The 10 best emerging fintech startups in 2018

™
CXO Standpoint
Crowdfunding- The
current industry,
its trends and growth
Providing Best-in-Class Digital
Credit Solutions to Minimize Cash
and Credit Crunch to Millennials
THE
10BEST
EMERGING
FINTECH
STARTUPS
IN 2 0 1 8
Expert’s View
Emerging Fintech Trends
in India Every Entrepreneur
Should Know About
V. Raman Kumar
Founder, Chairman
www.insightssuccess.in
April 2018

Editorial
ith a population of around 1.3 billion, India is growing in the
WFintech Market. A large percentage of unbanked or under
banked population and the fact that it is a young nation
witnessing high growth in digital penetration make India an exciting global
space. With over half a billion dollars flowing into startups, Fintech
companies in India has grown rapidly in the last three years and the segment
is expected to grow further. Banks and financial institutions have taken note
of this and are actively participating in the ecosystem. The government and
regulators have also taken several initiatives to boost the Fintech network
and offering new opportunities to startups to launch their competitive
services.
A major role in kick-starting the evolution of Fintech in India was played by
offering digital mobile recharges. For a very long time, Indian consumers
used coupons purchased from retail outlets, largely by cash for prepaid
mobile phone recharges. This evolved to digital recharges, which in turn
evolved into digital wallets and usage of wallets for various other commerce
activities. The fact that these new offerings have strongly impacted
consumer behavior has not only attracted attention from more technology
savvy individuals, but also a lot of investments.
An analysis of Indian Fintech startups that have been founded shows that
investments in these firms has grown more and will reach at its peak.
Interestingly, Fintech startups are not limited to mobile wallets. India
currently has over 600 Fintech startups in the space of lending, payments,
InsurTech, blockchain and RegTech. This number is expected to grow
further with initiatives such as focused accelerator programs by local and
regional governments and banks, and funding support by leading corporates
and Vcs.
Innovation in financial services has been growing across the value chain –
from product development, packaging, and delivery, to services.
Technological advancement coupled with commoditization trends has led to
the development of a new crop of nimble firms providing services in each
segment of financial institutions offerings. Fintech startups are redrawing
the traditional approach to banking services. However, the ability of these
startups to match and – in many cases – surpass the offerings and trust the
consumer has built with a bank will be a KPI in the long term.
Overall, India offers a huge market for Fintech that is ripe for disruption.
With rising financial awareness, any startup that comes to India would need
to strike the right balance between their product and the market, invest in
customer education, develop innovative business models and build Fintech
in India.
Approach, Opportunity
and Innovation is the
rise in Fintech Market
Poulami Das

sales@insightssuccess.com
Editor-in-Chief
™
Pooja M. Bansal
Database Management Prashant
Technology Consultant Swapnil Patil
Circulation Manager Vivek
Research Analyst David
Business Development Executives
Sapana, Meera, Tarun, Ajinkya
Co-Editors
April, 2018
Savita PandavArt Editor
Business Development Manager Akansha Garewal
Visualiser Poonam Mahajan
Marketing Manager Dhruv Apte
Picture Editor Alex Noel
Art & Design Director Amol Kamble
Managing Editor
Sachin Bhandare
Co-designer Aparna Vanzul
Poulami Das
Senior Editor Shraddha Deshpande
Shweta Priyadarshini
Corporate Ofces:
Insights Success Media Tech LLC
555 Metro Place North, Suite 100,
Dublin, OH 43017, United States
Phone - (614)-602-1754
Email: info@insightssuccess.com
For Subscription: www.insightssuccess.com
Insights Success Media and Technology Pvt. Ltd.
Off. No. 513 & 510, 5th Flr., Rainbow Plaza, Shivar Chowk,
Pimple Saudagar, Pune, Maharashtra 411017
Phone - India: 020- 7410079881/ 82/ 83/ 84/ 85
Email: info@insightssuccess.in
For Subscription: www.insightssuccess.in
Follow us on : www.facebook.com/insightssuccess/ https://twitter.com/insightssuccess
We are also available on :
Cover Price : RS. 150/-
Copyright © 2018 Insights Success, All rights reserved. The content and images used in this magazine should not be reproduced or
transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission from Insights Success.
Reprint rights remain solely with Insights Success. Printed and Published by Insights Success Media and Technology Pvt. Ltd.

CASHe:
Providing Best-in-Class
Digital Credit Solutions
to Minimize Cash and
Credit Crunch to
Millennials
Finly:
A Comprehensive Cloud-
Based Platform for All
Financial Needs
24
NeoGrowth Credit:
Creating a Positive Social
Impact through Financial
Lending
34
A R T I C L E S
Fin Tech RevolutionFinTech a New Technology
Empowering the Banking and
Financial Services
22
Finance SectorFinTech: Shaping theFuture of Banking
30
COVERSTORY
08

20
Fintech Future
Are Traditional Lenders
Ready for Partnerships
with Fintech Companies?
26
CXO Standpoint
Crowdfunding-
The current industry,
its trends and growth
32
Expert’s View
Emerging Fintech Trends
in India Every Entrepreneur
Should Know About
36
Expert’s Corner
TAKING THE DIGITAL DIVE!
42
New Treands
Vernacular Fintech Apps -
A Step in the Right Direction
C
O
N
T
E
N
T
S
Rubique: Changing
the face of the Indian
ntech industry
40
16
CapitaWorld: Simplify lending
Eequirements for Retail &
Corporate Customers
INTERVIEWWITHINSIGHTSSUCCESS

intech in India is a unique because it is young, growing rapidly, and is fuelled by a large market base. With
Finternet penetration and mobile usage expected to increase rapidly from 53% in 2014 to 64% by 2018, India
provides an attractive market for technology startups. The financial services market in India is largely untapped –
40% of the population is currently not connected to banks and more than 80% of the payments in India are still made by
cash. This untapped Indian Fintech market provides a robust opportunity to significantly increase demand in almost every
category – consumer lending, insurance, trade finance, digital payments and many more. In each of these areas, new
Fintech solutions can help the market to grow significantly.
In the issue of, we have presented the innovation in the arena of Fintech startups, who have accomplished trademark by
providing state-of-the-art fintech solutions and are well-equipped for continuing the fintech startups industries future. All
these companies are persistently overcoming the challenges and modernize the all aspects of the businesses.
Our magazine journey begins with the Cover story; CASHe, which provide immediate short-term personal loans to young
professionals based on their social profile, merit and earning potential using its proprietary algorithm-based machine
learning platform.
We have enlisted; NeoGrowth Credit as a pioneer in lending based on the underwriting of digital payments data. Finly is
delivering India’s first end-to-end cloud-based software to manage all business payments & collection leading to financial
automation. Rubique is a leading fintech player using AI-based technology to empower individuals and MSMEs with
easy and smooth access to finance. ePaylater- India’s leading payment transaction solution provider. DreamWallets
(DW) as a first of its kind online collaboration platform that focuses on the concept of Crowd Funding.DW is a high
energy, creative, and a very diverse community of management experts, musicians, dancers, painters, photographers, and
they are all united by a common passion to empower the community across the globe and transform dreams. ZestMoney
is the fastest way to pay using digital EMI, without the need of a credit card or a credit score. CreditMantri as an India
focused Digital Credit facilitator to leverage the power of technology and the digital medium to empower borrowers and
lenders make efficient credit decisions. Avail Finance provides Indians with an instant online loan app built for them to
have access to fast cash anytime, anywhere. Wealth Direct is an investment Platform which is working on making
financial advice, Financial Planner in Noida Accessible to millions of Indians.
We covered, Interview with Insights Success, Jinand Shah Founder of Capital world gave some insightful views about
digital platform and highlighting the necessity of financial banking sector in current market.
We have also encompassed some insightful CXO’s of, “Crowdfunding- The current industry, its trends and growth”
by Zaheer Adenwala, Co-Founder and CTO of Ketto. “Emerging Fintech Trends in India Every Entrepreneur Should
Know About” by Virendra Singh Ranawat, Co-founder of MySIPonline. “Are Traditional Lenders Ready for
Partnerships with Fintech Companies?” by Monish Anand, Founder and CEO, Shubh Loans. “TAKING THE
DIGITAL DIVE!” By Ayushi Ahuja, Analyst working in Strategy and Operations in ftcash. “Vernacular Fintech
Apps - A Step in the Right Direction” by Samant Sikka, Founder & CEO of Sqrrl Fintech.
So the flip page to gain some insightful knowledge about the current scenario of Fintech Market.
Fintech Solutions can Help the
Market to Grow Signicantly

ProvidingBest-in-ClassDigitalCreditSolutions
toMinimizeCashandCreditCrunchtoMillennials

