Demonetization led to Digital India bringing a boost to Financial Technology in our country. According to a global innovation platform MEDICI’s India Fintech Report 2019, India has emerged as the biggest FinTech hub followed by U.S. Wherein Maharashtra is the leading spot for emerging Fintech companies, leaving behind Bangalore and Delhi. Here are the 5 FinTech startups of Mumbai who have grown big after demonetization:
FlexiLoans: FlexiLoans is an online lending platform founded in 2016 with an endeavor to solve the problem that SMEs face in accessing Quick, Flexible and Adequate funds for growing their Businesses. They have raised Rs 45 crore in debt to grow its loan book after their Rs 100 crore investment in last October. After the successful performance of disbursing 10,000 loans in the fiscal year 2019 -20, this Fintech player has targeted to reach its loan disbursement by 10 times this year.
Incred Finance: Mumbai headquartered startup Incred is established in 2016. This lending platform focuses on SME loans, home loans and educational loans, consumer and personal loans. They have adopted data science and technology for the simplified lending process. Recently, they raised Rs 600 crore from a global investor group intending to raise its equity capital.
IndiaIdeas (BillDesk): BillDesk is a Mumbai-based Company founded in 2000 which has been now registered as IndiaIdeas. They deal with electronic payments and collection services for businesses, banks and other institutions. This payment gateway enables payment of utility bills, depository account charges, credit card and ISP charges for some of the large banks, to name a few are HDFC Bank and CitiBank. It has become the latest unicorn with the funding of $84.85mn.
Acko: Acko General Insurance Ltd is an Insuretech startup who received general insurance licensed from IRDAI in 2017. This Mumbai based company offers cashless claims processing with doorstep pickup and delivery services. They also provide low-cost insurance products such as Ola insurance, bike insurance and third-party car insurance based on data analytics.
Kissht: Kissht (Revamped from Fast Banking) is EMI based purchase loans platform launched in 2015. This Mumbai startup allows users to pay for purchases over time via EMI by offering a line of credit to buyers. Their last funding was of Rs 50 crore by Sachin Bansal, co-founder of Flipkart. At Kissht, they implement an integrated approach with merchants by offering API to them.