5 FinTechs that are promoting financial independence in India
By Leandra Monteiro
FinTechs are altering how the people of India bank and manage transactions in order to enhance financial inclusion for those without substantial financial resources. In addition to providing services to the unbanked, FinTechs assist regular people in finding ways to borrow, save, invest, and manage their money using technology and financial literacy.
Here is a list of the top 5 brands devoted to improving the financial industry by ensuring financial independence. They can assist anyone in saving money, creating a nest egg, obtaining better student loans or rental insurance, or investing in any non-conventional goods.
Financial independence is an attainable goal if one is able to compound his residual income by making right financial decisions which are backed by diligent calculations. And investing seems to be the very first step to achieve this. Acknowledging the complex maze of the investing world, ET Money empowers its users with an array investing strategies that are aligned to their risk tolerance and investment horizon. Through its various tools such as ET Money Fund Report Card, Investor Personality Assessment and Portfolio Health, the company is on a mission to tailor wealth creation journeys for each of its users. With its recently launched personalized investment solution ET Money Genius, the company has ushered in a paradigm shift in the investing world by taking away all guesswork and maximizing returns based on a person’s risk appetite, paving the way for Indians to become financially independent.
mPokket: After making its presence felt by providing small-ticket personal loans to students, the company expanded its portfolio during the pandemic, catering to the financial needs of salaried professionals. Borrowers can avail loans ranging anywhere between Rs. 500 to Rs. 30,000, with the amount being instantly credited to the user’s bank account or digital wallet. And the best part is, that you don’t need to put any pressure on yourself to provide any collateral. You can pay it back over a three-month period at your own convenience. mPokket’s mission is to improve the lives of underserved new-to-credit individuals, who lack access to funding from traditional financial institutions, by providing instant access to cash for urgent requirements.
FamPay: With FamPay and its numberless prepaid cards, children can effectively make online and offline payments without having to open a bank account. FamPay believes in bringing up a new generation of financially savvy Indians who are capable of making decisions that are in their best long-term interests and who comprehend the principles of personal finance.
Clix Capital: Clix Capital is a new-age NBFC, revolutionizing the lending space by offering differentiated digital lending products that are driven by technology and deep analytics. It offers a range of lending products to a varied spectrum of customers across the MSME and consumer segment, including Personal loans, MSME loans, Healthcare loans, Mortgage and K-12 School financing. This smart, contemporary firm is making loans simpler, faster and accessible with the help of technology. You can now avail easy loans with minimum paperwork and most importantly, with maximum peace of mind.
LXME: LXME is the first financial platform for women in India. At LXME, women are given the means to take control of their life through interactive online and offline classes, goal-based calculators, a forum for open conversation, and access to curated financial portfolios. LXME has created an ecosystem for women to be financially independent and prepared to manage their money because it believes that every woman should strive for financial freedom.
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September 29, 2023