A lot of fintech players identified the gap of lending to SMEs. Challenge was that a lot of SMEs might not have collaterals in place. Bank records, transaction details, credit history etc. Many SME units have either closed down or are struggling to remain afloat due to this. Here a lot of aspiring entrepreneurs identified the gap and decided to work on technology backbone to empower this major segment in India.
At present, around 20,000 local businessmen or micro-merchants across the country are registered on the ftcash platform. When a merchant is registered with ftcash, they are instantly visible on the app. A customer can search for these merchants on the app and then make the required payment through multiple payment options available on the platform. A micro-merchant now does not require a point-of-sale machine. The merchant sends a simple message to customers’ mobiles with all invoice details, along with a weblink through which customers can make the payments.
Micro-merchants can come on the platform at zero cost, but have to pay a small transaction fee each time they receive payments. This year brand forayed into lending as well. The company has also 10 NBFCs who will be lending on the basis of their cash flow data that we will churn from our platform. Through its platforms, it is empowering a lot of merchants in lesser time and hassle free way.
Rubique is an online marketplace for financial products that provide a technology enabled end-to-end solution to financing needs of Individuals & SMEs. One of the largest financial portals, it offers a comprehensive range of financial products and services from multiple Banks & FIs, through a cutting-edge technology platform. Rubique's unique matchmaking algorithm finds the perfect match for all the borrowers and connects them with relevant Financial Institutions, NBFCs and Banks. Hence in the process, they are digitising the entire lending ecosystem in India
CoinTribe is a leading online loan disbursement platform that provides quick and easy collateral-free loans to small businesses and individuals. It is the only online lending platform which has back-tested its credit model with large banks. CoinTribe exercises an entirely digital loan assessment and ‘decision's process, requires minimal paperwork as well as documentation and involves no application cost for loan delivery through its platform. It has for long been leveraging e-Aadhaar, e-signature, and digitisation of scanned bank statements. Its credit algorithm generates results that match the decisions of financial institutions at a rate of 80 to 85 percent....