Technology has found a home in every industry. In other words, the world can’t operate without it today. Every task, in essence, depends on it. Hence, it is not surprising to see technology paving its way into financial services. Fintechs are creating a revolution by replacing the traditional financial processes.
The world is a wonderful place to live. Every city has its unique history, and Chennai is no exception. It is a thriving and popular Indian metropolitan city with beautiful traditions, incredible architecture, and amazing people. The city, most importantly, is anchored economically and has advanced in sectors such as software development, medicines, finance, hardware manufacturing, and textiles. In terms of start-ups, Chennai has seen massive growth, placing the city in 102nd place on Global startup Ecosystem Index. Thus, in turn, we see a tremendous rise in fintechs too.
We combined a list of fintechs that exists in Chennai. Keep reading to know more!
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Monexo is an RBI-registered P2P lending marketplace for personal loans. It brings borrowers needing credit for businesses, individual needs, and lenders to invest in SMEs. The company operates on a 100% online platform. Recently, they have launched a digital investment app that enables investors to earn 13% per annum on their investments and, in turn, beat inflation. The 13% earnings are two times more than FD returns in any financial institution. “The app also is a way to build credible credit scores by farmers, students, women entrepreneurs and salaried employees with affordable loans.” says company CEO Mukesh Bubna.
DigiMoney Finance, founded by Boobalan Madhavan and Gorav Gupta, is an innovative technology-based fintech and RBI-licensed NBFC lending solution for individuals and small and medium businesses owners seeking private finance, a combination that enhances customer journey. As a company run by professionals from the financial services industries, its mission is to make private financing accessible, 24/7, all 365 days with utmost convenience and speed, making “Lending as a Service”. The exciting fact about DigiMoney is they can disburse a loan in less than 10 minutes. They have processed more than 100,000 loan applications till date. Moreover, their mobile app has more than 100,000 downloads on Google Play. DigiMoney Finance Team has also been recently facilitated by ‘the Honourable Chief Minister of Tamil Nadu Thiru MK Stalin’ in the TN Investor Conclave for their achievement in the Fintech Space.
Finequs (recently rebranded from Finolet) is leveraging technology with leading banks, lenders and financial institutions to provide financial products to every nook and corner of India. The company’s primary work is to make retail outlets as loan enablers. The financial products that they are focusing on are loans, credit cards and insurance, and introducing more financial products in the future. It has 65+ lending partners, concentrating on providing simple and convenient access to credit products for various credit categories. For making an impact in Indian society through Finequs’ financial inclusivity, the Founder and CEO of Finequs, Krishnan Vaidyanathan, has been featured as “The People’s Banker” in Forbes India’s March’21 edition.
Kaleidofin was founded in 2018 by Puneet Gupta and Sucharita Mukherjee, aiming to transform the underbanked customers’ in the informal ecosystem. In the areas of credit, savings, insurance, and investments, it collaborates with financial service providers and applies algorithms to match the best solution to a particular customer’s goal and need. In India, the firm has more than 1.2 million active transacting customers. It has developed a localised and reachable footprint in 230 districts and 14 states in semi-rural and rural areas of the country. In May 2022, Kaleidofin raised $5 million in funding from Bill & Melinda Gates Foundation.
Vivriti Capital is India’s first technology-enabled marketplace founded by Vineet Sukumar that connects institutions, small businesses, and individuals with capital market investors. It is listed with the RBI as a regulated, non-deposit-taking NBFC. The company diversified its portfolio by managing over 250 mid-size enterprises across different industries with an AUM of $730 million. Vivriti Capital is impacting immensely on the mid-market lending ecosystem. As of March 2022, it has bagged $55 million
in funding from its current investors, Lightrock India and Creations Investments
Yubi, previously CredAvenue, is a fintech debt platform for lenders, investors and enterprises which provides a wide range of debt products. The founder and CEO is Gaurav Kumar. The firm is empowering the SMEs on one side, and creating a healthy loan book in the banking ecosystem on the other. It has facilitated more than Rs. 50000 Cr credit, did 100000+ transactions, and 3000+ businesses are active on its platform. It also has more than 2500 investors on board. In March 2022, it secured a Series B funding increasing its valuation to $1.3 billion. And it is on the path to developing a richer and more consistent brand experience for its clients with its recent rebranding.
M2P Fintech, co-founded by Madhusudanan R, Prabhu Rangarajan and Muthukumar A, is a world leader in embedded financial infrastructure and serves as a trustworthy tech layer between banks, aspiring fintechs, and other financial institutions. With various solutions in Payments, Lending, and Banking, M2P products assist banks, NBFCs, and internet businesses in entering the market. They have a market presence in more than 11 countries. They have so far completed transactions totalling $10 billion, formed 500+ fintech partnerships, issued 18% of new credit-linked cards, and signed up more than 4,00,00+ digital merchants for QR and UPI payments.
Northern Arc Capital is a financial services platform that offers a broad range of technologically-based solutions to meet the credit needs of emerging markets and small companies. Ashish Mehrotra was recently appointed as MD and CEO in April 2022. Since the launch of its platform in 2009, the business has collectively raised more than INR 1 trillion for its clients. As of March 2021, Northern Arc’s exposure was dispersed across 657 districts in 28 states and 7 union territories in India. It has given out about 6 million loans to retail consumers, including loans to people, households, and small enterprises. They have impacted the lives of 54 million people and enabled finance worth $95 million. Currently, there are more than 225 client partners and 900+ investors.
