Tag: Crediwatch

pexels-tim-samuel-5835315-financial -services-in-india
Business World

Top 5 Startups Fueling Innovative Financial Inclusion Solutions in India

Apr 24, 2021 by Neel Achary 0 Comments #Capital Float, #Crediwatch, #Innovative Financial Inclusion Solutions in India, #Lendingkart, #RevFin, #Top 5 Startups, #WonderLend Hubs

Financial inclusion is considered as a new socio-economic concept in India that strives to revolutionize the dynamism of financial services in terms of cost and affordability. It gives a ray of hope to unbanked and underbanked communities by rendering access to formal financial services. Hence, financial inclusion has the power to put out the solid wave of revolution of growth and prosperity in the country. In this tech-savvy world, there is an imperative need to lubricate the financial system for the betterment of the citizens. In such a scenario, here are 5 startups that are tirelessly contributing in financial inclusion through their innovative solutions –

  1. CrediWatch – Crediwatch (CW) is a digital trust platform that has demonstrated multifarious use cases for the likes of large public sector banks to boutique corporate firms to small-scale industrial units. CW is an industry-defining AI/ML-powered company that operates in the space of business analytics, credit risk intelligence, and insights on businesses. CW is driven by its mission to solve for: 1. Financial inclusion of small and medium enterprises (SMEs) 2. Removing barriers to trade and credit 3. Building trust and transparency in business.
  2. Revfin– Striving to work towards improving financial inclusion in India, RevFin (RevFin Services Private Limited) is an advanced digital consumer lending platform that makes getting a loan convenient and accessible to all individuals. The fintech platform has its own NBFC to issue the loan amount using non-traditional data and the three key techniques – Biometrics, Psychometrics and Gamification.
  3. WonderLend Hubs– Founded by Ram Ramdas, Anusha Jathanna and Rajesh Iyer, serial entrepreneurs and industry leaders with 80 years of cumulative experience across the banking, financial and software sectors, WonderLend offers a credit gateway solution to enable zero-friction credit assessment of the rurban and new-to-credit population, through its B2B2C digital lending hub platform.
  4. Lendingkart– Lendingkart Finance Limited (formerly Aadri Infin Limited), is a non-deposit taking NBFC, providing SME lending in India. The Company aims to transform small business lending by making it convenient for SMEs to access credit easily. The Company uses technology and analytics tools, analyzing thousands of data points from various data sources to assess the creditworthiness of small businesses rapidly and accurately.
  5. Capital Float– Capital Float is the pioneer of digital lending in India. The company leverages technology and big data analytics to deliver innovative credit products to businesses and individuals across the country. Through its proprietary digital loan underwriting and origination expertise, it has been able to deliver financing solutions to vast sections of the economy traditionally underserved by large financial institutions.
News, Technology

Rapid Innovation leading to Disruption: How Fintechs have deployed technology post COVID-19

Dec 30, 2020 by Rekha Nair 0 Comments #Ankit Gera, #co-founder and CEO of Simpl, #Co-Founder and CEO of Smartcoin, #Co-founder of Junio, #Crediwatch, #Founder and CEO, #Founder and CEO of RevFin, #Meghna Suryakumar, #Nityanand Sharma, #Rohit Garg, #Sameer Aggarwal

The economic crisis brought about by the COVID-19 pandemic impacted many small businesses and low-income households. While there is emerging evidence about how COVID-19 has impacted individuals and MSMEs, the financial technology providers that serve these customer segments consequently disrupted their business models by deploying services quickly and efficiently. To mitigate the economic impacts, Fintech companies have well equipped themselves to reorient in times of crisis given their agile nature. The below-mentioned curated list of top fintech companies talk about their preparedness and agility to find solutions:

Meghna Suryakumar, Founder and CEO of Crediwatch – “Unlike most businesses, we’ve grown during 2020, especially after the lockdown. But that is the nature of our business – we enable financial inclusion through digital channels. So our business case has became stronger during the Covid19 pandemic.

With that as context, we’re excited about carrying our momentum into 2021. We are rolling out new products and upgrades. We are also growing as an organisation, so as a business leader I’m looking to build robust processes to enable our scaling up.

2020 has taught us that we need to be prepared for uncertainties that could hit us at any time. Resilience is key to surviving in the volatile world that we’ve come to inhibit, in life and in business.”

Nityanand Sharma, co-founder and CEO of Simpl – “I think one important thing we witnessed in this year’s events is the role agility played. Be it our business, our team or the consumers, what worked in our favour is being able to adapt. We have a world-class team that delivered despite the challenges we faced; we were also one of the first organizations to go remote and thus adapted to the new normal quite early on. Also, open channels of communication with our team and our stakeholders ensured we collectively delivered on our promise. We put the consumer, that is our merchants, at the core of our business to ensure that they were able to extend the best payment experience to their customers. Our team was collectively responsible and owned up their roles.”

“Leadership, agility and communication in our team is what held us through 2020 and are also elements we will be carrying forward to 2021.”

