The financial challenges faced by businesses always seem to find their way to the shoulders of business owners. Some of these are the challenges of credit availability, the security of expansion funds, receiving less financing than applied for. Hence, it is always good for business owners to be aware of new ways of unlocking credit.
FinTech can be of great help in dealing with these challenges, particularly to the small business owners. Technology amalgamated with finance helps them unlock money and saves them from the endless struggle of finding finance. Developments in FinTech are helping small businesses survive, get established, and expand. FinTech also provides ease of getting finance to small businesses by giving more options related to funding, payment processing, money transfer, and more.
Here are 6 FinTech platforms that can drive unimaginable business growth which every business owner should know about:
Cashplus is an online business banking provider that offers prepaid Mastercards and digital-only current accounts to startups and small and medium-sized enterprises (SMEs). The best thing about Cashplus is that its business account doesn’t require weeks to open. This especially helps small businesses as it makes them robust to times of urgency and slowdowns.
The account also offers exciting features like APIs and a centralized account management system that enables bosses to keep tabs on employees’ expenses. Another big reason for small business owners to explore this platform is its extremely transparent pricing and low transaction charges.
2. Lendingkart Finance Limited:
Lendingkart is a platform in the working capital space. Its cutting-edge use of technology and tools based on big data analysis, to determine borrower’s creditworthiness and provide other related services, facilitates many lenders.
Lendingkart Finance Limited is a non-deposit taking NBFC that provides SME funding in India. It wants to transform the small business lending market by making it easier for SMEs to access credit. The company uses technologies and analytics tools on wide data sets from reliable data sources to assess whether the business is creditworthy or not.
Iwoca is a platform that offers small businesses easier access to working capital. Iwoca helps small businesses by eliminating the upfront fees, endless delays, punitive demands, and hassle from the equation of working capital finance. Unlike most traditional banks, the application process in Iwoca is quick and easy. The platform is also geared towards making faster and fairer decisions about lending. In our experience of offering pharma ordering app to various healthcare organizations, we have always felt the need to control the working capital in a streamlined manner.
4. Indifi Technologies
Indifi Technologies is a debt-financing platform that offers smooth finance to SMEs with a focus on customer-product fit. Indifi Technologies has the objective of bringing credit solutions to the market that suit the needs of SMEs. This industry verticalization is also customer-centric as it provides unique benefits to the customers in terms of product design.
EbixCash is one of the leading financial exchanges in India. It has a physical experience with a digital backend (Phygital) strategy that combines more than 260,000 physical distribution outlets to an omnichannel online digital platform. EbixCash has an enterprise financial exchange portfolio that establishes its leadership in digital payment solutions, money transfer services, travel, insurance, and corporate & incentive solutions.
6. Funding Options
Funding Options is an aggregator service that was launched in 2012. It is the perfect fit for credit-starved small businesses with around 50 potential lenders, many of which are in the alternative finance P2P space. The company takes great pride in cutting down the time from loan inquiry to approval to about ten minutes.
It achieves this lightning-fast service by making its processes unbureaucratic, fast, flexible, and transparent. With more open banking rules slowly being introduced globally, approval times could be slashed even further.
In conclusion, exploring and knowing about different FinTech platforms helps business owners in planning the finance of their businesses with greater flexibility and security.
Nitin Gupta is a voracious reader and an even passionate writer. Having worked with numerous field sales order booking app and MNCs across the world, he really has very to the point and enthralling insights about the industry and the people working in them.