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3 fast growing Indian FinTech platforms

By Leandra Monteiro

February 23, 2022

  • Digital Transactions
  • Eko
  • FinTech
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FinTech FinTech has become a focal point in India’s fight for financial inclusion. Despite the covid situation, India’s FinTech market saw a 40% increase in digital transactions. The Indian FinTech sector, currently valued at $31 billion, is predicted to develop at a CAGR of 22% to $84 billion by 2025.

India is one of the world’s fastest-growing FinTech markets, with an adoption rate of 87%. The lending and payments sectors dominate the Indian financial technology business, with other industries such as Wealth Technology, Personal Finance Management, Insurance Technology, and Regulation Technology also gaining traction.

The FinTech industry uses technology to improve the efficiency of numerous financial activities. Rising client demands, e-commerce, and smartphone adoption are significant industry growth drivers. With the unrestricted flow of customer demands, there is an increase in the widespread innovation in payments that, in turn, squeezes the traditional payment market.

The payment system has changed the way we all conduct business. Here are 3 FinTech firms that are making headlines in the FinTech industry:

ToneTag: Backed by Amazon, Mastercard, 3one4 capital and Amensa, ToneTag is the largest sound-wave communication technology platform in the world. This technology uses sound waves to enable contactless, offline, and proximity data communication on any device. With 17 globally filed patents and multiple grants, this Bengaluru-based company is changing India’s payment and transaction landscape.

ToneTag’s ‘Retail Pod’, a payment accepting device, can accept payments from any phone, basic or intelligent, working with or without the internet. One of the key features which makes the Retail Pod a promising prospect is its Sound-based authentication of the OTP, wherein the Retail Pod itself authenticates the incoming OTP from the bank and completes the transaction through its highly secure 3-layered encrypted sound technology.

Nivesh: Nivesh is a mobile-first digital platform helping distributors of mutual funds and other financial products to deepen their penetration in the country with its technology. The platform enables distributors to expand their businesses and bring in new clients, who can now be serviced for different AMCs and experience improved portfolio performance.

Last year, the platform had raised $1.6 million, led by IAN Fund. In 2020, Nivesh was listed in WealthTech100, which is an annual list of the top 100 of the world’s most innovative Wealth Tech companies selected by a panel of industry experts and analysts.

Eko: Eko, one of the fastest-growing FinTech platforms in India, empowers a generation of ambitious entrepreneurs to improve their financial health and access to the formal economy. Eko helps small entrepreneurs discover earning opportunities, tools for digitisation and first-time access to credit – each tailored to meet their needs.

Since 2007, Eko has built a tech platform that processed INR 2500 Crore at its peak across 70 million transactions in a month. Eko has serviced over 35 million customers through a network of over 2.5 Lakh sellers, growing 20% month-on-month. These sellers help the brands sell their digital products and services and assist their customers in fulfilling their transactions.

ALSO READ: Global Digital Banking Vendor and Landscape Report Q4 2021

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