FinTech industry is expanding rapidly in India, thus introducing innovations to the loan, payment, stock trading, and credit scoring sectors, and transforming the banking sector. Education, retail banking, nonprofit fundraising, investment management, and some other areas and industries are included in the fintech universe. India recently surpassed China to become Asia's largest financial technology(FinTech) market. India is undergoing a "FinTech Boom" after becoming the second largest fintech hub in the world (behind only the US). Earlier, there were various challenges faced by the client related to the banking system starting from the being unorganized to the multiple level documentation process, geographical and vertical wise constraints. However, the fintech companies have emerged with solutions. Referloan is a young firm established in 2021, established with the vision to solve the root problems pertaining to the loans and credits by providing finances to customers without any hurdles covering PAN India.

Indian Banking Sector is a mix of over so many banks and NBFC and a maximum of them are on a local level. Due to the unorganized system and tedious process, the right person doesn’t get the right solution.

“While I was new in the financial field, I thought about how complex the procedures were. When I started working as a Financial Consultant in 2014, I realized that the finance industry is a very unorganized domain, though there are many digital players and Banks in India. These all challenges encouraged me to start ReferLoan a platform that focused on providing an all around financial solution to the customers/clients by providing the right decisions and solutions”, shares CA. Mohit Rastogi.

ReferLoan has set tremendous benchmarks in the FinTech sector

ReferLoan's main working area is in the financial field which covers almost every financial product like Loans, Credit Card, Insurance, and Investment on behalf of Financial Institutions. ReferLoan has created a platform that is a combination of digital and physical modes. They are using the latest technologies, models, and ideas for these purposes. Since the journey has begun, the company has delivered the best services. “We have covered around 40+ locations around India just within 12 Months’ time period. We have been associated with more than 180 financial Institutions and cover 400+ financial products on behalf of these financial institutions. 6+banking Application Programming Interface (API) has already been incorporated into Refer Loan’s platform”, says Mohit.

ReferLoan has set tremendous benchmarks in the FinTech sector. The company is having many experts from different fields like CA, CS, Advocates, IT Persons, Ex Bankers, Cyber Security experts and more. ReferLoan has started with 1 branch with a staff strength of around 20+ with an association of 20+ Banks/NBFC with just 50+ financial products. By the end of the year 2021, we opened 3 branches with a staff strength of around 350+, 40+ franchisees & an association of 180+ Banks/NBFC with 400+ verticals and 6 Banking APIs.

In a short period, the firm has achieved growth and captured the market with its services. The company sees itself as one of the top fintech in India in the next 4-5 years with coverage of PAN India. They see themselves as a platform where one can find out the right solution and also can earn from their platform through their model anywhere. As the services will reach to the rural India, it will widen the scope for the growth of the company.