Oct. 27, 2021
By Xtracap India
Xtracap Fintech India Pvt Ltd has been named as one of the winners at the global Inclusive Fintech 50 2021 for its contribution to the financial inclusion of underserved small businesses in India.
Sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid & Comic Relief, and with support from Accion and IFC, the Inclusive Fintech 50 initiative is committed to creating a financial sector that enables low and moderate-income populations to build resilience, expand their economic opportunities, and plan for the future. It identifies promising early- stage fintechs driving financial inclusion around the globe through a competitive process led by an independent panel of judges from venture capital, technology, and financial services.
Winners are chosen against the 4 criteria of Inclusivity, Innovation, Scale Potential & Traction. With this recognition, Xtracap India has become a part of 50 transformational, impactful fintechs around the globe.
“It’s great recognition for the hard work our team has put in for the past three years. We have identified invoice financing as the next big fintech disruption and continue to work on the product by apply cutting edge technology” - Mohammed Riaz, Founder & MD, Xtracap Fintech.
Xtracap Fintech, through its products Bridge2Capital and XtracapNEO, is providing ground- breaking inclusive financial services, including data-driven proprietary digital underwriting- based credit, digital savings, affordable insurance and digital bookkeeping, to the underserved small businesses in India. Xtracap also is launching the industry’s first Financial Health Check – a 360 degree deep dive into the financial well-being of a small business
“FHC will allow small business owners to look at the financial flows of their business through a data enriched experience that will allow them to consciously improve on the same. This service will help a lot of Covid-hit enterprises to find their track back to growth” - Mohammed Riaz.
It is a 100% digital user engagement model for financial services – generating local ecosystem efficiency between merchants and traders.
Xtracap has a 20-member core team with specialists in Technology, Risk, Credit, Insurance, Partnership Distribution and Digital. Xtracap has already witnessed 3300+ GST supplier registrations with 22,000+ GST bills and over 55000 repayments amounting to a throughput of $14 million in transaction volume on its platforms. It now plans to grow aggressively throughout India with anchor-led partnerships.