Financial Technology, widely known as Fintech, are firms that specialize in technology growth to support the banking and financial industries. Nowadays, almost all of us use mobile banking for our daily transactions and even bring the banking facilities such as loans, insurance, and EMI calculation, to the comfort of our homes.
Fintech startups play a vital role in bringing these facilities to the ease of our homes. They have changed our economic system and incorporated significant changes to how we make payments. Simultaneously, the way we make payments also brought about a change in how we conduct business worldwide.
This article will talk about many such new fintech startups that are bringing this change in our day-to-day lives.
Zolve
Zolve is a neo-banking startup founded in 2020 and targets migrant workers. The startup currently caters to the India-US corridor, providing immigrants shifting to the US with access to high-limit credit cards, bank accounts, and debit cards based on credit scores in their home country while they were still there.
Zolve aims to be an all-in-one financial service provider with products focused on insurance, loans, and instant remittance.
Hyperface
Hyperface was founded in 2021 in Bengaluru. It is a developer of a card platform that is designed to simplify credit card issuance for fintech and e-commerce firms. It offers its customers SDKs (software development kits) and APIs (application programming interface) to allow them to design credit card programs. This gives them the power to manage their entire experience, from KYC (know-your-customer) requirements to loyalty programs, making sure businesses launch credit card programs in weeks.
Mahila Money
Mahila Money is the digital banking arm of Sheroes, which is a Delhi-based women-only social network. Established in January 2021, Mahila Money offers small business loans and other financial services to female micro-entrepreneurs. The funding does not require any collateral or a co-guarantor, and the entire application process is done online.
Mahila Money has a growing community of women and has partnered with various banks and NFBCs such as Visa, Avail Finance, Transcorp, etc.
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Multipl
Like Hyperface, Multipl is also a Bengaluru-based startup founded in 2020. It provides its users a mobile app to invest their savings in mutual funds and other market instruments.
The fintech startup also partners with various lifestyle brands to provide its customer exclusive offers on travel, bikes, jewelry, home furnishing, career courses, electronics, and many other items.
It also has a loyalty program that offers its customers rewards they get every time they reach a savings milestone, and it is called Mbits rewards, which can be redeemed from various brands such as Amazon, Myntra, and many more.
Conclusion
This list of new fintech startups is aimed to provide you with an insight into the field of finance and make you aware of how these startups are working every day to change the way we make payments and conduct business.
