How fintech startups are helping businesses, investors and the underserved

July 11, 2019

By Team Mint

Here are four fintech startups selected by Mint that gave presentations at the Mint Fintech Summit 2019 in Bengaluru. Edited excerpts:

Providing technology payments solutions

Razorpay is a Bengaluru-based payment solutions company, founded by Shashank Kumar and Harshil Mathur. Established in 2014, the company provides tech payment solutions to more than 350,000 businesses in India. The platform aims to solve basic payment problems faced by the underserved markets by offering a full-stack service including a payment gateway, subscription-based payments, UPI payments, payment links, invoicing and payment collection.

The company recently introduced Razorpay Capital, its new lending arm, and Razorpay X, a neo-banking platform. It claims to have grown by 5X in terms of transactions in the last year and their investors include Tiger Global, Matrix Partners, Y Combinator and MasterCard.

Digital lending now becomes easy

Zestmoney, a Bengaluru-based digital lending startup founded by Lizzie Chapman, Priya Sharma, and Ashish Anantharaman, provides loans to the underserved segment and users without a credit score by underwriting borrowers on alternative credit scoring models.

Zest money offers a pre-approved credit limit to consumers through a digital platform that can be used to shop online and in physical stores across Zest money partners such as Amazon, Flipkart, Myntra, MakeMyTrip, and Xiaomi. Zestmoney has more than 5.5 million consumers and more than 1,000 merchant partners, such as Flipkart, Amazon, MakeMyTrip, and Mi.

Offering better model to support small biz

Xtracap Fintech India, a Delhi-based startup founded by Mohammed Riaz, aims to strengthen the purchasing power of small businesses in India by providing them loans specifically focused on working capital.

The platform provides working capital for small retail businesses through a transformational business model that ensures appropriate loan utilization. “The loans taken by small merchants are often used for personal reasons and their cash crunch remains even after borrowing money," said Riaz, chief executive officer, Xtracap Fintech India. “This led us to develop a better model in providing capital to these merchants" he said. The company has 600 customers who have onboarded 1,200 suppliers in the past eight months.

Simplifying the MF investments

Founded in April 2017 by ex-Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww provides an online platform to invest directly into mutual funds.

Bengaluru-based Groww allows users to have direct access to all mutual fund products offered by companies including SBI, Reliance, ICICI, and another top mutual fund. The company has also raised over $7 million so far from investors such as Sequoia, Kairos, and Y Combinator. “There are 200 million people with investable income in India, but only 20 million investors. The only way to bring the next 180 million onboard is by making investing simple’’ said Jain.