Innovative Initiatives by Startups

Y Combinator-Backed Fintech startup Fello led by Manish Maryada has launched Fello 2.0 which offers the customer to save new assets like tax saving mutual funds and fixed deposits in addition to digital gold and P2P, which could offer better returns and bigger rewards. It attracts the customer with the concept of save more to earn more. Lately, the platform collaborated with RBI-registered NBFC Lendbox which offers investors the opportunity to invest in the P2P lending space and acquire up to 12% returns.

Umbo Idtech Private Limited is a fintech platform led by Treasa Mathew, Chiranth Patil, Sorabh Balvirchand Bhandari, and Suvendukumar Shyamsundar Prusty have innovated a product called Riskcovry, which offers omnichannel insurance distribution for its partners and help the customers to build and scale their insurance distribution business across channels, use cases and products. Riskcovry helps with price discovery, product recommendations, and enabling end-to-end omnichannel digital purchase history.

Naffa Innovations Private Limited, by Kumar Abhishek and Vivek K. Singh has crafted an innovative product called ToneTag, which enables seamless human-to-device communication and device-to-device communication. It was procured using sound wave communication technology that connects the payment and the customer automatically completes the process payment and check out without human intervention.

Few agri-fintech companies are booming in India, aiming to uplift the economy by enhancing the agricultural sector. Anil Kumar led Agri-fintech Samunnati bridges the gap of credit facilities between the small farmers and banks or other financial institutions. It is also offering value chain finance, agri value chains, financial services, non-financial services, agricultural finance, and market linkage.

Arjun Ahluwalia and Adriel Manigo founded startup Jai Kishan is another platform which assist the farmers to purchase equipment through small loans like we get EMI with interest rate ranging from 8% to 24%. The record of the data collected will be used to build the credit score of the farmers.

Wrap Up

By harnessing technologies such as blockchain and AI, the fintech sector has revolutionized financial services, boosting their efficiency and accessibility. Though it faced challenges such as unclear regulations and cyber threats, fintech may find it difficult to establish trust but the technological progress is happening so quickly that users' financial aptitude and current laws can't always keep pace. Still, the digital payments and automated investment are among the most noteworthy breakthroughs which are elevating the edifice of business industry.