Fintech startups are challenging
the status quo and offering an
alternative to traditional
banking channels for accessibility to
financial products. Agility and
innovation have set FinTech startups
apart from conventional banks and
financial institutions. Such firms have
“out-of-the-box” business models that
leverage technology to deliver financial
services in a cost-effective, swift and
convenient manner. The potential of
these companies operating in a digital
world surpasses that of a high-touch
bank model in terms of scalability.
Within the digital sphere, fintech
companies can reach the financially
excluded population. This implies that
financial inclusion can be bolstered
through new channels such as mobile
lending wallets. This opportunity to
“uberise” financial services at high
scale and minimal operating costs has
formidable potential—expediting the
V.RamanKumar
Founder, Chairman
Cover Story

economic development of middle-to-
low-income communities.
CASHe, India’s most preferred digital
lending company, recognizes such
concerns and offers instantaneous
short-term personal loans to young
professionals without any hassle that a
typical bank makes them go through.
The company provides personal loans
based on the client’s social profile,
digital footprint, merit and earning
potential using its proprietary
algorithm based machine learning
platform. It is a new-age digital
lending company which basically does
lending based on a sophisticated
algorithm. The mathematical algorithm
finds out the risk of a borrower based
on his social and mobile data
footprints. It examines user’s phone
usage and all data that is available in
the public domain. Its model goes
beyond traditional credit-risk metrics
and assesses the goodness quotient in
the borrower and the ability to repay.
Hence, the company lends to younger
people who are either near- prime or
subprime borrowers with or without
prior credit history.
Presently, CASHe is financing
thousands of Young professionals
across India - it has given loans to
borrowers in all 37 states of India.
Raman Kumar, Chairman of CASHe
proudly said, “We are now two years
old. We’ve got about 1.45 million
millennials who’ve downloaded the
app. We’ve got almost 180,000
customers who have approached us for
loans. We’ve given loans to almost
60,000 of them. 70% of these people
come repeatedly to us. So, we are one
of the fastest Fintech lending
companies in India in this particular
segment. So that really is the
background of the company.”
An Ingenious Leader of the
Organization
An ingenious leader, V. Raman Kumar,
Founded CASHe as a Fintech
Company focused on lending to
salaried millennials in 2016. After
completion of his graduation from St.
Stephens College, he was selected to
Indian Revenue Service while still
doing his Masters in 1984. He then
attended Yale university for his MBA.
He started his first company CBay
Systems Ltd. in 1998 in the US in a
city called Annapolis with offices in
Bangalore and Mumbai. He started his
journey with seven people in the US
office and two people in India. His
dedication has brought the company
from there to a whopping 10,000
people. In 2011, he had 5,000 people in
the US & 5,000 people in India as well.
“We were a global company with
operations across geographies. We had
a listing on Nasdaq as MModal Inc.
And then, I sold the company to J.P.
Morgan’s One Equity Partners for
about 1.1 billion dollars in 2012 in one
if the largest healthcare technology
transactions of that year. Since then, I
have invested in a bunch of businesses
across the globe, including India. I’m
also a private equity investor in private
equity funds, as well as in my personal
capacity.” Raman added.
Raman has won awards and accolades
including Ernst and Young’s
entrepreneur of the year award for
2007 for Maryland.
The Inspiration behind CASHe App
Raman muses about the current loan
system and says, “The current scenario
is that a majority of people falling in
the age group 22 to 36 prefer to use
digital banking than go to brick and
mortar branch offices of a bank.
Earlier, people used to routinely visit
banks for all money and credit, but
now technology has changed the entire
delivery system. Another significant
thing to note is that banks and other
financial institutions approve loans
based on people’s past credit
performance. So, if one has a good
credit rating and is above the decided
threshold, let’s say if it is 750 as per
CIBIL ranking system, the person will
be eligible to get a loan. On the other
hand, if one’s credit score is below
750, the applicant wouldn’t be able to
get a loan.”
He also added, “The main issue here is
young people freshly recruited in jobs
have necessarily no past credit history.
These are the people who hardly ever
check their CIBIL Scores, and many of
them are unaware of credit ratings.
There are a lot of people who have
never taken a loan and have been
supported by their parents in the past.
In most cases, they haven’t really taken
any loan and have used their parents’
credit cards in their times of need. So
how can these people get a loan in
their times of emergency? For
instance, if a young boy or girl gets
CASHe is aboutgiving quick, smart, digitalloanstoyoungworking
peoplewithout allthe hasslestheyexperiencefrom atypicalbank“ “

into a job and shifts/relocates to
Mumbai, and suddenly there’s an
emergency where he/she needs 50,000
rupees. Well, the person has to ask a
friend or seek help from the employer.
This is the scenario that inspired me to
introduce this innovative loan
application - CASHe ”
An Inimitable Service that CASHe
Provides Loans in Eight Minutes
When people requesting a loan from a
bank require many essential documents
such as multiple forms, signatures,
credit rating, address proof and
Security collateral or loan guarantors.
Millennials view this as cumbersome
and unnecessary. Most of the time they
do not avail loans because of this
dysfunctional nature of loan taking
process. CASHe, after thorough market
research realized that the present
personal loan giving system required
disruption - hence they introduced an
app based lending platform using AI,
Big Data and even Blockchain to
digitize the entire loan giving process.
Empowering the Advanced
Technologies to Enhance Clients
Base
For any business to grow bigger and
make a difference to the world, it needs
to have a unique proposition.
Technological leadership in the form of
AI, big data analytics and Blockchain
allows Cashe to predict behavior of
borrowers beyond conventional
metrics. The second most important
thing for any business to be successful
is to address a large market. So India,
with an abundant young population,
the huge contribution of services to
GDP and a predicted growth rate of 8
percent with a disproportionate
contribution from services sector all
make the Indian market a compelling
place for innovative ﬁn-tech solutions
like the one offered by CASHe.
Out-of-the-box Strategy Execution
In a digital world, winning and
retaining young customers hinges on

which deliver a score based only on
historical financial behaviour.
Money-making Ideas for Budding
Entrepreneurs
“An aspiring entrepreneur who applies
creativity to any money-making
endeavour is almost sure to land on
something profitable. They need to
figure out carefully what is the size of
the market they would be serving, what
are the current gaps that needs to be
fulfilled, how much investment will be
needed to market their product. Most
exhaust all their cash flows just by
spending a lot of money to acquire
customers. What they need to really
strategize it how to make their product
disruptive enough for them to grow
exponentially without spending a lot of
money on marketing”. states Raman.
Future Approaches
Over the next month, CASHe
will work towards a full
implementation of its industry-first
distributed ledger technology enabled
smart contracts to support its loan
transactions from origination to pay
off, and will subsequently work toward
its market adoption. CASHe is the first
player in the Indian fintech industry to
adapt this technology in its lending
business. Further product
enhancements will also include
offering loans to professionals who
don’t have a fixed income and also
increase the loan repayment tenures to
cover one and two years.
creating value for them that enhances
the convenience and quality of their
everyday lives beyond mere
transactions.
“The whole concept of new-age digital
lending is quite unique in terms of
giving a young borrower a wow
experience by giving a loan in under
eight minutes without any paperwork,
collateral and the moment he requests
for it over his app, anytime, anywhere.
This is an unbelievable experience for
first time customers.” Raman asserts.
For the young professionals who often
find themselves in complicated
financial situations, this easy-to-use
application is the best way to get rid of
the tedious paperwork and human
interactions. CASHe simplifies their
borrowing experience by taking out the
complexities involved in the taking of
a loan. The user experience is hundred
percent app based, user friendly,
flexible with multiple loan options, and
totally digital. The 8-minute Turn-
Around-Time for loan disbursal,
without the user having to leave their
home, is a unique feature of CASHe.
Besides this, what makes it even more
unique is the proprietary credit
evaluation framework, the Social Loan
Quotient (SLQ), which uses a
combination of Big Data Analytics and
proprietary Artificial Intelligence based
algorithms to evaluate traditional
inputs and the user’s digital footprint to
measure their credit worthiness. The
SLQ determines both the loan amount
and the interest rate charged. SLQ is
both dynamic and forward looking in
nature as it measures a borrower’s
propensity to repay based on currently
available information, as opposed to
traditional credit scoring systems
“
When a loan application is complete in all aspects,
we can give a loan in eight minutes“ “

Read it FirstRead it First
Subscribe today
Global Subscription
Address :
Country :City : State : Zip :
Date :Name :
Telephone :
Email :
1 Year.......... Rs. 2500(12 Issues) .... 6 Months ..... (06 Issues) .... Rs. 1300
3 Months .... (03 Issues) .... Rs. 700 1 Month ...... (01 Issue) ..... Rs. 250
Yes I would like to subscribe to Insights Success Magazine.
Cheque should be drawn in favour of : INSIGHTS SUCCESS MEDIA AND TECH PVT. LTD.
CORPORATE OFFICE
Insights Success Media and Technology Pvt. Ltd.
Ofce No. 513 & 510, 5th Floor, Rainbow Plaza, Shivar Chowk,
Pimple Saudagar, Pune, Maharashtra 411017.
Phone - India: 020- 7410079881/ 82/ 83/ 84/ 85 | USA: 302-319-9947
Email: info@insightssuccess.in
For Subcription: www.insightssuccess.in
™

