Five Fintech Startups Which Are Changing The Banking And The Finance Sector

The banking and the finance industry have been witnessing a lot of technological advancements. Be it making payments through easier means, walking towards the cashless economy, reducing frauds, banks, and financial institutions have been opening doors to innovations.

There are various startups that are acquired or partnered with financial institutions to create an alliance with the sector. It is interesting to wonder about how startups can do things to remotely work for banks. The startups in no doubt have got the eyeballs of the traditional banks. It has decoupled ban’s basic functions like making payments, transferring money, managing assets, checking if any frauds are done, providing cheaper solutions to its customers.

Here are five fintech startups which are changing the banking and finance sector:

CogNext: It is the first no-code regulatory compliance platform. Using Artificial Intelligence and Machine Learning, it is simplifying and automating regulatory compliance while making it cost-effective for financial institutions. Additionally, it provides robust solutions powered by NLP, Deep Learning, and Predictive Analytics to manage and scale up the credit business of varied financial institutions. Its comprehensive automated platform, Platform X enables financial institutions to remain in control of risks. It works through a fully configurable and scalable technology framework that allows the user to process the customer data and manage the calculations with ease. Also, it enables the user to explore multiple methodologies interactively, empowers them with explanatory power, self-service and traceability.  Powered by Deep Learning and other ML algorithms, the offering streamlines the model workflow of the bank with reduced turnaround time, improved business volumes, and return on assets.

MoneyTap:is India’s 1st app-based credit line that provides quick, flexible, and hassle-free credit of up to ₹5 Lakh at interest rates starting 13% per annum. By making credit accessible to diverse customer segments in multiple cities, MoneyTap is leading the way in revolutionizing consumer lending in the Asian fintech space. It was established in 2015 by Bala Parthasarathy, Kunal Varma, and Anuj Kacker. MoneyTap offers small-medium cash loans, fast mobile credit, competitive interest rates, and flexible EMIs. The company follows strict rules and protocols across all its processes, including collection of KYC details before giving access to credit. With a recent addition of their own NBFC license, and with working in association with only established RBI-Regulated partner banks and NBFCs they continue to stay committed to creating and offering the best-in-class lending products for customers and stakeholders

Razorpay: Razorpay is a payment solution in India that helps companies with its suite of products to receive, process, and disburse payments. It gives access to all payment modes, including JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money, and PayZapp, including credit card, debit card, net banking, UPI, and common wallets. It was started by Harshil Mathur and Shashank Kumar in 2014. Businesses can handle the marketplace, simplify money transactions, receive regular fees, exchange client invoices, and take advantage of working capital loans from a single platform.

CashFree: It is a full-stack payments solution that helps Indian businesses to accept and send money and is used by 50,000+ businesses for vendor payouts, wage payouts, bulk refunds, etc. It is a next-generation payment gateway that is easy to integrate and supports instant refunds. Cashfree is also India’s API banking platform that lets businesses send money round-the-clock and instantly to bank accounts and cards with a simple API that can be integrated with their product, instead of uploading complicated files on their corporate banking portal. Cashfree also offers a split payment solution for marketplaces, a Bank Account Verification API and Auto Collect — a virtual account solution to match inbound payments to customers.

Globsyn 3rd.Life: Founded in April 2017, Globsyn 3rd.Life has developed products and solutions to detect abnormality with respect to cross-border payment transactions. It also helps banks remain compliant with all necessary global SWIFT-related Customer Security Programme (CSP) guidelines and Reserve Bank of India’s SWIFT-related mandates (as published in its February 2019 circular).