How fintech ventures and NBFCs are helping businesses grow amid festive season
The Digital India movement has led to the widespread adoption of digital technology, which has resulted in a booming e-commerce sector. Growth trends reveal that the rise in consumer demand is putting businesses and brands under pressure from rising input costs. With festive season equating to large transactional volumes, various up and coming NBFC and fintech ventures have emerged as trade facilitators. Some of them are:
Aye Finance is a commercial institution built around the mission to solve the challenges of funding MSMEs and enabling their inclusion into the mainstream of the economy. Aye Finance differentiates itself by creating a technically enabled process that builds credit insights through a variety of available business and behavioural data. This effective credit appraisal coupled with the use of modern workflow automation, and a small but engaged workforce is helping bridge the gap between the MSMEs and organized lending. The cloud-computing architecture enables flexibility delivery of customer service at an affordable cost. The company also funds its non-profit initiative to coach MSMEs on market knowledge, business book-keeping and advising on operations techniques.
Faircent is pioneering the peer-to-peer lending & borrowing space with India’s largest RBI-registered NBFC P2P lending platform. Established in 2013, the company has the largest base of pre-verified borrowers and lenders with over 40 lakh and 1.80 lakh users in the categories respectively. Faircent facilitates loans in a quick, transparent, and convenient manner and has already disbursed over 1.5 Lakh business loans to MSMEs, and SMEs till date. The company continues to help businesses grow with quick funds for their financial requirements.
The months of October through December are traditionally holiday months (Diwali and Christmas), and during this time we see a significant increase in borrowing and lending patterns as a direct result of the rise in retail-related activity. This is the time of year when the vast majority of workers in lower income brackets seek out loans from conventional banks or money lenders in their respective communities. The vast majority of their applications are turned down by the banks and money lenders because they have a poor CIBIL score and do not get special treatment. At this point, they are susceptible to being victims of cons and fraudulent apps, which take advantage of the workers’ weakness by charging them very high interest rates. This need is met by FatakPay, which offers an affordable credit line that is both safe and secure to workers of corporations with whom it partners, thus providing convenient transactions throughout the festive rush.
ToneTag is one of the world’s largest hardware-agnostic sound wave tech solutions disrupting online and offline commerce. The technology enables audio-based authentication and proximity payments that are contactless, frictionless, and secure. It offers integrable software that supports all customer mobile devices and any merchant POS / billing system, to enable voice-based authentication and digital payments. ToneTag’s Plug & Play acoustic omni-channel solution gives businesses and customers a faster and more autonomous payment, authentication, and checkout experience with its ground-breaking sound technology.
The most effective feature offered by fintechs for payment methods is interoperability. This Diwali, Fidypay is making it possible for small businesses and merchants nationwide to take payments conveniently by placing QR codes at their premises. Simpler mobile-to-bank conversion of the merchant’s device utilising very simple customizable APIs enables financial inclusion for the general public as well as helps small companies create more cash. Fidypay is assisting small businesses to create additional revenue with little outlays of capital via services like Micro ATM. In this manner, it aids businesses in attracting prospective clients who may purchase throughout this holiday season.