These tech-rich startups are plugging small gaps in the fintech industry

New Delhi: As one of the fastest growing fintech markets in the world, India is home to more than 2,000 DPIIT-recognized fintech startups. The number is growing at a fast pace, with the Indians fintech industry poised to expand its market size by a significant margin to $150 billion by 2025.
Digital payments and other tech-enabled financial services have experienced a major boom during the pandemic.With UPI and other digital payment methods reaching an inflection point, it is expected that these new modes will constitute nearly 65% ​​of all payments by 2026.
New age tech, combined with strategic thinking, has proven to be a tried and tested recipe for success – something that is accurately reflected by the several fintech startups operating in the country. From being just digital wallet providers a few years ago, fintech startups currently have expanded to plug almost all gaps where transactions are involved.
Digital banking solutions provider, NiYO, for example, caters to international travelers by providing financial services on the go. Similarly, Progcap empowers small and medium businesses (SMBs) through its specialized financing and technology products by digitizing supply chains and facilitating access to finance for last mile retailers. Another fintech entrant, Easiloan, through its API-based integration with leading banks and HFCs, offers faster and easier digital processing of customer’s applications, thus empowering them to compare and choose the best shortlisted financial services based on their profile.
“The landscape of Indian fintech has evolved significantly in a very short span of time, spurred by digitalization and a growing awareness among the Indian population,” said Pramod Kathuria, founder & CEO, Easiloan. “This has been accompanied by several government initiatives to facilitate an ecosystem with a nurturing policy environment and an evolving regulatory framework. Technology has had a vital role to play in this growth story, and new emerging technologies will aid the progress of the financial services industry, enabling lenders to better serve borrowers with enhanced products and services that promote financial independence and inclusion.”
On similar lines, CredRight, another fintech venture, has extended its financial services to a largely untapped section – the chit fund subscriber MSMEs. With a mission to bring unsecured loans to SMBs that do not possess sufficient financial footprint, bank transactions or assets to offer as collateral, the company’s digitized process fulfills its customers’ financial needs so that they can focus on their main purpose i.e. running and growing their business.
Ravi Battula, VP, merchant acquiring business, Wibmo – A PayU Company, said, ”Whether fintech, paytech, lending, regtech, or any other buzzword in this industry, it is purely based on technology, and that is a key differentiator that sets every business apart, including banks.”