24th July 2020: The pandemic has influenced human life and economies around the world. While it has led to the rise of a ‘new normal’; changing the way of everyday life; it has also led to the progression of innovation at an unprecedented pace. As consumers grow to expect greater customization and personalization of their financial services experience, this new wave has unfolded technological advancements through digitalisation thereby opening up a more expansive vision for financial services. As the economy shifts from “respond” to “recoup”, it has created new avenues for fintechs to come up with new products, acquisition, technologies and initiatives to help ease customer’s woes and contribute towards building a stronger economy.
MoneyTap
MoneyTap is India’s 1st app-based credit line that provides quick, flexible, and hassle-free credit of up to ₹5 Lakh. MoneyTap has been on a phenomenal 4X growth trajectory and has created a loan book of ₹1,500 crore and achieved a disbursal run rate of ₹2,500 crore a year.
In an era of coronavirus which has led to large scale unemployment and layoffs in the country, Bengaluru-based consumer lending startup MoneyTap plans to hire 100 people across technology, data science, operations, customer relations and marketing, with most of the hiring to be at the junior/associate levels. Also in regards to the COVID the company is planning to launch two new products in the Insurance and education sector.
InCred
InCred, the new age financial services platform that provides Consumer and MSME loans has moved its needle towards digitising its verification process for safe and convenient loans approvals. The App will simplify the hassle of in-person visits for loan process, verification and approvals. The aim of this initiative is to maintain minimum face to face interactions, instant loan approvals and ensure faster closure.
The pandemic has led to a lot of job losses and pay cuts which have affected manly livehoods, However InCred has done a number of hirings during this period and further looks to expand and grow its business.
ProgCap
Progcap is a financing solutions provider that caters to the credit needs of last-mile retailers. The platform is pluging the credit gap via a mix of technology and supply chain evaluation for credit assessment. Overall, it provides capital and technology solutions to increase the profitability of its customers, manage their cash flows, and help them advance towards a higher growth trajectory. Progcap’s Last-Mile Retailer Finance facility is the first-of-its-kind working capital structure that is addressing the two key pain points. It is focusing on last-mile merchants and leveraging an ecosystem-based approach to identify, approve, and monitor loans.
Karza
The COVID-19 pandemic has given rise to fraudsters, who prey on vulnerable individuals/organizations and seek to exploit this dreadful humanitarian crisis for their own benefit. Organizations will, therefore, need to be vigilant and build robust mechanisms to prevent fraud in these difficult times. Karza Technologies, a B2B software service company where clients integrate Karza’s custom product suite with their core banking systems, using a research-centric approach to understand problems, discover solutions, and design applications to implement them efficiently becoming a one-stop solution for the BFSI industry. The company implements an innovation through the investigation approach and agile product development capabilities to improve and enhance its product suite, with the goals of servicing all its clients’ requirements. The company’s techno-dexterous solutions, unparalleled safety, and ease of integration and use makes Karza the favoured partner for most Banks and NBFC’s in the country today.
WazirX
In an era of coronavirus which has led to large scale unemployment and layoffs in the country. Amidst this time of layoffs and unemployment crypto is creating a landscape of jobs. WazirX and Binance being key players in the cryptocurrency have launched the ‘Polaris’ cryptopreneur initiative. The initiative provides entrepreneurial support to CXOs and tech talents for cryptocurrency and blockchain-related projects. The developers who might have been laid off are getting to build in the space and this initiative will support their entrepreneurship dream. There has been substantial growth in the creation of jobs in the crypto sector.