ManagementCompany Name
Avail Finance
availfinance.in
Ankush Aggarwal
Founder
Avail Finance provides Indians with an instant online loan app
built for them to have access to fast cash anytime, anywhere.
CASHe
cashe.co.in
Mr. V.Raman Kumar
Founder & Chairman
CASHe, which provide immediate short-term personal loans to
young professionals based on their social profile, merit and
earning potential using its proprietary algorithm-based machine
learning platform.
CreditMantri
creditmantri.com
Ranjit Punja
Co-founder
DreamWallets
dreamwallets.com
Nikhil Agrawal
Co-founder, CEO
DreamWallets (DW) as a first of its kind online collaboration platform that
focuses on the concept of Crowd Funding.DW is a high energy, creative,
and a very diverse community of management experts, musicians, dancers,
painters, photographers, and they are all united by a common passion to
empower the community across the globe and transform dreams.
Finly
finly.io
Vivek AG,
Veekshith C Rai
Co-founders
Finly is delivering India’s first end-to-end cloud-based software
to manage all business payments & collection leading to
financial automation.
NeoGrowth Credit
neogrowth.in
Dhruv Khaitan &
Piyush Khaitan
Co-founders
NeoGrowth Credit as a pioneer in lending based on the
underwriting of digital payments data.
Rubique
rubique.com
Manav Jeet
MD & CEO
Rubique is a leading fintech player using AI-based technology
to empower individuals and MSMEs with easy and smooth
access to finance.
Wealth Direct
wealthdirect.in
Vipin Bhutani
Director
ZestMoney
zestmoney.in
Priya Sharma
Co-founder &
CFO / COO
ZestMoney is the fastest way to pay using digital EMI, without
the need of a credit card or a credit score.
CreditMantri as an India focused Digital Credit facilitator to
leverage the power of technology and the digital medium to
empower borrowers and lenders make efficient credit decisions.
Wealth Direct is an investment Platform which is working on
making financial advice, Financial Planner in Noida Accessible to
millions of Indians.
ePaylater
epaylater.in
PRABHU RAM
MD & GROUP CEO
ePaylater- India’s leading payment transaction solution provider.
Brief

C
apitaWorld is a unique fund raising platform,
which is created as a one stop solution for the
financial requirements of not only Fund Seekers
(Individual/ Businessman), but also for Fund Providers
(Banks/ NBFCs/ Other High Net Worth Individuals and
Groups) and Service Providers (CA/ CFA/ CFP/ Investment
Bankers and other finance professionals). In an interview
with Insights Success, Jinand Shah Founder of Capitaworld
gave some insightful views about digital platform and
highlighting the necessity of financial banking sector in
current market.
Please tell us about the journey of your Company from
its initial days, the growth, and its expansion.
Capitaworld platform private limited, established in 2015,
started with a small team of 8 people with a clear focus in
mind to establish a unique digital platform which can
simplify all lending requirements not only for retail
customers but also for some corporate customers. From a
small team in march 2015 to a team of 70 young, dynamic
and enthusiastic team with 5 major departments depicts
growth journey of capitaworld as robust funding platform.
Capitaworld has been now positioned as a technology
platform which can serve digital requirements of
Banks/Nifco in current market scenario and has already tied
up with multiple Banks/Nifco on digital node, not just as a
business provider but also as a white label technology
platform. Capitaowlrd has been now present at national
level in India as well as various Middle East emirates.
Capitaworld has also been awarded second best
technological and innovative product in 2017 by IDRBT
(RBI’s technological and innovation wing). Capitaworld is
amongst first 5 fintech startups across globe which has been
incorporated by Abu Dhabi regulatory lab.
What inspired you to come up with this idea, which
changed the Startup World?
Being a chartered accountant and international CFA, i
always aspired to transform lives of many by disseminating
technological advancement into financial sector. i
previously had been associated with various mid and large
corporates, facilitating their funding requirements and that
is where the ideation of capitaworld happened. there were
lot many human interventions, processes undefined, non-
uniformity in credit decision, manual collection of
documents and longer tats etc. to eliminate all these, i
aspired to develop a digital platform which not only eases
fund seekers life but also banker’s life to help them with
system which facilitates number of tools enabling and
aiding smart credit decision.
Briefly tell us about the CEO/Founder of the company.
Mr. Jinand Shah has more than 11 years of experience
across various segments including Financial Sector,
Manufacturing, Ports & Infrastructure Projects, as well as
Service segments. His expertise includes Commercial and
Financial aspects in relation to large Projects and
handholding the same. Having an excellent academic
career, by Qualifications he is CFA (US), CA (India) Rank
Holder, DISA, Certified in International Taxation –
Valuation – Forex & Treasury (ICAI).
He is the main Founder Promoter behind this idea and has
been actively looking into the automation and digitalization
of Banking Sector and the Financial Industry. His Key role
in CapitaWorld has been to look into overall strategy and
also creation of complete functionalities to ensure
simplified and seamless integration of all verticals and flow
of information in the Platform.
16 | APRIL 2018 |
™
Interview with Insights Success

What are the unique services/ products provided by
your Company?
CapitaWorld is a unique fund raising platform, which is
created as a one stop solution for the financial requirements
of not only Fund Seekers (Individual/ Businessman), but
also for Fund Providers (Banks/ NBFCs/ Other High Net
Worth Individuals and Groups) and Service Providers (CA/
CFA/ CFP/ Investment Bankers and other finance
professionals).
Capitaworld contains all the major products existing in
financial market which is high in demand. The product line
has been bifurcated in to corporate loans as well as retail
loans. The corporate product mainly consists of working
capital, term loan; lap etc. whereas retail loan consists of
home loan, education loan, gold loan, auto loan etc.
capitaworld has devised a unique concept of one form by
filling which the end user gets connected to multiple banks
and nbfc digitally. The customers can track real time the
existing application status along with getting connected to
right banker/s. On other end, bankers get right proposal to
their dashboard as capitaworld has unique service of
filtering the proposals as per the eligibility criteria set by the
bankers. this filters and enables right proposal to get
connected to right bank/nbfc.
The concept of capitaworld has also been backed by various
artificial intelligence based smart features developed by in-
house R&D team of capitaworld which includes, but not
limited to, smart video conferencing module, chat bot,
social profiling etc.
Kindly brief us about your strategies behind those
services/products. If possible, kindly give us a one line
unique quote that best describes your company.
ONE LINER DESCRIBING CAPITAWORLD:
Jinand Shah
Founder
17| APRIL 2018 |
™

A unique Smart Loan Disintermediation Platform and a One
Stop Shop Solution for All MSME and individual loan
Requirements
Key strategy behind launching this product strategy is to
cater to key requirement of Indian loan / credit segment.
The off late focus has also enabled capital for financial
inclusion of micro loans as well which has been top priority
of GoI. capitaworld platform has already developed a
platform which can do smallest of a loan to highest of the
loan amount. there may be banker’s prerogative of having
personal discussion, although capitaworld platform
provides the same service through its platform as well. with
recent association of capitaworld with a well acclaimed due
diligence team, it facilitates the bankers to not just have
digital feel but also gives them the option of physical due
diligence done by capitaworld’s team as well enabling good
foot presence in market across India to facilitate digital
drive in initial phase.
How do you work on your long-term relationship with
your clients?
Client has always been king for capitaworld and there is an
experienced back office team which continously maintains
client relationship. capitaworld system has been designed
specifically keeping the most transparent approach possible
for customers. capitaworld provides the end customers the
right to select the fund provider they feel comfort in and
eradicates all bias possible at human end. capitaworld also
provides client to enlist a list of negative banks if any which
enables customer to deselect the bank he/she does not want
his/her application to go.
as far as system is concerned, capaworld auto saves the last
uploaded data of customer which facilitates them when they
login for their next application, then, most of the data is
auto populated and hence easing customer’s application
process to great extent.
Kindly brief us about the most satisfactory experience
with a client. What kind of game changing services have
you provided to them?
There are 2 major experiences which we would like to
quote here. one where a carpenter applied through
capitaworld for small business loan worth rs.50000 was
able to get the same in 7 working days and second of an
established business unit who got sanction through
capitaworld worth multi-crores. This shows the diversity of
funding requirement which capitaworld could serve in most
effective manner to different segments of society
What challenges have your Company faced on the road
to success? Please share with us the issues a company in
this field generally faces.
The key challenges are the acceptability factor on both fund
seeker as well as fund provider. Initially, it was hard to
make customers understand that the loans can be processed
digitally. similarly, there were testing time when some
bankers were bit hesitant in accepting this newer
technology; but with passage of time we found this
technology being embraced by not just these two sides of
industry but also lot many financial intermediaries which
we term as service providers like DSA/CA have started
using this platform as full time fund facilitating platform.
What are the values and factors that you attribute to,
for your success?
Focused approach, there is a lot much hard work and
dedication by all units of capitaworld but it has been key
focused approach which has kept us afloat amongst
numerous fintechs in country. One more pillar of
capitaworld’s success has been highly experienced and
renowned mentor’s team which capitaworld has, has guided
capitaworld in achieving this current state of success.
What is the greatest strength of your Company? How is
it helping to move forward with the future plans?
Technology advancement and product / policy integration is
the key usp of capitaworld. The exact understanding on
banker’s requirement and accordingly designing the entire
product portfoli enabling right customer to match right
banker has been key USP of capitaworld.
The future plan of capitaworld is to make this platform
highly advanced catering to all bankers’ requirement and
user friendly for end customer.
This can be a stop shop solution for all banks and NBFC as
a white label product apart for all sme, corporate and
individuals for their funding requirement.
18 | APRIL 2018 |
™