Sameer Aggarwal, Founder and CEO of RevFin – “Covid-19 pandemic has been the biggest disruptor in known living history, having uprooted several businesses. The one big benefit of the pandemic has been that most people have had the opportunity to step back and rethink their plans. Hyperlocal deliveries will be the theme of 2021 as Tier 2 and 3 towns started adopting the concept. Retail and commerce will drive this, but it will also help revive the automobile industry and electric vehicles will become a large industry. There will be a change in budget allocation for enterprises. Every investment will go through a lot of scrutinies from a sustainability perspective. We will see a big shift towards technology investments and digitisation of businesses. Physical features of businesses like office space will see a reduction as teams will adopt flexible working timing and locations.”

“Finally, I would say that organisations will also start taking physical work environment and health and safety of employees seriously, making investments in the space”.

Ankit Gera, Co-founder of Junio – “The pandemic indeed gave us a lot of learnings in the way we do business. It reinforced the fact that in fact Digital is the king and will continue to rule the market going forward from the way we do businesses externally as well as internally. We will focus on amplifying our digital capabilities for operations and also reinforce work from anywhere for our employees.  With customer sourcing and payments moving to online models, it is essential that businesses bring in out-of-the box thinking and innovative approach for sustenance. As a founder, I am now focusing more to develop social capital among our employees, since it is missing at the moment due to working remotely.”

Rohit Garg, Co-Founder and CEO of Smartcoin – 2020 has been a roller coaster ride for startups because of the Covid-19 pandemic. On one hand, the situation hiked a huge demand in the Edtech sector and the burgeoning of new startups has not stopped till now, on the other hand, many companies from travel and tourism sector have laid-off hundreds of their employees because of huge losses in their businesses and many companies even suffered the worst impact of the pandemic resulting in to close their businesses. As for the Microlending sector, it is slowly bouncing back. Since the RBI announced for the companies in the microfinance sector to give moratorium to the borrowers, the repayment rate has been low initially. However, the government’s boost first through TLTR (1 &2) and through AatmNirbhar package has helped bring liquidity to the banking and NBFC sector.

The digitization wave – started by cheap internet/smartphones and accelerated by social distancing- will lead to further adoption of digital BFSI products such as micro-credit,micro-insurance and micro-investments in 2021.

News

5 companies that have helped MSMEs/SMEs to thrive in the year 2020

Dec 17, 2020 by Rekha Nair 0 Comments #Crediwatch, #Lendingkart, #MSMEs, #SmartCoin, #TradeIndia, #Udaan

India’s Micro, Small, and Medium Enterprises (MSMEs) is the second largest in the world and are considered as the backbone of the Indian economy. The pandemic hit the economy and caused liquidity crunch in the market. MSME sector faced the most challenging time due to lack of funds and labour as a result of which a lot of MSMEs had to pause or discontinue their business. The government had taken necessary decisions and addressed these solvency issues by announcing stimulus package and loan moratorium, which has helped the MSMEs to stay afloat in the otherwise difficult times. Apart from this, there are companies that are also lending a helping hand to support the MSMEs and bridging the market gaps.

Crediwatch

Crediwatch is a ‘Data Insights-as-a-service’ company that provides lenders, businesses with actionable credit intelligence on private entities they need to improve trust and increase their lending and trading activity. Crediwatch does this with no human intervention by deploying the latest practical AI and technology tools that provide the most reliable comprehensive real-time inputs.A bank only looks up 200 of data points while considering the decision for a loan. On the other hand, Crediwatch picks up data from 25,000 different points which is the highest in the industry from already existing information in the regulatory framework. The intelligence can further be deployed for risk management and analysis, due diligence and in future can be used for providing ‘TrustScore’ for MSMEs who are new to credit.

Smartcoin

SmartCoin Financials is India’s first fully-automated next-gen Fintech company aiming to address the credit requirements of self-employed micro-entrepreneurs, micro-merchants and middle/lower-income salaried individuals by leveraging advanced data science and Machine Language algorithms. The platform intends to serve the hitherto under-served customers through a comprehensive digital interface across India. SmartCoin aspires to bridge the gap of financial inclusion of ‘Bharat’ by optimizing its state-of-the-art tech-platform and enable credit access for emerging India by arranging “digital collateral” on the basis of user-generated phone data that can effectively reflect user behavior. Its proprietary digital platform adeptly harnesses this alternate source of data to provide instant credit possibilities to the underserved segments of the nation. This newly-found access to formal credit will benefit over 300 million people from the lower end of the socio-economic spectrum by providing them with a slew of empowering prospects that can enhance their lives via financial inclusion.

Lendingkart

LENDINGKART is a fin-tech startup in the working capital space. The Company has developed technology tools based on big data analysis which facilitates lenders to evaluate borrower’s credit worthiness and provides other related services.LENDINGKART Finance Limited (formerly Aadri Infin Limited), is a non-deposit taking NBFC, providing SME lending in India. The Company aims to transform small business lending by making it convenient for SMEs to access credit easily. The Company uses technology and analytics tools, analyzing thousands of data points from various data sources to assess the creditworthiness of small businesses rapidly and accurately.

