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5 FinTech ‘Soonicorns’ empowering SMEs in India

By Gloria Mathias

October 17, 2023

  • Bertelsmann
  • Epiq Capital Advisors
  • Finova Capital
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InFinTech, rural, India, Soonicorn, Unicorn, Finova Capital, Infibeam Avenues, Rupeek, mSwipe Twchnologies, Fintech India, dian FinTech has advanced quickly in recent years, partly due to the proliferation of smartphones, increased internet usage, and the introduction of UPI. These FinTech businesses enhance the offerings of current financial institutions’ services by providing consumers with convenience and simplicity of access from the comfort of their homes.

Due to this, the number of Soonicorns (soon-to-be-unicorns) that have gone public has increased. For both domestic and international investors, the FinTech industry has become a compelling investment opportunity.

Below listed are 5 Soonicorn FinTechs offering B2B solutions to Indian SMEs

Finova Capital is a B2B Fintech in India. Finova stands for financial innovation. It is NBFC licensed by the RBI. The company is headquartered in Jaipur & provides loans to both urban poor & rural poor to meet their productive requirements in starting a new business or growing an existing business. The company’s aim is to reach out to the financially excluded unorganized, unreached MSME sector. Finova Capital’s most recent funding round was a Series D round on March 31, 2022. The round raised $65 million.

Infibeam Avenues is a digital payments and e-commerce technology company in India and provides a comprehensive suite of web services spanning digital payment solutions, data centre infrastructure and software platforms. It provides solutions to merchants, enterprises, corporations, and governments in both domestic as well as international markets to execute e-commerce transactions in a safe and secure manner.

Mswipe is a digital payment and financial solutions company supporting the growing merchant community across India. The product suite consists of various POS terminals; Smart POS options, QR Code, and the latest launch Boombox that provides alerts via sound and display to merchants. It provides instant digital loans to merchants under the brand Mcapital. Mswipe aims to provide holistic and simple tech-led financial solutions to merchants. Mswipe Technologies’ latest funding round was a Series E round of $31.2 million led by Epiq Capital Advisors and included five investors.

Refyne’s is a B2B2C FinTech. It is a one-stop platform enabling the employee base to build financial resilience and nurture a favourable work culture. With its plug-and-play technology, employees can access their earned salary instead of opting for exploitative payday loans or other high-interest credit schemes. Refyne partners with organisations to extend Salary On-Demand to their employees. It provides employees with access to their real-time earned salary, promoting a stress-free and productive workforce. Refyne has raised $82 million in a Series B funding round led by Tiger Global Management.

Rupeek is India’s B2B digital lending FinTech platform. It is pioneering innovative financial products to help monetize India’s $2 trillion gold. Powered by technology and an automated asset-light supply chain, Rupeek is transforming the way gold loans are disbursed in India. Through partnerships with leading banks and financial institutions, it is building gold-backed assets, in a low-risk, low-touch and friction-free manner. Rupeek has raised $16 million in a Series E funding round led by Bertelsmann.

Also read: Wealth Management & Private Banking Systems Report Q2 2024

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