Are Traditional Lenders
Ready for Partnerships
with Fintech Companies?
Given the significant interest in fintech globally, and its
ongoing evolution - the word “fintech” is now
officially in Oxford dictionary. The fintech
ecosystem in India has caught up fast with its global peers in
terms of adoption and is expected to reach USD 2.4 billion by
2020.Fintechfirms areundoubtedlyhavingamoment.
Fintech driven alternative lending is the second most funded
and one of the fastest growing segments in the Indian fintech
space. At last count, there were over 20 plus digital,
alternative lending companies, each with their version of the
truth,andprobablyanothertwentyinthestealthmode.
One thing common with most new age lending companies is
that they rightly understand that they have a better chance of
succeeding by collaborating with the existing lenders like
BanksandNBFCs.
Banks and NBFCs have also reciprocated these sentiments
andareactivelytyingupwithfintechlenders.
Howarethesepartnerships faring?
Many traditional lenders are finding it difficult to “let go” and
adapt. They are still second-guessing and in spite of various
tech solutions, they want to “eyeball” physical documents.
Fintech lending is so much more than just another distribution
channel, it’s an opportunity for the banks to reimagine
themselvesdigitally.
As an ex-banker and now a fintech founder, I feel that banking
and NBFC partners have to start by de-learning and adopt
fintech lending truly. Every single process needs to be
challenged, if it’s not adding value then the same must not be
dispensed.OpenInnovationisthecoreofdigitalrevolution.
In their short journey, fintech in India have made credit
process simpler, cost-effective and offer better risk
assessment. However, while partnering with traditional
lenders they are often expected to carry forward their archaic
pre-creditandpostapprovalprocesses.
Someofthegaps which needtobefilledare:
1. Traditional lenders still expect physical business
verifications though there are solutions like work
emailanddomainvalidation.
2. Instead of on-ground visits, use GPS tagging as an
effectivetoolforresidenceverification
3. Application forms and pre-credit documents are often
required in physical format though soft copies are
available.
4. In spite of eKYC facility, physical copies of KYC are
required
5. Most of the existing lenders have not adopted e-
agreements
For traditional lenders, fintech is an opportunity to innovate
and do away with artificially restrictive processes and
documentation that have been embraced by their risk
departments. They must see themselves as a stakeholder in
fintechsuccess.
Traditional lenders have an inherent advantage which fintech
companies don’t have, similarly, fintech companies have
nimblenessandtechnologywhichactsasagreatequalizer.
It’s amatchmadeinheaven.
Fintech lenders also have a responsibility to deliver on their
promises.Aquick look around and all you can hear is big data
and machine learning, it’s all too early and too soon. It would
be wise for them to look to the past and learn some lessons
from traditional banks. Credit grows extremely fast in good
times, but can also contract suddenly and if not prepared, it
maybeoverwhelming.
As an eternal optimist, I am sure traditional lenders like Banks
and fintech firms get better at working together. This is
essentialtoreapthefullbenefitsofinnovation.
Hopefully, these are starting troubles and this partnership will
eventually thrive.All it needs is a real sense of commitment to
re-imaginethebusiness model.
20 | APRIL 2018 |
™
Fintech Future

About the Author
Monish Anand, Founder and CEO,
Shubh Loans. His experience of over 20
years in both technology and banking
domain helped him think a viable
solu on. His brainchild, Shubh Loans
which happens to be India’s leading
mobile lending pla orm, is already
making the loan process simpler and
more transparent for people in India.
Monish’s understanding of the lending
sector and of technological
advancements which cut the clu er can
be traced back to his educa on. In
1992, Monish earned a Bachelor’s
degree in Commerce from DAV College,
Dehradun. He soon enrolled for a
PGDM course and graduated from IFIM,
Bangalore in 1997.
He has held key posi ons in famed
na onal and interna onal organiza ons
such as Ci group, Standard Chartered
Bank, Infosys and Bri sh Telecom. Such
roles gave him exposure to consumer
lending as well as banking technology.
To add to the above, his ﬁrst s nt as an
entrepreneur saw him become the
founder of a BFSI focused BPO in
Bangalore, with an employee strength
of 650 people.
Monish Anand
Founder and CEO
Shubh Loans
21| APRIL 2018 |
™

igital technology provides a low-cost way for
Dpeople in developing countries to send money to
each other, buy and sell goods, borrow and save as
long as the financial-regulation environment is supportive,”
- Bill Gates, Microsoft, Co-Founder
In a developing country like India, the need for the
technological disturbance in the banking as well as financial
sector is really critical as the 19% population of the country
is still unaware of the growing finance and banking
practices. The current financial technology is far more
different than the traditional methods of banking and
financial services, thereby creating its own mark of
innovation and technology. The FinTech startups are
directly providing with the new applications, processes,
products, or business models in the financial industry,
composed of varied complementary financial services.
These services are effective as an end-to-end process with
respect to the internet. The important and trending factors
that govern the startups in the emerging technology related
to banking and financial services are:
Integrated Digital Banking
New start-ups are emerging with the growing economy and
financial sector with various functions that include digital
banking in an integrated manner. Next generation digital
services will create a digital ecosystem that will retain the
existing customers and attract new ones. Integrated digital
banking deals with the partnership of financial services
providing companies and financial technology startups or
other non-traditional market participants to lead to the
FinTech a
New Technology
Empowering
Banking
&Financial
Servicesdigital transformation. The digital-only bank provides end-
to-end services through digital platforms like mobile,
tablets and internet smoothly. Integrated digital banking
itself is a non-segregated banking exercise which will
enhance the customer satisfaction by providing anywhere
anytime banking which is beneficial in cost savings and
time consuming.
Augmented Reality (AR) and Virtual Reality (VR)
“With a sophisticated, learning, voice-powered platform
able to make app usage, including banking apps, more
convenient and user-friendly than ever, the advantages of
branch banking will continue to diminish, with stylish, tech-
heavy branches unable to compete with the ease of access
and scope of emerging digital channels.” - Temenos, a
software company.
Banking and simple transactions with respect to AI-driven
chatbots have already begun. Use of banking bots will
surely be cost effective and beneficial to the customers.
Virtual reality will soon be able to support most banking
queries significantly. Augmented Reality (AR), Virtual
Reality (VR) and Mixed Reality (MR) are the next-
generation computing processes that integrate sensors, big
data, cloud, artificial intelligence (AI), and wearables. This
technology can also be extremely effective in the growing
markets, where customers have a less possibility to visit a
bank.
22 | APRIL 2018 |
™
Fin Tech Revolution

Digital Payments Driving the Financial Inclusions
These are the non-cash transactions made with the help of
digital channels. The digitalization of financial and banking
practices have created an absolute change in the growing
market as per the online and offline purchases are
concerned. These digital payments will bring a revolution
enabling the financial services by replacing classic and
traditional payment methods. The digital payments will put
an end to the cash payments and build trust amongst the
existing users and create new users. This has influenced the
present generation to interact with the mobile wallets, P2P
(person to person) mobile payments, foreign exchange
remittances and real-time payments. Establishment of new
agreements and procedures in traditional ways of banking
and finance is obtained with the help of FinTech financial
services. Digital payments are driving the financial
inclusions and leading the establishment of the digital
infrastructures.
Artificial Intelligence (AI) and Machine Learning
Artificial Intelligence has now reached beyond the human
scale with respect to the FinTech financial services and
banking. Machine learning and AI can process and analyze
a huge amount of information about the users. This
comparison between data and information results in suitable
services/products that customers need which will generate a
high-level customer satisfaction. This will also are allow the
companies to cut costs, automate different types of
processes, as well as boost their bottom line. AI can provide
the FinTech with security. This technology can aid
organizations in identifying potential future attacks,
suspicious transactions, and fraudulent behavior. Machine
learning will reduce the processing times. Also, it will help
in reducing duplicate expenses and human error.
Blockchain Technology, Energizing the Financial
Services
The Blockchain technology is a new innovation for
financial services. It basically allows the users to hold and
make financial transactions in a completely transparent
manner. There is no mediator in between two people
making the financial transaction, and the whole process
becomes easier, cheaper and majorly reliable. This
technology can secure the financial exchange and
transactions of the customers. The Blockchain technology
consists of distributed servers which will help in sharing
information about the customer’s transaction. Blockchain
technology is now energizing the business practices in the
FinTech startups.
“Blockchain technology has the ability to optimize the
global infrastructure to deal with global issues in this space
much more efficiently than current systems.” - Marwan
Forzley, Founder of Align Commerce
The changes in the FinTech technology can bring a great
technology variation and innovation to the world for the
emerging generation. These FinTech companies have
become a genuine alternative for the general public users in
the traditional methods by establishing a new way of
banking system. The FinTech promises better management
of money by making transactions simple and accessible.
The emerging FinTech startups will be able to gain more
user confidence and vastly increase their position in the
future market. This combination of finance and technology
will precisely act as the motor for the markets of the finance
and banking sectors with respect to the emerging FinTech
startups.
23| APRIL 2018 |
™