Tradeindia

Tradeindia is India’s largest online B2B marketplace, connecting buyers and suppliers. Their mission is to help SMEs go Digital. Now more than ever, company is committed to provide SMEs with the resources they need to take their businesses online. As the shift from offline to online accelerates, during these times companies are being asked to do more with less. Tradeindia client Relations team helps SMEs with tools to digitize their business operations and make your business future-ready.

Udaan

Udaan is a Business-to-Business (B2B) ecommerce platform, designed to solve core trade problems for small, medium and large businesses across India. It is the largest such national distribution platform of its kind enabling retailers and businesses to source merchandise from manufacturers, brands, white labels, importers etc. on a single platform. udaan brings to users the power of technology to grow their business.The easy-to-use app gives them the power to BUY & SELL on their terms with secure payments and hassle-free logistics,GROW their network through access to new regions and customers for brands, manufacturers and marketing & sales support for retailers and businesses,DISCOVER customers, suppliers and products across multiple categories, CONNECT directly with sellers and interested buyers to discuss trade.

Business World

These leading Start-ups are helping entrepreneurs of today to strengthen their business

Oct 30, 2020 by Gouri Achary 0 Comments #Crediwatch, #entreprenuer, #HungerBox-, #PrimaDollar, #Shopmatic, #Simpl, #start-up, #Wave

Being a business visionary is an experience of accomplishment. One has numerous tasks to perform and handle on a day to day basis. They need to do an expansive investigation, collection and management for the structure that they are going to present to the new clients. They also need to screen all their records, extensively. With such a huge amount on different work on their plate, 24 hours is not enough. In that case, the adaptable applications that can help us with managing the time and enhance proficiency become essential. Here is a list of 6 Startups that can help entrepreneurs of today can avail to strengthen their business.

Crediwatch– Crediwatch is an AI-enabled platform that provides actionable insights and flexible workflows for seamless credit management and faster lending decisions. Crediwatch does this with no human intervention by deploying AI /ML and NLP tools that use scalable deep learning technologies across disparate digital footprints left by private entities (big and small). The company has partnered with respected financial institutions such as – SBI, Aditya Birla Financial Services, Karur Vysya Bank, RBL Bank, APAC Financial etc. to provide credit intelligence of more than 50 thousand businesses. The company has provided insights on 50,000+ businesses and $7 billion loan portfolio.

Simpl – Redefining the way payments are done in India, Simpl is a mobile application that provides consumers to buy now and checkout in one click with pay later functionality to build trust and provide strong buyer protection. The technology company works with merchants and financial institutions to enable a world where every monetary interaction is effortless and transparent. This helps online retailers give their consumers an exceptional checkout experience and post-transaction customer service. Within four years of going live, Simpl has evolved from mere 5-6 merchants to a network of 1000+ merchants presently. It is now focused on both large e-commerce and offline commerce merchants.

PrimaDollar- PrimaDollar is the leading FinTech player in global trade finance, offering a simpler, quicker and lower-cost trade finance product, needed by exporters and importers globally. With clients already in over 30 countries, PrimaDollar trade finance product is set to become a mainstream option for mid- and large-cap companies, allowing exporters to ship promptly and importers to pay later. Prima Dollar aims to bridge the timing gap involved in international trade.

HungerBox– HungerBox is a leading institutional food tech company which digitizes cafeterias and provides a platform for food vendors to expand their reach. Till date, they have onboarded close to 2400 vendors. With COVID in the picture micro-entrepreneurs have been affected and may possibly need support to stay in the business. Companies like HungerBox give that opportunity to work in an ecosystem and provide the necessary support.

Shopmatic – Shopmatic is a Singapore-based technology firm that provides e-commerce solutions to small businesses and individual entrepreneurs. Launched in 2014 with an objective to empower millions of aspiring entrepreneurs with a digital footprint, the company recently partnered with Singapore-based retail management solutions company Octopus to disrupt the retail market in Asia-Pacific with a suite of services to address the gaps that exist for offline businesses in going online. The synergy is helping local retailers implement an efficient Omnichannel retail management system post establishing their business online.

Equipped with a holistic online and offline ecosystem, these local retail stores are now able to manage their customers, reduce operational costs, synchronize inventory, onboard new customers, and offer loyalty points, etc. Such facilities, supplemented by real-time visibility of sales and staff performance, are enabling retailers to enhance their efficiency and scale up their retail business further. Through such a value proposition, Shopmatic is facilitating an efficient omnichannel ecosystem for Kirana stores across the country, thus digitally empowering them.

Wave- In the event that overseeing invoices is at the apex extensive tasks, entrepreneurs can make it more intriguing with Wave application. This cloud programming and application help business pioneers to make and send altered solicitations, record the salary and costs, send amicable suggestions to other people, filter receipts, get a notice on instalment, etc. Entrepreneurs can even acknowledge card instalment with this application.