Top 5 Startups Fueling Innovative Financial Inclusion Solutions in India

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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.
About Neel Achary 21326 Articles
Neel Achary is the editor of Business News This Week. He has been covering all the business stories, economy, and corporate stories.