Finly:
A Comprehensive Cloud-Based
Platform for All Financial Needs
Accounting and Finance professionals are crucial to
driving strategy and future business growth. A
recent survey showed that 52% of business
decision makers agreed that their finance teams can be
entrepreneurial in the way they help the business grow. Yet
31% agreed that their companies vastly underrate
improvements in financial management efficiency.
Manual processes have no place in the future of finance.
These tedious tasks take up too much time and lead to an
uneven workload, long hours, and escalating frustration.
Finance teams end up spending over 65% of their time to
manually carry out their day to day operations leading
towards inefficiency. This is primarily because of 2 reasons:
Excessive dependency on tools like spreadsheets & e-mails
and Payments being an integral part of their operations
remains highly disconnected.
Finly is India’s first end-to-end cloud-based software to
manage all business payments & collection leading to
financial automation. It has been designed by finance
experts to provide CFOs & the management team with real-
time insights into the business’s account payables &
receivables while automating & streamline operations in the
finance department.
With a mission to empower companies develop a proactive
spend culture while providing finance teams with tools and
data that enable them to have real-time insights into their
spends, Finly builds software products that make your work
simpler, more pleasant, and more productive.
The Entrepreneurial Pillars
Serial entrepreneurs Vivek AG & Veekshith C Rai are the
Founders of Finly. It is their second venture, the first one
being MindFree Labs which they successfully exited.
MindFree Labs built applications like MintCoins, a
platform for developers to crowdsource testing of mobile
applications. The platform had over 5 Million Users &
4000 Developers.
Currently, Vivek AG is the CEO, leading product &
technology section whereas Veekshith C Rai is the COO,
leading business & operations. With both the founders
having a technological background, the focus is on
achieving the maximum degree of automation externally
and internally to achieve the highest efficiency.
Vivek focuses on managing the product team and works
actively with Veekshith Rai to automate the sales,
marketing & operation activities leading to a leaner &
technology driven business. All finance processes with
respect to the business are automated with their very own
product Finly.
“The challenges we face are mostly on the recruitment
side, especially with respect to technology related sales,”
says Veekshith. It is challenging to get the right candidate
who fits the culture and has a deep understanding of
technology and finance, while also being able to
communicate and speak the same language as the accounts
team of businesses from various industries. However, Finly
has set up an extensive training process to combat this.
Unique Approaches
It is just 3 simple ingredients which make Finly a far better
option than anyone else in the market: Brilliant Product,
Quality Service & Fun Team to interact.
Finly is designed to work with multiple payment
instruments like VISA Prepaid Cards, Electronic Fund
Transfers, Virtual Accounts etc. All of this comes with the
24 | APRIL 2018 |
™

Finly is a far better option than
anyone else in the market because
of its Brilliant Product, Quality
Service & Fun Team to interact
“ “
maturity of their payments partner EbixCash, who has had 12+
Years of Experience in this payments space. The system is
beautifully designed under the guidance of technology &
finance experts along with top-notch UX/UI designers
simplifying adoption.
Finly has an amazing team who always goes the extra mile in
providing the best of service. They provide support on all
possible mediums enabling customers to get responses to any
of their queries within a maximum of 15minutes. With new
payment technologies being introduced like UPI, they are
working with various banks to update their software without
the business having to worry about upgrading their transacting
processes.
The company is also seeing a lot more mid-sized businesses
transacting with other businesses across the border. They are
working on Blockchain technologies to make the payables &
receivables involved in this process more seamless while
integrating the currently available technologies to facilitate the
same.
Distinctive Services and Solution
Finly has three products automating various aspects of Finance
Processes.
Firstly, they have payments enabled expense management
system, which helps businesses manage their petty cash
expenses, travel expenses, expenses across outlets/branches
etc. This is also enabled with a travel module through which
you can make your travel bookings and automate the expenses
incurred through the same.
Secondly, they have the Vendor Payments systems, which helps
businesses manage, track, report, record & process the
payments to vendors.
Thirdly, the payment collection system allows businesses
to automate the process of collecting & tracking
payments received via NEFT/ IMPS/ RTGS/ Cash or
Cheques.
All these products are designed to help your
management, especially the CFO to have a real-time
insight into all business payments & payment collection.
It would also help the team make strategic decisions
with this data and help to remove all payments related
hurdles as the business scales. All their products
seamlessly integrate in real-time with Tally, SAP,
QuickBooks & other leading accounting systems in the
market.
Moreover, Finly has an API based architecture, which
allows them to let businesses integrate with any other
business system, allowing data to flow seamlessly across
the organization. “This again I would like to point out is
an advantage of implementing Finly, as the finance team
doesn’t have to manually enter all this data into the
accounting system,” says Vivek.
Finly's system is highly flexible and configurable to
adapt to the needs of different industries. They cater to
over 30 different industries. Their experience in
architecting complex scalable products makes this
possible.
Vivek AG, Veekshith C Rai
Co-founder
25| APRIL 2018 |
™

Zaheer Adenwala
Co-Founder
26 | APRIL 2018 |
™
CXO Standpoint

CROWDFUNDING
The current industry, its trends and growth
Zaheer Adenwala is a high-tech Co-Founder and CTO of Ketto- Asia's most visited crowdfunding platform.
Being a mechanical engineer from Drexel University, Philadelphia, he moved back to Mumbai in 2008 and
started his career as a Product Manager @ Affinity, a digital ad network. There he worked on multiple
consumer-facing properties as well as internal products. In 2011, he moved to Media.net which is one of India’s
largest digital ad networks where he was heading a Product team. Most notable products built there was the
Mobile ad suite that contributed 23% of the revenue within 1 year of launch.
In addition to that, he has worked on deploying an Affiliate Management system, CRM, and a host of internal
products. Throughout his career, Zaheer has worked within the multicultural environment, from a large
company to a startup.
Zaheer has known Varun (CEO of Ketto) since his school days. The master of cool energy joined Ketto and its
founding team in 2013. Ketto’s tech department rose to new heights under his guidance and leadership, often
working after hours and hours with no breaks.
In his spare time, Zaheer is an intrepid traveller who enjoys reading books over a cup of coffee and facing the
cognitive challenge of new personal projects.
ABOUTTHEAUTHOR
ith passing years, crowdfunding is becoming popular among entrepreneurs mainly because it’s a great way to
W‘test the waters’ before you actually go big and launch the product/service. You understand your idea’s worth and
where it stands in the industry. It’s actually the crowd telling you what’s working and what needs to be weeded
out - that’s what any entrepreneur wants. So if you’re idea is powerful, we believe crowdfunding is your perfect launchpad.
This encourages people to invest in any particular campaign as per their wish. The range of investment can be from Rs 100 to
lakhs and also the investors varies from campaign to campaign,
We’ve seen how people invest on a couple of promising products on our platform - for example, a tech company called Leaf
Wearables came up with this product for the safety of women called ‘Safer’ and raised Rs. 5,16,670. Unico’s world’s
smallest blue tooth earphones also raised over Rs. 90,000 on Ketto. Additionally, edible spoons from a company called
Bakeys that took the whole world by storm raised over Rs. 24, 92380 on Ketto. The concept was pretty strong and promising.
Maybe a few more years down the line, we’ll see revolutionary ideas like Pebble and Oculus opting for crowdfunding, and
people investing on them.
The direct benefits of crowdfunding include getting market traction, accessing early adopters, social proof, press coverage,
potential investor interest, pre-selling, access to capital, risk hedging, etc. It also helps generate user feedback allowing for
enhancements or sourcing new ideas.
Lately, we can see some of the new trends emerging in India.
Recurring funding
The recurring funding model enables campaigners to raise funds from their donors on a recurring basis. For instance, if the
27| APRIL 2018 |
™

campaigner is an artist then the donor will his/her fan. Through recurring, the fans get the exclusive subscription to the artist
work in return for their contribution. Introduction of the recurring model will ensure a constant source of income for these
artists, helping them to only focus on their art as a full-time job.
India is at a stage where it has just started to understand the value that crowdfunding can add to fulfilling their dreams. These
new trends will only add to the country’s fascination towards this emerging concept of fundraising and speed up its
momentum towards having a significant global impact.
Campaigner Verification
The authenticity of campaigners has always been an issue. But now most of the crowdfunding platforms including Ketto now
focus on the identity, motive, and objective of the campaigner. The details of goal amount are shared on the campaign page
through graphs.
Page trending
Nowadays, the most active campaigns are placed and showcased on the official trending page. This helps viewers to
understand which campaign is grabbing more eyeball and they can directly make a donation.
Microsite
The microsite provided can be used by various organizational partners like NGO’s, media channels, colleges etc. For
instance, Ketto created the microsite for Global Citizen, Colors Infinity, Indian Army etc. Many organizations and NGO’s are
using these microsites for their ongoing campaigns.
Team Fundraising
Fundraising is best done in a team. Having more helping hands multiplies your reach and helps you raise more funds. Ketto
dashboard allows you to add more members to raise funds in a fun and effective manner.
The credibility of NGOs - Some of India’s top NGOs have raised funds on Ketto - Teach for India, CRY, Oxfam, Rapid
Response, Nanhi Kali to name a few. We’re Asia’s most visited and trusted crowdfunding platform – so we make sure the
fundraisers started by NGOs are safe, transparent and most importantly trustworthy.
Nowadays, crowd provides their full support towards unique projects. Ketto has witnessed these in many of their creative
campaigns.
Bakey’s Edible Cutlery- Bakey’s were ‘Edible’ because they were made of flours. They contained absolutely no chemicals or
preservatives and were just flours kneaded with water and are 100% natural products. BAKEYS’ was established in 2010 in
Hyderabad, Andhra Pradesh, to provide an alternative to plastic disposable cutlery and the bamboo disposable chopsticks.
The campaign raised a number of Rs24, 92,380.
Mixtale: Drink It ! Mix It !- Mexer Foods and Beverages LLP, a startup born in the city of Mumbai. Young budding
entrepreneurs got together to bring to the market READY TO DRINK(RTD), FIZZY(Carbonated),CAFFEINE FREE and
NON ALCOHOLIC Beverages(Mocktails). The campaign raised Rs 2,57,700 and gave shape to their business.
In regards to Tapping Emerging Market for Social Impact, crowdfunding platforms in India have been active in every way.
Creating awareness - The process of crowdfunding involves participation from a large number of people which spreads the
word among people and their respective networks. It’s the most convenient way to give a wider reach to any cause - that’s
what makes it the perfect choice for any NGO/activist with a cause in mind.
More participation - Supporting a cause via donations is no longer restricted to the elite or the upper class of the society.
Now everyone from a philanthropist to a school student can pitch in if they feel strongly for a cause.
Possibilities of collaboration - Ketto has partnered with over X NGOs since its inception. Since multiple NGOs have
successfully raised funds on Ketto, we connect NGOs with each other in case they have a cause that could create a bigger
and more meaningful impact on collaboration.
The credibility of NGOs - Some of India’s top NGOs have raised funds on Ketto - Teach for India, CRY, Oxfam, Rapid
Response, Nanhi Kali to name a few. We’re Asia’s most visited and trusted crowdfunding platform - so the fundraiser started
by NGOs is safe, transparent and most importantly trustworthy.
28 | APRIL 2018 |
™

