The Digital India movement has led to widespread adoption of digital technology, resulting in a thriving e-commerce sector. Growth trends show that the increase in consumer demand puts companies and brands under pressure from rising input costs. With festive seasons corresponding to high transaction volumes, various upcoming NBFCs and fintech ventures have emerged as trade facilitators. Some of them are:
Yes, finance
Aye Finance is a commercial institution built around the mission of solving the challenges of financing MSMEs and enabling their inclusion in the mainstream of the economy. Aye Finance differentiates itself by creating a tech-enabled process that builds credit insights through a range of available business and behavioral data. This efficient credit assessment coupled with the use of modern workflow automation and a small but committed workforce helps bridge the gap between the MSMEs and organized lending. The cloud computing architecture enables flexibility in the delivery of customer service at an affordable cost. The company also funds its non-profit initiative to mentor MSMEs on market knowledge, business bookkeeping and consulting on operational techniques.
Faircent.com
Faircent is pioneering peer-to-peer lending and borrowing 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 respectively across the categories. Faircent facilitates loans in a fast, 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 fast funding for their financial needs.
FatakPay
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 increase in retail-related activity. This is the time of year when the vast majority of workers in lower income groups seek loans from conventional banks or moneylenders in their respective communities. The vast majority of their applications are rejected by the banks and moneylenders because they have poor CIBIL scores and do not receive special treatment. At this point, they are prone to fall victim to glitches 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 limit that is both safe and secure for workers in companies it partners with, thus providing convenient transactions throughout the festive rush.
Tone Tag
ToneTag is one of the world’s largest hardware-agnostic sound wave technology solutions that disrupt online and offline commerce. The technology enables voice-based authentication and proximity payments that are contactless, frictionless and secure. It offers integrable software that supports any customer mobile device and any POS/invoicing system, to enable voice-based authentication and digital payments. ToneTag’s Plug & Play acoustic omni-channel solution provides businesses and customers with a faster and more autonomous payment, authentication and payment experience with its cutting-edge audio technology.
FidyPay
The most effective feature fintechs offer for payment methods is interoperability. This Diwali, Fidypay is enabling small businesses and merchants across the country to take payments easily by placing QR codes on their premises. Easier mobile-to-bank conversion of the merchant’s device using very simple customizable APIs enables financial inclusion for the general public as well as helping small businesses create more money. Fidypay helps small businesses create additional income with small outlays of capital via services such as Micro ATM. In this way, it helps businesses attract potential customers who can buy through this holiday season.
