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Fintech firms such as Instamojo, Upwardly.in and Capital Float are adding new revenue streams to boost their business with the launch of new solutions to address age-old problems faced by individuals, NRIs, and micro, small and medium businesses.
Investment advisory and mutual fund platform Upwardly.in, which has mopped up investments of ₹300 crore within 18 months of launch, has introduced a paperless, online investment platform for NRIs that takes care of the entire process, from getting the KYC done, advising on the best FATCA (Foreign Account Tax Compliant Act) compliant mutual funds to invest in, to tracking and redeeming investments. All that is required from the NRI is a valid PAN card and an NRE/NRO account.
“We have seen rising interest in the Indian debt/equity markets among the Indian diaspora and decided to create the most convenient investment platform for them. We already have customers from 30 countries and expect ₹100 crore in additional investments over the next 12-15 months, driven by demand from North America, the Gulf nations and South-East Asia” said Prateek Mehta, founder CEO of Upwardly.in.
Instamojo, a multi-channel, online payment gateway that has powered payments for half a million small businesses in India, is launching “Free Payments” for all the sellers transacting via NEFT on its platform, where they will not be charged commissions.
Capital Float, which has disbursed ₹4,500 crore in loans to SMEs as of April, has unveiled an app-based consumer finance solution. It helps offer small-ticket size loans with an average loan value of ₹50,000 and tenure of 6-12 months.
“We have partnered with 250 companies across verticals such as education, wellness, vocational training and home furnishings, who offer our solution with no-cost EMI options to their customers at 1,300 points of sale. Our partners have seen sales at their outlets increase up to 40 per cent with our solution” said Sashank Rishyasringa, co-founder of Capital Float.
“Every new fintech product stems from people’s need for low-cost, instant financial solutions,” observed Archit Gupta, founder and CEO of online tax filing firm ClearTax. “The government, too, is eager to promote cashless products and services. This gives fintech start-ups much scope to come up with products that appeal to new-age consumers and reach those from the unbanked regions.”
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