Shaping the
Future of
Banking
:
30 | APRIL 2018 |
™
Finance Sector

he best way to predict the future is to Design it.”
T–Buckminster Fuller, quoting this spirit, the FinTech
is now shaping the world in its own innovative way,
and also molding the future of banks by designing a new
modelfor them.
Well, very few of us were enjoying the banking experiences!
And, as we all know, change is the only constant thing, and
this is the era where we are going through one of the biggest
transformations in financial history i.e. FinTech revolution.
Future will obviously be very exciting, and going to be very
differentthanever.
FinTech is basically a Financial Technology which makes the
innovative use of the technology in the design and delivery of
financial services, to transform the banking world. The
evolving technological things from Artificial Intelligence,
Peer-to-Peer Lending Big Data Block Chain, Crowdfundings,
Digital Payments & Robo Advisors, are just few names
amongthem.
However, few of the technologies have totally changed the
way of living, and have become a part of our everyday life.
These technologies have bridged a big gap between —what
the bank was offering and what the customers are expecting,
and the FinTech industry is tacking right now. So all the
bankers and even non-traditional banking players have
decided to jump in & capture the opportunity, mainly in the
technologyfirms.
Today, Peer-to-peer lending platforms are offering
alternative loans to the customers that are previously offered
by the banks. Also, Robo advisory platforms offer consumer
asset management solutions at a very low cost. Like these all
the evolving revolutionary technologies are providing the
best services to the customers than the traditional banks. The
best part is that the FinTech is involved in the most profitable
part i.e. in deposit takings & becoming the deposit taking
institutions and leaving the boring back-end part to the
traditional banks, and this is how the revolution in banking
model is taking place. Where the traditional banks are
handling the back ends to provide customized utility
providers to these technology firms. FinTech excellently
controlling the front end & customer experience, which is
bringingthepositivedevelopments.
However, the new banking models are emerging with the
FinTech start-ups, FinTech is transforming the banking
industry; it is giving access to the millions of people for the
first time. And, this is how FinTech is making positive
difference according to the World Bank over last five years.
There are millions of people who have moved from non-
banking sectors to banking sectors, where this is just a start.
Thus, this goes on connecting to the Internet of Things &
Wireless Technologies to the banks to increase the customer
services.
The financial platforms of the future are not going to be
traditional banks, but the technology firms. And obviously,
the traditional banks are more concerned about the
technology firms. This is because these firms have daily
existing touch-points with the customers, and now thousands
of new & dynamic FinTech startups are offering proper
products that used to be offered previously by the traditional
banks. But, now they have realized that the landscape is
changing,andinordertosurvivetheyneedtoevolve.
However, surveys shows that in next 10 years, near about 30-
50% of jobs will disappear because of FinTech. Definitely,
new jobs will be created but sustainably in smaller numbers.
These different job roles are with very different skill sets like
creative programmers & designers. So, the future bankers are
definitely not going to be like traditional bankers, which are
somewhat complex & time consuming process, but rather the
attractive and impressive banks process with the best
designers,programmersandcreativethinkers.
FinTech:ThenewWave
FinTech is an abbreviation of Financial Technology. It is
about the technology to design and deliver financial
services and products. Basically the Banks, Insurances and
other Traditional Financial Institutes are the major users of
FinTech. However, currently many start-ups are using it for
smoothing the payment process, tackle fraud and more.
Well, today it matters because it is increasing the
competition, lowering the costs and providing services to
people, who don’t use traditional banking. Thus, the future
is on the rise, where the FinTech is growing much faster,
where the survey reports showed that global FinTech
investment in 2015 grew by $9.6 Billion to $22.3 Billion.
“
31| APRIL 2018 |
™

It wouldn’t be wrong to say that the financial
technology has become a new religion for every other
aspiring entrepreneur. Catching the latest trend, now
and then, someone is coming up with a promising idea with
an aim to offer salvation in the troubled financial industry.
Even the government is providing a strong push for
financial inclusion, startup activities, and digitization with
the introduction of policy initiatives. These include
programs like Startup India, Jan Dhan Yojana, Aadhaar
Adoption, etc., thus providing a strong back in support to
the Fintech segment in India.
With the payment segment reaching its pinnacle, there are
several new segments too which are gaining the attention of
corporates, entrepreneurs, and even individual investors like
you.
Considering all these aspects, I have done a little hard work
for you guys and listed down a few of the trends that we’ll
soon get to see in the Indian Fintech segment which is
changing with lightning speed. So without any further ado,
let’s learn more about them!
1.The Advent of Mobile App for Wealth Management
With the explosion of fintech startups in India in the past
five years, several digital platforms have introduced their
mobile applications. These apps promise to demystify the
complex financial processes of wealth management,
provide personalized customer support, and are available
round-the-clock as per the investor’s convenience.
Mobile applications offer easy access to the various tools
and recommendations from the experts in a cost-effective
manner. They provide the facility of investment in various
instruments. This is a great solution to the perennial
problem of getting started as an investor at a young age to
maximize the power of compounding when it is most
beneficial, but when the employment income is at its
lowest. Even the least tech-savvy investors could enjoy
these services and use such apps to create a well-diversified
investment portfolio.
2. Blockchain and Digital Wallets with Multi-Currency
Exchange
With the facility of multi-cryptocurrency exchange services,
Indian investors now have the opportunity to buy, sell, hold,
and trade their digital coins directly on their registered
exchange. Wave goodbye to the stress of exchanging your
currency even when traveling in a foreign land. The use of
digital wallets has increased exponentially, the reason being
that the transactions here are easy, much faster, and secure.
This, on the other hand, also provided direct access to the
customers’ data to the entrepreneurs. Data being the one
that they used for registering their digital and block chain
wallets. It further helped the fintech platforms as they
EMERGING FINTECH
TRENDS
In
INDIAEVERY ENTREPRENEUR
SHOULD
KNOWABOUT
32 | APRIL 2018 |
™
Expert’s View

adjusted their market strategies accordingly.
3. Robo-Advisors
There’s no denying the fact that robo-advisory will soon
take over the traditional method of financial advising. It is
supposed to make the experience of investors easier.
However, there are a few pitfalls that this technology has to
overcome which include gauging the inputs provided from
user-end being true or not and adjusting advice to account
for or balance out any inherent psychological biases of the
investor.
Once they do so, it would be hard to compete with these AI-
powered robo-advisors that provide digital financial advice
based on mathematical rules or algorithms. They will be the
next vogue as investors are seeking automated opportunities
for investment with cost-effective solutions.
4. Secure Payments Using Biometrics
Security is the key when it comes to mobile applications,
especially the ones belonging to the fintech group where
often a huge amount of money travels to and fro. It is
expected that by 2020, mobile payments will be at its peak,
reaching the volume of $503 billion. To meet such huge
demand smoothly, there’s a rising question on the security.
With an aim to make consumers feel secure in the shade of
proper infrastructure, biometric technology has come into
the picture. They provide face recognition systems and
advanced tools such as iris detection and fingerprint
recognition. Such layers of safety will help individuals to
protect their financials whilst being able to be part of the
FinTech revolution.
Dodge the tension of remembering all your complicated
passwords for mobile payments or digital wallets. All you
can do is swipe your thumb or scan your iris the next time
you want to use your smartphone to pay.
Conclusion
After going through the trends that the segment is bringing
alongside, we can analyze the future of the industry. For
now, I feel happy to be a part of this segment and would
like to experience the changes that it brought along with the
change in years. In case you have spotted an opportunity
with any of the above-discussed trends, you can be the one
to usher in the transition.
ABOUT THE AUTHOR
Virendra Singh Ranawat,
Co-founder of MySIPonline,
a venture of Cognus Technology
has worked in many reputed
organizations, such as TATA and
Metso Minerals (Finland). After
gaining a rich experience of 10
years from these renowned
companies, he initiated
MySIPonline, which is considered
as India’s fastest growing mutual
fund investment platform. He is
also the co-founder of Wooden
Street, an online portal for
customized furniture.
Virendra Singh Ranawat
Co-founder
33| APRIL 2018 |
™

