India is no longer holding back from leveraging the latest tech to simplify financial Services. With tech-enabled underwriting and paperless transactions, it is now possible to provide tailor-made loans to various merchants as per their industry segments ranging from food and beverage, apparel, salon, travel agencies, automobile dealers, etc. With tech-enabled underwriting and paperless transactions, it is now possible to provide tailor-made loans to various merchants as per their industry segments ranging from food and beverage, apparel, salon, travel agencies, automobile dealers, etc.
However, with access to more data for credit scoring and additional use of non-traditional data points, the new lending models are aiming to increase this threshold by 15 per cent.
Indifi Technologies: Gurgaon-based leading platform, Indifi Technologies enables debt-financing for small businesses. It claims to design and deliver credit products based on the kind of business the SMB does. The platform helps to create an industry-specific credit delivery system in a cost-effective and scalable manner using innovative technology with an increasing focus on Tier II and Tier III cities as well. The company states that it strives to improve access to credit, speed of approval and disbursement, in order to provide relevant collateral-free loans and loan products.
Capital Float: Capital Float is a non-banking finance company (NBFC). It is an online platform that provides working capital finance to SMEs in India. Their mission lies in bridging the current gap in the market with innovative and flexible credit products for SMEs. It offers flexible, short-term loans that can be used to purchase inventory, service new orders or optimize cash cycles.
LendingKart: LendingKart Finance Limited, is a non-deposit taking NBFC, providing SME lending in India. The Company aims to transform small business lending by making it convenient for SMEs to access credit easily. The Company uses technology and analytics tools, analyzing thousands of data points from various data sources to assess the creditworthiness of small businesses rapidly and accurately. The NBFC focuses on the client’s current year’s cash flows and business growth.
Kredx: KredX was built to help businesses achieve their short-term working capital needs by discounting their unpaid invoices (raised against blue-chip companies) to a network of buyers/financiers including banks, NBFCs, wealth managers, and retail investors. The platform helps organizations maintain cash flow by unlocking the cash that is tied up in their invoices. It also offers financiers access to risk-mitigated, high-yield, and short-term investment opportunities that are not tied to the uncertainties of the stock market.