3 FinTech start-ups going multilingual to cater to regional India

By Leandra Monteiro

India is the land of soaring ambition, aspiring to be at par with its global metropolitan counterparts. With vast internet penetration, the digital storm has brought the tier 2 and 3 cities to provide the next opportunity for growth for India. Emerging brands especially in the financial services industry are taking cognisance of the same.

The number of internet users in India is expected to grow by 45% and reach 900 million by 2025, as per a report by IAMAI-Kantar ICUBE 2020. By 2025, internet users in rural India are expected to surpass urban India. Targeting the vast opportunity present in rural India, FinTech companies are leaving no stone unturned to nail the native language game and be ahead of the curve in carving a niche in the tier 2 markets and beyond.

Here are 3 FinTech companies that are expanding their client base by going multilingual:

• Khatabook

KhataBook is a well-known online app that was established in 2016. Its primary mission is to provide the small and medium-sized company (SMB) sector with assistance in the management of all sorts of transactions by using their digital ledger service. They saw the need for a vernacular approach and collaborated on the development of a plan to reach out to audiences in various parts of India that had not yet been reached.

The Khatabook app is a digital ledger that is made available to proprietors of small businesses in India. It is managed by Kyte Technologies. It assists in the management of books of accounts and also provides reminders through WhatsApp and SMS for the purpose of collecting money and making payments that are overdue. The software is accessible in over 13 different vernacular languages so that it may appeal to a wide variety of users throughout the nation. 

• FatakPay

The goal of the financial technology platform known as FatakPay, which was built exclusively for the Indian subcontinent, is to provide virtual credit facilities to blue-collar workers through their employers. It is a safe method of gaining access to services that are swift, open, and do not charge interest for day-to-day necessities like what you may require.

Marathi, Hindi, Tamil, Telegu, Gujrati, Bengali, Oriya, and Kannada are some of the Indian languages that are supported by the platform, which supports a total of eight Indian languages to better serve its pan-Indian customer.

• BankSathi

BankSathi, known as a friend for banking and finance needs, ensures that its customers get the appropriate financial product, sourced from the appropriate bank or NBFC. This includes Demat accounts, Savings accounts, Credit Cards, Personal loans, Crypto, Insurance and more.

Additionally, the platform’s use of technology makes it possible for people of any background to pursue a career as a financial adviser. Telugu, Hindi, Bengali, and Marathi are the languages in that advisors may access the site and its services.

ALSO READ: Global Digital Banking Vendor & Landscape Report Q3 2022