests of its clients without the potential complications of loyalty to an employer. Website: https://www.nesteggindia.com/
Mswipe – Helping SMEs become Self-Reliant.
Founded by Manish Patel in 2011, Mswipe is a leading financial solutions and digital payments company that provides every retail merchant with an opportunity to digitise their payment methods. From providing portable, yet affordable palm-sized devices, POS options to payment pages, payment gateways, and QR codes, they have brought it all under one roof.
Servicing around 21000 pincodes and 800 cities and towns, Mswipes works with the largest bank networks, insurance companies, and consumer brands to be able to provide their merchants and outlets with full support.
They believe in providing end-to-end customer support with the latest technologies and in-house services. Their vision is to contribute a great deal to the digital revolution of India and make retail stores self-reliant across the nation. Website: https://www.mswipe.com/