5 FinTech platforms redefining the future of lending in India

By Leandra Monteiro

In the ever-evolving financial technology landscape, digital lending apps have emerged as a powerful tool that has democratised credit and financial inclusion access. These innovative platforms are rooted in advanced technology and robust algorithms reshaping the traditional financial industry.

As per a FinTech Association for Consumer Empowerment report published in June 2023, the number of loans given out significantly increased by approximately 129% compared to the previous fiscal year (FY21-22), rising from INR 35,940 crore to INR 92,848 crore. However, in the second half of the year, the growth rate of the loan values experienced a slight decrease, mirroring the trend observed in the lending volumes.

Here are 5 digital lending apps that are making breakthroughs in serving the unbanked population, heralding a new era of financial inclusion and convenience:

• FlexPay 

FlexPay by Vivifi is India’s first and only personal emergency line of credit app that offers ready credit with EMI-free options tailored to meet the needs of the underserved/unserved Indians. There are no penalties or hidden charges, providing borrowers with complete flexibility to plan their monthly repayments based on their cash flow.

With a focus on administering credit to any individual with a verifiable source of recurring income, whether formal or informal, FlexPay aims to bring millions into the formal credit ambit. The app bridges the gap by offering sachet-sized credit in a credit card-like structure over the ubiquitous UPI network. It helps customers build credit discipline and responsibility by reporting credit and offering credit increases to their available credits to these borrowers.

• KreditBee

KreditBee, a digital lending app, that offers quick and convenient personal loans to professionals, providing them with up to ₹4 lakhs based on their specific needs. Emphasizing online technology and data-driven Know Your Customer (KYC) processes, KreditBee aspires to drive deeper financial inclusion across various demographic segments in the country.

The platform has received substantial funding through its Series-D round, with support from Advent International, Premji Invest, Motilal Oswal Alternates, TPG-NewQuest, Mitsubishi UFJ Financial Group, ICICI Bank, and Mirae Asset Venture Investments. Currently, KreditBee serves a vast customer base of 10 million individuals nationwide.

• CASHe

Based in Mumbai, CASHe is a financial wellness platform in India that utilizes artificial intelligence (AI) and credit-based solutions to promote financial inclusion among digital customers. Intending to serve the underserved millennial and Gen Z population, CASHe employs cutting-edge algorithms and AI, and its ML-based innovative Social Loan Quotient (SLQ) – a credit decision model.

With competitive interest rates, instant processing, and flexible repayment options, CASHe is gaining quick momentum in the Indian market. Expanding its services to meet growing consumer demands, CASHe now offers a comprehensive range of financial solutions, including credit, investment, insurance, and EMI shopping, making it a comprehensive financial services platform.

• Kissht 

Kissht, operated by ONEMi Technology Solutions Private Limited, is a customer-centric digital platform dedicated to providing fast and convenient credit financing solutions throughout India. It focuses on empowering customers, offering various services, including online purchase loans, personal loans, and their latest offering, the “Revolving Line of Credit.”

Kissht works closely with RBI-registered NBFCs to handle the entire credit assessment, KYC processing, credit approval, and financing of consumer loans for purchasing goods and services from both online and offline channels. Utilizing proprietary software, algorithms, and a credit marketplace platform, the digital lending app ensures the seamless and instant provision of consumer loans through its trusted financing partners.

• MoneyView

MoneyView is another leading online credit platform revolutionizing how individuals access and manage credit. Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, MoneyView offers a wide range of personalized credit products and personal financial management solutions catering to diverse needs. With a mission to provide seamless and convenient financial services, MoneyView has gained over 40 million app downloads, establishing itself as a trusted player in the industry.