4 Indian Fintech startups of 2021 that brought a technological revolution to the Fintech space | AFN News

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4 Indian Fintech startups of 2021 that brought a technological revolution to the Fintech space

Posted on December 23, 2021

Today, Fintech is so ubiquitous and many solutions are an integral part of our life. Even traditional laggards like the way lending and borrowing work have been swept away by technological innovation. On the other hand, 2021 has witnessed a transformational change in the payments ecosystem. With this limitless flow of customer inquiries, there is an increase in widespread innovation in payments which, in turn, squeezes the traditional payments market.

The payment system has changed the way we do business. Here are some of the FinTech companies that are making headlines in the FinTech industry and reaching various markets with their unique financial solutions.

  1. ToneTag: Backed by Amazon, Mastercard, 3one4 capital and Amensa, ToneTag is the world’s largest sound wave communication technology platform. This technology uses sound waves to enable contactless, offline, and proximity data communication on any device. With 15 patents filed around the world and multiple grants, this Bengaluru-based company is changing the landscape of payments and transactions in India. Leading this initiative is ToneTag’s Retail Pod, a sophisticated payment acceptance device capable of accepting payments from any phone, basic or smart, working with or without the Internet. One of the key features that makes the Retail Pod a promising prospect is its OTP sound-based authentication, in which the Retail Pod itself authenticates the bank’s incoming OTP and completes the transaction using its technology. Highly secure 3-layer encrypted sound. The simplicity, security and sophistication of ToneTag’s Retail Pod have captured the interest of both merchants and consumers; this fact is proven by the 3 10,000 merchants who use it for their daily Peer-to-Peer transactions and the 100 million customers who use ToneTag’s proprietary technology for their daily payments.

Please find attached the technological advance achieved by the firm in 2021 in the FinTech space:

ToneTag has successfully executed offline voice payments through multifunction phones and smartphones in areas with inconsistent internet connectivity, with people not digitally savvy or struggling to use apps for banking or payments, making digital payments a reality for all
With this recognition, ToneTag is now poised to provide voice-based digital payment options to over 600 million first-time multifunction phone users to improve their lives, build businesses and take control of their lives. finances, leading them to digital empowerment.

  1. Eko: Eko, one of the fastest growing fintech platforms in India, empowers a generation of ambitious entrepreneurs to improve their financial health and access to the global economy. Eko helps small entrepreneurs discover income opportunities, digitalization tools, and early access to credit, each designed to meet their needs. Since 2007, Eko has built a technology platform which, at its peak, processed Rs 2,500 Crore through 70 million transactions in a month. Eko has served over 35 million customers through a network of over 2.5 Lakh vendors, with 20% month-over-month growth. These vendors help brands sell their digital products and services and assist their customers with their transactions.

Please find attached the technological advance achieved by the firm in 2021 in the FinTech space:

· Eko has made a foray into the lending ecosystem by creating the “first credit” module for ambitious sellers.

· Eko strives to help them overcome these challenges by working with NBFCs and P2P lending organizations. By providing $ 1 billion in loans with a flexible repayment infrastructure, the company aims to provide affordable capital and AI-backed services to MSMEs, enabling them to instill digital transformation within their operations.

· Eko has started using the ‘micro-credit approach’ in its services and designs them to respond to the same. Its daily repayment infrastructure capability allows sellers to repay loans in part or in full on a daily basis.

· Eko’s model also uses demographics and seller engagement data to drive effective results.

  1. Nivesh: Nivesh is a mobile digital platform that helps distributors of mutual funds and other financial products deepen their penetration in the country using cutting-edge technology. The platform allows distributors to expand their business and attract new customers, who can now be served for different AMCs and thus benefit from improved portfolio performance. This year, the platform recently raised $ 1.6 million under the leadership of the IAN Fund. In 2020, Nivesh was listed in WealthTech100, which is an annual list of the world’s top 100 Wealth Tech companies selected by a panel of industry experts and analysts. The selected companies have been recognized for their innovative use of technology to solve a significant industry problem, generate cost savings or improve efficiency throughout the investment value chain.

Please find attached the technological advance achieved by the firm in 2021 in the FinTech space:

The IAN Fund has supported Nivesh’s forays into insurance with the launch of an insurance platform called Samavesh
Thanks to Samavesh, Nivesh will reach over 3000 PIN codes and partners in around 200 PIN codes
The platform will allow customers to select the right insurance plan after comparing quotes from multiple insurance companies

  1. Capital Float: Capital Float is India’s leading buy it now and credit platform serving a mix of salaried and self-employed people. From providing innovative over-the-counter credit solutions for consumers to financing the business and personal needs of individuals, we are leading the charge in solving the country’s enormous credit problem. Powered by rigorous innovation and technological advancements, and with the acquisition of India’s leading personal finance management application – Walnut in 2018, we are proud to be recognized as a pioneer of the Fintech revolution in India. We passionately serve our clients with cutting edge financial products and strive to help them #BreakLimits. Due to decades of informal lending, a large majority of clients do not have the necessary official documents to be eligible for credit. If they have the prior documentation, they often struggle with the challenges posed by the structural bureaucracy of lending in India. – Meanwhile, due to the country’s gargantuan geographic landscape, several formal lenders are unable to meet the financial needs of clients in Tier 2 and 3 cities.

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