4 Neobanks disrupting financial landscape for SMEs in India

By Gloria Mathias

In an era where convenience and user-friendly experiences reign supreme, traditional banking methods are facing stiff competition from the rapidly evolving landscape of neobanks or digital banks. This transformative shift is not only reshaping the way individuals manage their finances but is also ushering in a new era for SMEs or SMBs.

The tug of war between established players and the rising neo-challengers hinges on the swift adoption of customer-centric digital banking technologies. Small business-focused FinTechs, specializing in neo-banking services, are at the forefront of this revolution, offering a range of innovative solutions tailored to streamline business operations and enhance financial management.

Listed below are 4 Neobanks reshaping the financial landscape for businesses:

• Chqbook 

Chqbook is a FinTech startup that offers solutions for small business owners. It is known to be a neobank catering to the needs of small business owners. It offers solutions for small business owners like kiranas, merchants, chemists, and all others running proprietorship businesses with digital current accounts, instant business loans and insurance.

• InstantPay

 InstantPay is a neobank based in India that offers personal accounts and banking services for businesses.  The neobank provides businesses with visibility into their cash flows, payables, and receivables. Individuals can open a digital account with InstantPay, which can be an alternative to wallets and traditional bank accounts. Startups and SME businesses can open a Smart Bank Account, and large enterprises can use Instant Pay’s scalable and cost-effective solutions.

• Open

 Open is a neobank for business payments that simplifies the process of sending, receiving, and reconciling payments for businesses. With Open, businesses can connect their bank accounts and accounting software like Tally, Zoho Books and more, to send and receive payments and reconcile their payment transactions. Open also offers additional business tools for managing end-to-end payroll, expense management, and GST & tax filing directly from the platform.

• ZikZuk

ZikZuk is a neo-banking platform that offers business finance services, credit cards, and lending to start-up businesses. It also provides business intelligence tools to help SME owners manage their working capital. ZikZuk focuses on solving the common challenges faced by SME founders in accessing affordable credit, lack of visibility on the firm’s cash flows, etc. ZikZuk’s vision is to create a sustainable & scalable financial ecosystem around SMEs to manage and grow their business.