For companies that receive and accept payments from their clients and suppliers, Ippo Pay serves as a payment aggregator. It offers comprehensive technology that allows for accepting any kind of payment for both offline and online businesses. Founded by Mohan K and Jai Kumar, the company specifically targets small enterprises, independent contractors, home-based business owners, women entrepreneurs, and merchants in India’s Tier 2 and Tier 3 towns to offer regular support and management in their chosen language. It has onboarded about 75000 merchants, among that 65000 are currently active. It has raised funds worth $2.3 million from Better, Coinbase and Blume.
CreditMantri, founded by Ranjit Punja, Rajasundaram Sudarshan and Gowri Mukherjee, was established to use technology and the internet to transform how credit is handled in India. As the first company on the market to provide a Free Credit Health Check Online, it can obtain the user’s credit report and analyse it online, helping lenders and borrowers better understand each another and leading to effective credit decision-making. The firm currently has more than 12 million active users, 50+ lenders, processed 35 lakh loan applications, and more than 1 million customers improved their credit scores.
Fego was founded by Kumar Srivatsan and Kumar Srikanthan in 2020. It offers an open-finance product stack for developers and businesses, integrating insightful financial experiences and personalising user engagement. With the help of its APIs, companies can construct solutions to connect users’ financial accounts, improve the customer experience, and comprehend users’ financial behaviour across use-cases like lending, KYC, collections, and wealth. It raised seed funding of $1.5 million from its investor in December 2021.
Finsire is a fintech platform that focuses on enhancing and securing salaried people. Additionally, it is a first-of-its-kind lending infratech that reduces downside risks for all stakeholders. The company was founded by Mridul Manhas, Shreyans Nahar and Subramanium Chintamani. By offering loan solutions through their APIs, the company is also transforming non-financial organisations like NBFCs, banks, and non-financial companies into digital financial institutions. Its infrastructure platform with overdrafts is on the mission to reduce reliance on India’s $500 billion informal loan market.
Fundsindia is one of India’s top online investment platforms with nearly Rs. 95000 investment by its 22 L+ investors. Their achievement in being a fast-growing platform reflects in several awards such as the CNBC-TV18 award for Online Advisory, Frost & Sullivan’s Fintech Solution of Year Award, and CII Award for Customer Obsession. The company appointed Girirajan Murugan as CEO in 2019. They are on the mission of developing a new generation of investors and restructuring the investment industry with technology. The reason behind their rapid growth is a collaboration with large companies like Oracle, Facebook, Morgan Stanley, etc., as well as small enterprises like Microstrategy, Talisma, Foliofn, etc., to provide excellent services to their customers.
StuCred is an online platform founded by Henna Jain Tatia and Jaijash Tatia, empowering the students of India by offering quick, short-term and interest-free loans. Till date, over 2 L+ students have used their services, and they have collaborated with 7000+ colleges in the country. Recently, they introduced the StuCred Score feature into the app, designed to track students’ financial behaviour. The students can now evaluate their financial capability and improve their financial habits.
BankBazaar is the largest credit card issuer and online platform to evaluate credit scores for free in India. It has currently over 50 million registered users. It has been the forefront company in providing easy-flowing access to credit in the country, backed by some global businesses as its investors. They are in collaboration with 50+ banks, and they are serving 5,00,00,000+ customers. They won several awards like ICL Best Banking App in 2017-18, Best Fintech in Lending by Business Today 2017-18, and IBR Best Fintech Bank Collaboration 2018-19. According to recent news, “the company is ready to raise funds again”, says CEO Adhil Shetty after the last funding of $6 million is raised from 8 investors, including Amazon.
Backspace Tech, co-founded by Karthick Sivaram V, Praveen Krishna Dev and Vishwanath Vijayan, is a start-up fintech company that provides SaaS-based financial products to solve disputes and chargebacks in UPI and credit card payments. Their main products include IssuerTech, which offers customers a complete solution to raise a chargeback, and AcquirerTech, which matches the needs of Merchants and customers with technology. They are helping to decipher the challenges of issuer banks and acquirer banks through the merging of technology with automation. According to the latest news, Backspace Tech raised funds of $450,000 from many of its investors. They want to expand their product line into lending, disputes and other banking products with the funds they raised.
Oro Corp, headquartered in Chennai, is the fintech platform for achieving the dreams of people through gold loans by partnering with various financial institutions like Federal Bank, Sunita Finlease, Fincare Small Finance Bank, and The New India Assurance Co Ltd. It unlocks the potential value of people’s gold to provide greater access and the right information at the lowest possible cost. You can get instant gold loans with Oro Money offering the highest per-gram gold rate and lower interest rates. At present, the company is able to disburse gold loans to 2000+ people, has INR 100 cr assets under management, is able to save INR 20 cr of interest and expanded its operation in Bangalore, Hyderabad and Pune as well. Oro Safe is another product of Oro Corp, which provides safety deposit locker services, ensuring the utmost safety, privacy and customer experience for people to keep their physical gold. Rakesh Mani is the current CEO and one of the founders of the company. The other founders are Sreekesh Krishnan and Parth Shah.
Habile Technologies is a fintech company that provides technological solutions to financial institutions such as NBFCs, MFIs and Fintechs in 9 countries. Habile’s product, CloudBankin, is a cloud-based SaaS lending platform that handles the complete end-to-end loan origination to the recovery process. Their customers are able to disburse a loan in 7.5 minutes. They have served 35+ clients till date. In fact, DigiMoney is one of their clients. Financial institutions manage their loan portfolio in a paperless manner using their product. Interestingly, the core team members of Habile, Mani Parthasarathy, Rajah, Palanisami Muthusamy, Hariharan Govindraju and Alex Lawrence, passed out from the same college, Madras Institute of Technology, in 2006.
We hope you enjoyed reading about the fintechs in Chennai and learning how they’re changing people’s lives. More fintechs are coming up on the list. If we missed out on any fintech, please share them with us. Don’t forget to stay tuned for more blogs!