What are the fintech companies?
Fintech companies innovate technology and ideas and so provides an alternative e-financial product. Hence, they push the initiative of betterment in the business world.
|The services provided by the Fintech companies||The products offered by Fintech companies are|
List of top Fintech Companies in India
You must have heard the line “Paytm Kro”. Now, the whole of India is following this tagline. Paytm include investors that include Alibaba Group, SAIF Partners, Art Financial and other giant companies. This company, being one of the largest mobile commerce platforms in India, started its operations by providing mobile recharge and utility bill payments.
It provides services that include:
- Mobile recharges
- Utility bill payments
- In-store payments like
- Grocery stores
- Vegetable shops
- Education institution
If you’re in a need of loans, you’ve come to the right place. Finbucket is one of the best India’s neutral online marketplace for instant customized rate quotes on loans and credit cards. It provides an online portal where you can buy loans and credit cards while sitting at home. You can compare different loans offered by different banks from one place only.
Some exceptional services provided by this platform include:
- Finbucket compares the best offers & identify the right lender to deal with.
- You can compare different interest rates offered.
- FinBucket monitored interest rates on daily bases and always remain updated to reflect the latest changes made by the financiers.
- Through FinBucket you can even avail exclusive discounts and deals for huge savings as we have the collaboration with leading financial institutions and banks.
- User reviews can be easily browsed to gain insights on service provided by various institutions.
- You can apply online for the chosen home loan product directly through the FinBucket website.
- Finbucket ensures an end to end guidance from a dedicated customer care team for smoother processing leading to quick disbursal of money.
- You will get regular status updates via emails and SMS for easy processing of your home loan.
- An instant e-approval will be sent to the applicants after successfully submitting his or her personal loan application.
- All personal loan applications submitted with FinBucket are sent electronically to the concerned bank department assuring complete privacy and transparency.
Mobikwik, founded in the year 2009, provides mobile-based digital wallet & payment system. An individual can add money from their bank accounts to this digital wallet and use the money for making easy payments. In 2016, the Reserve Bank of India started providing small loans to consumers as an additional part of their service.
Furthermore, the company launched a lite app for people with older 2G phones and for those who live in an area with poor internet connectivity.
The users of the company are as follows:
- 55 million customer user base and
- 1.5 million merchants using this service.
Moreover, the investments of the company are given below
- The seed money was USD$250 thousand
- USD$45 million to expand its user base was pumped in, on February 2017.
- In May 2016, the company announced a $50 million Series C round, led by Japanese Internet company GMO Internet.
- Taiwanese semiconductor firm MediaTek, along with investors including Sequoia and Treeline Asia, bringing company funding to date to more than $80 million.
4. OPEN – BANK OPEN
BankOpen is a NEO bank, that issues a bank account number and IFSC code. Atom and Monzo bank launched Neo-banking services about 5 years ago. Neo-banks is the one that operates without opening any branches.
Though these banks operate 100% on a digital and mobile platform, yet these systems are 100% novel to the market. Which implies that there will be no end to a traditional bank.
Open provides business banking services that range from banking to invoicing and automated bookkeeping in one place. It is Asia’s first digital banking service that offers a combination of many powerful tools including:
- moving money
- accessing credit.
5. NCPI: National Payments Corporation of India
National Payments Corporation of India is an organization that enables the operation of retail payments and settlement systems in India. The products offered by this corporation are given below:
- NFS (National Financial Switch)
- IMPS (Immediate Payment Service)
- CTS (Cheque Truncation System)
- AePS (Aadhar Enabled Payments Systems)
- UPI (Unified Payments Interface)
- Bharat Bill Payment System
This organization is owned by multiple leading banks in India and is promoted by the Reserve Bank of India.
The 10 promoter banks of NCPI are:
- SBI (State Bank of India)
- PNB (Punjab National Bank)
- Canara Bank
- Bank of Baroda
- Union Bank of India
- BOI (Bank Of India)
- ICICI Bank
- HDFC Bank
- CITI Bank
- HSBC Bank
WealthBucket is an excellent platform to invest in mutual funds. It was established in the year 2018 and has gained traction with the advent and the excellent services provided to the clients. The registered office is in Delhi. The services provided by WealthBucket includes the following:
- WealthBucket is committed to assist their client and customers throughout the mutual funds processing.
- It encourages them at every level and steps towards mutual fund investment.
- WealthBucket projects to render into mutual funds products like Equity Mutual funds, Debt Mutual funds, Large Cap Mutual funds, Small cap Mutual funds, Liquid Mutual funds, balance Mutual funds, Income Mutual funds, Short Term Mutual funds and Multi-cap Mutual funds.
It enables you to become a distributor in mutual funds.
7. BBPS and UPI
BBPS or Bharat Bill Payment System that allows the interoperable and accessible bill payment services to customers. It is done through registered agents and enabled multiple payment modes and provide instant confirmation of payments. Being an integrated payment platform, it creates a single bank-agnostic pitstop for all utility payment.
As the name suggests, Unified Payments Interface is a system built from multiple bank accounts and combining them into a single mobile application. It is done by merging different banking features, seamless fund routing, and merchant payments into one hood.
The process of getting it:
- Bank account
- Mobile number should be linked with the bank account
- Smart phone with internet facility
- Debit card for resetting MPIN
- Download the app for UPI
- Complete your registration online with account details
- Create a virtual ID
- Set your MPIN
The requirement to make the transactions:
- Smart phone with Internet facility
- Registration devise only
- Use registration MPIN
- Self- service mode
Cost of transaction:
- Nil cost to most banks
- Customer pays for data charges
- Balance inquiry
- Transaction history
- Send/receive money
- Virtual address
- Account number and IFSC code
- Aadhar (to be made functional)
- Mobile phone number and MMID
- Collect money
- Add Bank account
- Account management
- LazyPay (PAYU)
PAYU launched LazyPay, that is a unique online deferred payment facility for customers. It enables the customer to transfer money digitally for any amount between Rs.500 to Rs.2,500.
This company was found in 2002 and is headquartered in Hoofddorp, Netherland. It is one of the biggest payment service providers in India as of now. And it offers many products, some of them are as follows:
- PCI-DSS certified payment gateway
- An anti-fraud system
- An online- Visa/MasterCard acquirer
Serving 2.3 billion users now, the LazyPay operates its operations in the markets of
- Central and Eastern Europe
- Latin America
- Middle East
The technology developed empowers the users throughout the investments and strategic partnerships. It is used by billion of users and millions of merchants to buy and sell any product online. And so, it extends the reach of payment mechanism all over the world.
- Citrus Payments
Citrus payment provides a digital payment and online checkout processes in India. All you need is an email Id and citrus cube (a personal payments manager that reminds about bill due dates, and helps consumers to pay bills and track them over time).
The client base of Citrus Payments are:
- Fun Cinemas
- Tata AIA
- Sun Direct
This corporation manages 800 million users that uses the services that make digital payments faster, simpler and safer.
Rubique’s proprietary AI based engine and Rubique’s financial matchmaking platform allows customers to find the best match to his/her credit requirement. The credit policy digitization is the secret formula that leads the foundation which brings predictability for all and helps in faster turnaround time.
Some features of Rubique are:
- Bank Statement analysis
- Credit Bureau check
- Credit Memo generation
- MCA integration with real-time application tracking to make it a paperless
Moreover, Rubique provide lenders with
- High-quality fulfillment
- Fraud detection
- Credit decisions engine