4 Rural FinTechs fostering Financial Inclusion in India

By Gloria Mathias

Rural FinTech in India is revolutionising access to financial services in remote areas. With a significant rural population lacking formal banking options, these FinTech solutions leverage technology to bridge the gap. By tailoring products and services to rural needs and employing innovative approaches, they are empowering communities, driving economic growth, and fostering financial inclusion across rural India.

In India, rural FinTech emerges as a compelling solution to address this disparity, leveraging technology to extend financial inclusion to the country’s vast rural population. These FinTech initiatives tailor their products and services to meet the unique needs and challenges of rural communities, ranging from smallholder farmers to remote villages.

Listed below are 4 Rural FinTechs extending financial services to underserved rural populations:

• Avanti Finance

Avanti Finance is a digital financial inclusion platform that offers financial services to individuals and businesses. Avanti Finance’s mission is to make financial services accessible to 100 million households. They use credit operations to create sustainable local capacity and build an open digital spine. Avanti enables sustainable livelihoods and empowers the next 100 million households through accessible and affordable financial services. 

• Navadhan Capital

Navadhan is a rural-focused FinTech company that aims to create new wealth for underbanked households and rural entrepreneurs. Navadhan’s goal is to connect NBFCs and banks with small businesses and microenterprises (MSMEs) through the sourcing and servicing of financial services. 

• PayVeda

PayVEDA is a rural payments FinTech organisation, promoted by technocrats and entrepreneurs to bridge the financial gap in underserved regions of India. PayVEDA intends to take banking and non-banking services to the remotest parts of the country using its retail network. PayVEDA is a one-stop platform to provide financial and non-financial services.

• SarvaGram

SarvaGram is a financial services company that offers financial and capacity-enhancing products for rural households. It provides Loan & Insurance services, currently in the states of Maharashtra, Gujarat, Rajasthan, Karnataka & Telangana. It offers Farm loans, Business loans, Home loans, Consumer durable loans, Personal loans, and Gold loans, a one-stop shop for all types of credit needs.