3 Start-ups that brought something new to the Indian FinTech space

By Leandra Monteiro

Today, FinTech is so ubiquitous and even traditional methods like lending and borrowing have been taken over by technology. Also, 2021 had witnessed a transformational change in the payment ecosystem. With this 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 some of the FinTech firms that are making headlines in the Fintech industry with their unique financial solutions:

1. 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 the payment and transaction landscape in India.

ToneTag’s ‘Retail Pod’, a payment accepting device, can accept payments from any phone, basic or smart, 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.

Technological advancement made by the firm in 2021 in the FinTech space:

• ToneTag has executed offline voice-based payments via feature phones and smartphones in areas with inconsistent internet connectivity, with people who are digitally not savvy or find it difficult to use apps for banking or payments, thereby making digital payments a reality for all
• With this recognition, ToneTag is now poised to provide voice-based digital payment options to more than 600 million feature phone users for the first time to improve their lives, start businesses and gain control of their finances, leading them to digital empowerment

2. 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 hence experience improved portfolio performance.

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

Technological advancement made by the firm in 2021 in the FinTech space:

• IAN fund backed Nivesh forays into insurance space with the launch of an insurance platform called Samavesh
• Through Samavesh, Nivesh will reach more than 3000 pin codes and partners in about 200 pin codes
• The platform will enable the customers to select the right insurance plan after comparing the quotes from multiple insurance companies

3. BANKIT: BANKIT is an ISO 27001:2013 CERTIFIED FinTech company. The company has a legacy of major role since its inception, for the empowerment of the unbanked and under-banked segment of India through its easiest, fastest and safest digital payment solutions. BANKIT’s one-stop-outlets provide instant and hassle-free service delivery for Banking, financial services like Domestic Money Transfer, AePS, MiniATM, Cash Withdrawals, Prepaid cards, Recharges, Bill payments, Insurances, Wallet recharges, Travel & Stay bookings etc.

As a part of growth and expansion plans, the company has now entered into customisable card solutions for businesses to enable MSMEs, start-ups and corporate easy money management for employees, customers and partners.

Technological advancement made by the firm in 2021 in the FinTech space:

• Conducts various activities/projects to empower local businesses and rural women such as offering collateral-free business loans for 1 to 180 days with no processing fees
• Extends its expansion goals by launching a prepaid business card unit to enable cash-management for multiple business verticals

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