NeoGrowthCredit:
Creating a Positive Social Impact
through Financial Lending
Doing the same thing repeatedly while expecting
a different outcome is the most basic thing one
can do.” This saying can be applied to the way
business owners have historically approached funding.
For decades, people depended on traditional banking
institutions when they were in need of financing. Since it
was the only option, many hopeful entrepreneurs went
through the lengthy application process all while
knowing they would be in for a time-consuming process
that may result in them not getting the necessary
financial assistance.
Technology is changing every single industry, and
lending is no exception. While lending used to be the
exclusive purview of banks and credit unions, numerous
fintech companies are now extending loans to consumers
and small business owners, and their practices are
changing the loan process.
One such fintech company is NeoGrowth Credit, a
pioneer in lending based on the underwriting of digital
payments data. The Company offers unsecured loans to
merchants who accept card or other digital payments
from customers using its proprietary technology
platform. NeoGrowth loans are a short tenor, hassle-free
loans with the facility of daily repayment, a key
customer delight factor.
At the heart of the NeoGrowth business strategy is a
mission to have a positive social impact on the financial
lives of small and medium business merchants across
India, more than 50% of whom are creditworthy but until
now have been excluded from accessing loans based on
traditional underwriting methods. Addressing this gap in
the market is the basis on which the NeoGrowth
business has been built.
The company caters to this under-served market by
adopting an innovative approach and validating the
creditworthiness of the business. They do so by looking
at current business performance and stability. Currently,
they have helped over 15,000 business merchants to
grow their businesses. Their tech-enabled processes and
smart analytics ensure that NeoGrowth offers the best
products and services in the market. Their in-house
technology platform is tailored to meet the unique
requirements of NeoGrowth’s innovative loan products.
Headquartered in Mumbai, NeoGrowth started its
commercial operations in 2012-13 and is now present in
21 major cities of India.
The Dynamic Duo
Brothers Dhruv Khaitan(DK) and Piyush
Khaitan(PK), Co-founders of NeoGrowth, together
have founded and managed many touch and tech-based
companies to serve the SME segment. They have
leveraged their broad experience in technology,
understanding of the retail finance sector along with
their intense entrepreneurial skills to bring about a
revolution in the fintech sector.
Innovative Services and Products
NeoGrowth offers its signature product “NeoCash” to
various merchants across India and helps them grow
“
34 | APRIL 2018 |
™

At the heart of the NeoGrowth's business
strategy is a mission to have a
positive social impact on the financial
lives of small and medium
business merchants across India
“ “
their business by providing much needed financial help in a
hassle-free manner.
At present, NeoGrowth offers loans from INR 5 Lakhs to
INR 1.5 Crores. These loans are given based on the payment
card swipes happening at merchant’s outlet. With an in-
house technology platform, that is tailored to meet the
unique requirements of NeoGrowth’s innovative loan
products. NeoGrowth relies on analytics-driven
underwriting and its unique tech & touch model to serve the
SME market in India. Key industry segments that they give
a loan to are: Food & Beverage, Apparel, Petrol Pumps,
Groceries, Clinics & Lab, Automobile, Dealerships, CDIT,
Pharmacy, Hotels, Spa & Salon, Footwear, Home
Appliances, and Opticians.
Alternate sources of digital data also play a crucial role in
the underwriting process of NeoGrowth loan. These short-
term loans have a vital advantage in the form of the
Automatic Repayments offered over a conventional loan.
This small feature helps the merchants to better plan their
cash flows especially taking into consideration slow and
offseasons.
Future Roadmap
NeoGrowth has Empowerment, Accountability, Teamwork,
Result Orientation, Integrity Policy, Work-Life Balance,
Customer Orientation, Innovation, Trust, and Openness as
its fundamental values All their products, processes and
services are built around these values, and they proudly
adhere to it. This is what makes them unique in the
competitive marketplace. At NeoGrowth, they
genuinely believe that they have created a product,
which serves the need of businesses in India and they
aim to bring a positive social impact in the under-
served SME market segment in India.
Piyush Khaitan
Co-founder
35| APRIL 2018 |
™

TAKINGTHE
DIGITAL
DIVE!
he economical dynamics of
TIndia provide a unique vantage
point which can be applied to
examine tailor-made strategies for
India. One of them being its move to
envisage a cashless economy.
As we dawn upon a century, the crux
of which is expediency and
accessibility, the inception of a need
for wireless connectivity is undeniable.
As the notions of digitalization and
e-commerce breezed through all
segments of consumerism and financial
services, they rustled leaves at the very
foundation of economic activity, i.e.,
transactions. The inception of the
digital age and its trails in e-commerce
saw the emergence of new financial
needs. It was also apparent, that
orthodox and conventional payments
systems could not fulfil the urgency for
increased liquidity.
At the advent of this need for alternate
method of payments, India was only
able to adopt plastic money in 1987.
Several parameters were made
verticals across which the behavioural
patterns of Indian customers were
infused to ascertain the sustainability
and acceptance of these pristine
practices.
Advances in technology and increased
efficiency of digital transactions
provided a lead for atypical think
tanks, free spirited entrepreneurs and
existent financial institutions to venture
out on a journey to explore more
refined forms of digital currency. As
the payments machinery was being
restructured, it provoked one idea after
another, in quest of a design that would
facilitate both paramount convenience
and economic viability. Payment
gateways were curated in an exercise
to map all parameters to a focal point.
These included the adoptive readiness
of the customers, security in
transacting, multiciplity in payment
options, easy integration, convenience
and primarily, ease in understanding
the platform.
Payment gateways rendered all
traditional methods of settlement
redundant as any e-commerce or
digital product store that was set up,
turned to a payments gateway provider
in search of a platform that could cater
to all their needs and effectively
provide a comprehensive payments
solution. The first gateway in India, CC
Avenue, gained momentum and this
was followed suit by other gateways
that saw an opportunity to explore this
market. An incredible verity came to
light when PayPal penetrated the
market for digital payments in India;
even this segment was not going to be
bereft of foreign competition.
A new wave flooded the digital
payments market when digital wallets
were introduced. The idea of
transacting just at the snap of a finger
had a great impact on consumer
36 | APRIL 2018 |
™
Expert’s Corner

About the Author
Ayushi Ahuja is an
Analyst working in
Strategy and
Operations in
ftcash- India's
leading digital loans
and payments
platform. A graduate
in Economics from
Loreto College,
Ayushi has a keen
interest in the digital
payments and
lending space having
worked with multiple
banks and institutions
on initiatives focused
on nancial inclusion.
In her spare time, she
enjoys engaging with
people over
Graphology. She is
Perseverant,
enthusiastic and
positive to all that
comes her way -
work, life, balance!
Ayushi Ahuja
Analyst - Operations and Risk
ftcash
37| APRIL 2018 |
™

psyche. The illusion of enhanced
liquidity coupled with increased rates
of technology penetration (primarily
smartphones) and the novelty of these
wallets laid down the foundation for an
increasing customer base.
Reckoning the success of digitized
platforms during demonetization, the
digital wallet market was flooded with
competitors within two years of its
launch, each one contending towards a
significant market share. An interesting
take on these wallets is to note how the
neck to neck competition between
these wallets has been beneficial for
the customer groups on account of
additional services, improvised
interfaces, cash back offers, increased
limit of transaction and credit and other
perks. These wallets too, in quest of
capitalizing on growing market
avenues, amplified the area of their
services at a dynamic rate, introducing
payments by QR code scan, switching
between online and offline mode of
payment etc.
With all the flurry of activities in the
payments landscape, both the users and
providers of such services are at their
toes keeping up with brainstorming
developments. Assessing the changes
in behavioural trends across various
customer groups post these wallets, the
providers of such services realized that
the steer towards a cashless economy
had begun. Fuelling this shift further,
the Government of India launched the
BHIM application, Bharat QR Code
and UPI. This prompt was multifaceted
– as it would ease the cash crunch after
demonetization, help foster the formal
economy, slacken corrupt practices and
transform India into a digitally
empowered nation.
Enhanced customer experience has
been pivotal in changing the game for
payment platforms. A major part of the
adoptive readiness comes from the fact
that the consumers don’t feel a pinch in
their pockets immediately as the part
where the cash has to be parted with,
has been done away with. The catalyst
for all developments in this field, have
been the encouraging regulatory
surroundings. To keep the digital
inclusion program on track, there have
been promising changes in the
regulatory framework that include
KYC relaxation, Bharat Bills Payments
System, exceptions from two factor
authentication and contactless
technologies in the form of NFC
transactions, bar codes and EVM credit
cards are accelerating the surge
towards a digitally driven economy.
Observing the prompt acceptance of
E-KYC and biometric based consent,
payments initiated by vocal commands
is a concept that fintech firms should
ally their resources to. This could do
away with the task of entering card
details manually and elevate customers
from banking at fingertips to hands-
free banking. Chatbots to address
merchant/customer queries is another
area that can be built a flexible user
experience.
Having a secured plinth in the
payments space, driven entrepreneurs
and venture capitalists are looking to
build on this by revamping the lending
segment. This restructuring has the
potential to storm through India’s
window of opportunity. Application of
Artificial Intelligence coupled with
Machine Learning to enable push
button extending of credit, I reckon
will not only be a breakthrough but
will also change the colour of the glass
through which the common man looks
at borrowing, and spending on credit.
While one can always debate about the
mammoth task of verification of
documents and the regulatory
requirements that are associated with
credit, in hindsight, we possibly cannot
ignore the development of
“blockchains”. The system of
blockchains that is still in the embryo
stage can intensify digital footprints
across India’s fin-tech terrain. It will
cease the necessity for most regulatory
systems as ledgers on all individuals
subject to their chosen level of privacy
and transparency would be available
on a peer to peer basis. The onus of
these systems to work in tandem would
then shift to just consent.
Regardless of all such developments,
the one concern that cannot be ignored
is the safety and security in interlinking
with these systems. Data breaches and
the personal information divulged left
uncheck, can pose a major threat to this
market and could lead to its downfall
along with the privacy of millions
compromised. India has been taking
steps to prevent the privacy
catastrophe, with the Govt. of India
and RBI working hand in hand to
secure digital footprints and making
sure that the verification process is
airtight. However, it would be wrong to
say that we should inhibit the
transformation process as the pros
outweigh the cons by a majority.
The future of digital payments in India
looks nothing short of bright. This
foresight is drawn in concern with the
rise of millennia’s and the downward
spiral of traditional banking systems
and methods of payments. With speed,
efficiency and convenience brought to
their fingertips, customer groups
nationwide are encapsulating this
change and look forward to more such
advancements. Though the digital
payments scenario is still at a nascent
stage, the process of digitally
empowering India is underway.
38 | APRIL 2018 |
™

