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How fintech platform revolutionises business in India

Fintech companies are now gaining a foothold in the business world by simplifying financial operations and other processes with the help of technology. The world sees India as a potential market for fintechs. The country has seen a 59 per cent growth with respect to adoption of fintech products. Currently, India is home to over 3,000 fintech startups. MasterCard decided to invest $1 Bn in India influenced by the country’s tremendous growth in fintech segment.

With smartphone becoming a basic necessity, people from almost all sectors are connected to Fintechs. Many companies have launched their own fintech platform with the help of specialized software.

World’s first hectacon startup, Ant Financial is the top one among fintech companies in the world. Ant Financial is the payment platform of Alibaba.com. The company which was initiated in China in 2014 crossed 75 Bn dollar mark by 2016.

Adyen is a Netherland based company which started in 2006. The company accepts payments from any sales channel in the world. Adyen handles more than 4500 large business payments from online to in-store mode. Adyen’s client base include Microsoft, Facebook, Uber and Netflix.

Chinese credit provider Qudian provides micro loans to students. Launched in 2014, Qudian offers a range of services, including payment installment.

Xero Easy to Use, launched in New Zealand in 2006, is an online accounting software. The automated platform, which can do everything from cash book to bank feeds, invoicing and tax reporting, has over one million subscribers.

Four students of Stanford Business School in San Francisco created the company, Sophie in 2011. Sophie offers student a variety of loans ranging from personal loans to insurance coverage. Today the company has over 30000 members.

Lufax is a Shanghai-based company founded in 2011. The company is supervised by Ping An Group of China. Lufax is a fintech that deals with funding for businesses.

Avant is a US based online learning platform launched in 2012. Avant is committed to helping consumers make transactions at a lower rate and deliver innovative financial products to the market.

US based Oscar is one of the few insurtech companies in the world. Oscar delivers services from insurance to fast paced medical claim processing. Fidelity and Google Capital have invested in Oscar.

Most global fintechs are trying to make their mark as digital payment services in the online platform of most startups in the country. In India, where digital payment industry is booming by day, world sees tremendous market potential in it. Fintechs, who offer their services 24X7 are trying to take over the market by offering AI and Chat-bot services to the customers.

 

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