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5 Platforms disrupting the traditional financial services industry in India

By Leandra Monteiro

May 30, 2023

  • BSE
  • Castler
  • Digital Lending

Fintechs, financialThe world of finance has experienced a seismic shift in the past two decades with the advent of FinTech. This rapidly evolving sector has transformed the traditional financial services industry, introducing innovative solutions that have captivated a generation.

In India, rising income is driving the demand for financial services across income brackets. The demand for digital financial services is further propelled by the disruptive entry of FinTechs and NBFCs into the market. From advancements in payments and lending to transformative escrow and micro-savings solutions, FinTechs are reshaping the way we save, lend, bank, transact, and engage with our finances.

Here are five companies that are disrupting the traditional financial services industry in India:

Castler is a digital escrow sector in India. The company’s primary goal is to develop a transaction banking-focused escrow banking solution for enterprises, covering both domestic and cross-border transactions. Additionally, Castler aims to democratize the adoption of escrow products among consumers and MSMEs to combat fraud.

Castler ensures that transactions between parties are executed in accordance with mutually agreed-upon terms and conditions. Its versatile offerings cater to various industries and use cases, accommodating individual buyers and sellers, and enterprises alike. The company’s proprietary Digital Escrow Banking Suite provides clients with a unique ‘Open, Own & Operate’ escrow solution, fostering trust and transparency in every transaction.

MobiKwik is a digital banking platform in India that offers a range of financial products for consumers and merchants, such as digital credit, investments, and payments. The company aims to improve financial accessibility and equity for Indians by providing affordable and convenient financial services to all, regardless of location or income.

With 140 million registered users across Bharat, MobiKwik customers use the platform to make payments for various needs, including utility bills, eCommerce shopping, food delivery, and retail purchases from local kirana (mom & pop) shops. Recognising the low credit card penetration in India, MobiKwik introduced digital credit in 2018 to cater to the credit needs of digitally savvy users.

Paytail enables instant paperless no-cost EMIs for consumers and transforms the selling experience for merchants with scalable technology solutions. The company enables merchants to offer 0% EMI options directly led by original equipment manufacturers (OEMs) and other sellers, resulting in improved sales. With its focus on affordability, speed, and convenience, Paytail is disrupting the $1 trillion offline commerce market.

Recognising the untapped potential in the Indian retail market, Paytail believes that technology can level the playing field for all merchants and eliminate barriers to growth. The company’s mission is to create an environment where technology is accessible to all, and retail businesses can thrive equally within the economic framework.

Siply is a tech-enabled micro-savings platform that aims to become the preferred financial services brand for Indians who are currently not part of the formal banking system.

Siply encourages underserved individuals such as contract workers, blue-collar workers, gig economy workers, and small business owners to develop a savings habit through sachet financial services, with investments as low as INR 1.00.

The micro-savings platform provides niche sachet services such as Chit Linked Saving Scheme, Chhotastock, Micro-credit, Siply Gold Savings Scheme, Siply Gold Jewellery Scheme, and more. Siply aims to foster a more inclusive, financially secure Bharat by promoting savings and investments as integral parts of financial planning.

Zerodha is a bootstrapped Indian unicorn online brokerage and financial services company. Zerodha has emerged as a prominent player in the online trading and investment sector. The company operates in nine cities across India and is an official member of BSE, MCX, and NSE’s consultative committee for growing business.

Zerodha’s disruptive pricing model and user-friendly interface, have revolutionised the industry, offering brokerage-free equity investments, retail and institutional broking, as well as currencies and commodities trading.

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