Rubique:
Changing the face of the
Indian fintech industry
Fueled by market demand and an innovation-
driven regulatory friendly startup landscape, the
fintech sector has seen a revolution. Several
startups have flourished with traditional financial
institutions (FIs) contributing to their growth. The banks
and regulators are relooking at their operating models
and policies to create a collaborative environment within
the fintech ecosystem.
A front-runner in the fintech evolution is Rubique
Technologies. Established with a vision to fulfill every
financial aspiration in the simplest, shortest and speediest
way through loan, credit cards and insurance products.
Built on a proprietary AI-based recommendation and
fulfillment engine, Rubique’s online financial
matchmaking platform is integrated with financial
institution’s systems for real-time processing and
approvals for customers.
A Banking Veteran
Manav Jeet, MD CEO, a banking veteran served in
several leadership positions in well-known financial
institutions like Reliance Consumer Finance, HDFC and
YES Bank, prior to setting up Rubique. During his
banking career, Manav has handled multiple product
types ranging from Microfinance, Retail SME loans to
unsecured business – including credit cards. His vision
has ensured that the team is not only grounded but also
focused on strengthening the platform solution. His
passion and efforts in leading the team has translated
itself in numbers which prove the success of the model
in the Indian ecosystem.
Under his leadership, Rubique is operational across 32
cities, partnered with 89+ financial institutions for 267+
products, facilitated loan disbursement of Rs. 2,670
crores and 82,000 credit card setups through its platform
while generating revenue of Rs. 47 crores.
Rubique’s Unique Services
Rubique’s ‘technology thinking of financial services’
approach has helped them launch various technology
solutions for the industry. They are unique since they are
a neutral platform bringing transparency by allowing
lender borrowers discover each other. They provide
faster access to credit with certainty through their
Matchmaking algorithm and Fulfillment engine.
Alongwith a wide range of products, Rubique also
offers technology enabled distribution thereby tapping
every consumer segment offering end-to-end fulfillment.
Rubique offers a host of technology solutions covering
the entire lending spectrum - individuals and SMEs
throughout the ecosystem. Rubique believes in
improving the current processes and reducing
inefficiencies through strategic tech interventions and
hence, is focused on developing solutions for customers
and partners (FIs, strategic alliances and influencers).
Focusing on building in-house technology solutions,
Rubique’s team has built SPOT platform (Single Point
Of Truth). SPOT focuses on ecosystem collaboration by
linking all stakeholders – internal and external allowing
origination, assessment and fulfilment seamlessly for all
products. It is integrated with paperless-focused features
40 | APRIL 2018 |
™

Focusing on maintaining a tech-led asset-light model,
while remaining unit economics positive at the transaction
level, Rubique plans to bring advanced technology features
at every stage of loan processing cycle through its Online
Plus Model, improving operational efficiency reducing
cost of acquisition, thereby creating easy access to
finance with a focus on bridging financing gap and
make finance easy accessible to the customers.
“ “
like e-KYC, bank statement analysis, credit bureau check,
credit memo generation MCA integration allowing real
time decision-making while reducing cost and effort while
maintaining security of data. By leveraging distributed
systems, cloud offerings, and serverless architectures, SPOT
is horizontally scalable and fluid to ensure constant
evolution. Apart from this, Rubique has also developed tech
solutions like TAB for easing out SMEs loan process,
Rubique MAGIC score, etc.
Tackling the Roadblocks with Digital Initiatives
When Rubique started out, the biggest challenge was
convincing the financial institutions to share their credit
policies open the existing infrastructure for deep
integration to facilitate instant approval. When all online
models were ‘lead generation’ working as sourcing
platforms, Rubique offered a unique proposition. In the
initial days, the team struggled but now with supportive
regulatory environment and digitalization, Rubique is
hosting 165+ policies across product categories.
Awards and Achievements
Rubique has garnered many national and international
accolades from The Economic Times, Benzinga Fintech
Awards, Abu Dhabi Global Market, IDC, etc. which prove
that Rubique’s business model has been validated and has
the potential to be replicated in other regions as well.
Moving Ahead of the Race
The company’s goal is to become the largest financial
marketplace and a one-stop-shop technology solution
provider for all stakeholders while addressing
bridging the core challenge of credit gap.
These days, when data is a gold mine, Rubique with
its milestone of 2,00,000 customer base will invest in
data science and hire data scientists to work on the
data to generate valuable insights.
Manav says “From the technology perspective, we
will definitely take a plunge in creating innovative
customized solutions like alternate data based credit
scoring mechanism to facilitate underwriting for first-
time borrowers using machine learning and big data
analytics; creating infrastructure to mitigate fraud
with deepen security and data privacy and leverage
alternate data, image recognition and video analytics
on SPOT to automate data filling and verification thus
making customer on-boarding seamless and hassle
free.” Further, he adds “We plan to expand to 50
cities in first quarter of 18-19 take it to 100 cities
by financial year end.”
Having already incorporated India stack which offers
paperless layer in the transaction tying up with
government entities like NSIC (National Small
Industries Corporation), and the Govt of Andhra
Pradesh, Rubique will explore opportunities to work
with government as part of their ecosystem focus.
Manav Jeet,
Managing Director and CEO
41| APRIL 2018 |
™

nclusion is one of the core pieces of Prime Minister
INarendra Modi’s vision of Digital India. In order to
boost financial inclusion, the focus has been on Jan
Dhan Account and Aadhar cards programs. However,
despite this progress, the dream of financial inclusion is
far from real.
Our failure on the front of financial inclusion points to
the limitations in the bank-led model of financial
inclusion both in terms of access and its ability to serve
the common man, who feel intimidated by the banks and
struggle to understand the jargons of the financial
industry. Speak to any bank officers or mutual fund
distributors, and you will get unsettled by the frequency
of usage of jargons such as NAV, exit load, and close-
ended. While the investment is not a rocket science, it’s
certainly is a “riddle wrapped in a mystery inside an
enigma” in the words of Winston Churchill.
More importantly, only about 10% of Indians are
comfortable with English, which is a major language of
communication at banks. According to a KPMG report,
titled ‘Indian Languages - Defining India’s Internet,’
only 57% of India’s digital payment user-base are active
English users.
Therefore, even fintech startups, which are doing a great
job in making the process painless and jargon-free, could
only cater to the 43% of internet user base, as most of
them just cater to users who are comfortable in using
English. Therefore, in the true sense, we are still quite far
from financial inclusion and democratization of financial
services. In the context of cutting through the financial
jargon and bridging the communication barrier, the
fintech startups have one thing that banks don’t - an
ability to personalize the service and cater to each
customer uniquely. While banks will struggle to serve
customers in multiple languages, a fintech startup can
serve customers in different languages without any huge
investments. Fintech startups such as Paytm, Sqrrl, and
PhonePe have done an incredible job of serving
customers in the language of their choice.
Vernacular fintech apps have the power to provide an
access to financial services to these users in an
underserved market, in a language that the users choose.
Besides, expanding the scope of financial services to
migrant and underserved segment in Metro and Tier-1
cities, the biggest impact of these apps will be in tier-2
and tier-3 cities, where language is one of the biggest
barriers to financial independence.
42 | APRIL 2018 |
™
New Treands

Samant Sikka is the brainchild behind
Sqrrl, an intuitive DIY digital platform for
investments that aims at making the
youth of the nation inclined towards
saving. He is a procient investor with
two decades of experience in the
Investment and Asset Management
industry.
About the Author
However, it needs to be pointed
out that this is just a start. Only the
availability of app in different
languages will not solve the
problems. The kind of
communication required for a
person staying in Patna to feel
comfortable in dealing with
finance will be way different from
a person staying in Ludhiana. The
apps need dejargonize the
communication in the financial
world and customize the
experience according to local
culture. However, in India’s quest
to bring about true financial
inclusion, we believe increasing
popularity of vernacular app is a
step in a right direction.
Samant Sikka
Founder CEO
43| APRIL 2018 |
™

The 10 best emerging fintech startups in 2018

The 10 best emerging fintech startups in 2018

Recommended

Recommended

More Related Content

What's hot

What's hot (19)

Similar to The 10 best emerging fintech startups in 2018

Similar to The 10 best emerging fintech startups in 2018 (20)

More from Merry D'souza

More from Merry D'souza (20)

Recently uploaded

Recently uploaded (20)

The 10 best emerging fintech startups in 2018