5 Fintech Startups Easing The Way SMEs Conduct Their Business

Finance industry tends to be diverse as it caters to many everyone from entrepreneurs to grocery shop sellers, from market advisors to consumers and many others in the process. Fintech startups are successfully tapping all the segments from elite to a lower -income population of India.

With digitization, these organizations are offering services that were never thought would be required before and now gradually becoming the need of the hour. Here are the five fintech startups who are solving untouched problems in the finance ecosystem.

Biz Analyst

Founded in 2016, Biz Analyst is India’s first, secured and most trusted Tally on Mobile App and has grown to become the #1 Tally on Mobile App. Founders Vaibhav Vasa and Mehul Sutariya realized that most entrepreneurs did not have the analytics and insights on what was driving their business positively or negatively.

This gap led them to launch the App which gives access to important business reports from Tally ERP9 anytime/anywhere with real-time information, thus enabling entrepreneurs to always have a bird's eye view on their business and making data-driven decisions.

RXIL

Receivables Exchange of India, is an RBI accredited TReDS (Trade Receivables Discounting System) Exchange Platform. Started as a joint venture between Small Industries Development Bank of India (SIDBI) and National Stock Exchange of India Limited (NSE), RXIL empowers small businesses to realize their growth potential by accelerating MSME collections.

With its innovative digital platform, MSMEs today can auction their trade receivables at competitive rates, through online bidding by financiers, and gain access to capital in less than 48 hours. This helps SMEs with major liquidity problems and puts a healthy cash flow back into their working cycles for smoother runs in their businesses. RXIL has over 1,500 MSMEs on its TReDS platform, along with 400+ corporation and 35 financiers and has discounted over Rs. 3800 crores throughput as of March 2020.

Fintso

Fintso, a Bangalore based fintech startup is a full-service platform, Platform-as-a-Service (PaaS), for independent financial advisors that uses deep tech to provide solutions for addressing the needs of individual financial advisors by enabling them with a digital infrastructure to grow their businesses. Currently, the top 20 organized Wealth Management firms in India manage only 6% of the total individual wallets and majority of the balance is serviced by independent professional advisors.

In order to bridge the gap between financial advisors and end customers while building a robust back-end infrastructure, co-founder Rajan Pathak and George Mitra launched Fintso in 2019. Within 3 months of inception in March 2020, the startup raised $2.6 million in their maiden funding round. The B2B2C platform brings together the best of financial products, back-office tools, client facing front-end and auxiliary tools like financial planning software, etc. all under one roof on a single platform linked through APIs. This not only helps IFAs scale businesses but also enable end customers with more security.

Udaan

Founded by Former Flipkart intrepid trio- Amod Malviya, Vaibhav Gupta, and Sujeet Kumar, Udaan aims to make B2B commerce more convenient and efficient in India by facilitating best quality transactions at low prices. Udaan Capital, the NBFC arm focused on bridging the gap between small retailers with wholesalers and traders by offering SME financing service, financial products for sellers and buyers allowing businesses to grow.

Indifi

Indifi is a digital lending platform created to provide capital loans to small businesses that are neglected by traditional institutions such as banks due to a lack of collateral or finance data to apply for loans. Launched in 2015, this fintech startup analyses the risk capacity through their business data and provides tailored loans to businesses creating the opportunity for them to grow. The approach undertaken by them is hassle-free with less documentation and low costs. Backed by investors such as Accel Partners, Omidyar Network and Elevar Equity, Indify is bridging the gap in the SME financing segment with flexible repayment options for SMEs.