Fintech companies in India have shown exponential growth in funding over the last few years, investments of over $8 bn are evident to reflect the boost to investment opportunities in 2021. Let’s find out more.
The union of finance and technology is what the Fintech companies are built on. Being the torch bearer of advanced technology, financial services offered by Fintech incorporate technology to make financial services more effective, which brings innovation, agility, technology expertise, and set accountability, leading all the factors in the right dimension towards growth.
Most of the Fintech companies are startups with a challenge to discard traditional financial systems, which rely more on manual work and less on digital enhancements.
And one of the major areas where Fintech holds a strong grip is the credit landscape of India. In fact, fintech companies are able to adopt innovative methods and things that no one could ever think of. They are redefining the boundaries for credit facilities for the creditors and the buyers, as all the complex processes can be done through laptops and smartphones.
India has been growing on various facets and the Digital Payments front is one among them. With a monthly stats of over 5.7 BN transactions worth - $2 TN (Total Digital Payments) in September’21. India holds the record of highest real-time online transactions with 25.5 Bn real time payments transactions in 2020, and is getting way ahead from the US, UK and China put together.
However, the Fintech revolution in India started propelling from years of effort by laying a strong foundation towards the development of key enablers by adopting the following essential initiatives:
Financial Literacy, E-RUPI, and India Stack are few other initiatives that supported the growth and promising expansion of the fintech companies.
Fintech industry has brought a revolutionary shift in the way we do our saving, borrowing, and investment of our hard earned money. With the help of digital financial transactions, managing finance became very accessible and feasible. More importantly, the most popular solution ever offered by the Fintech industry is “Digital Lending”, also known as “LendTech”.
The eligibility to get credit has become so smooth, all credit goes to Fintech that has helped the borrowers while borrowing the funds in comparison to the traditional banks.
Fintech companies have offered multiple benefits for the borrowers, especially by simplifying the lending process. Here are some of the major advantages that fintech companies offers in improving the lending process:
Some of the best Fintech Companies In India are growing by improving the practices adopted by traditional banking, insurance, and retail sectors. The major emphasis of these companies is to continuously look up for innovative methods through which they can actively improve in terms of customer needs and the overall lending experience for both the parties involved.