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5 top Indian FinTechs transforming digital lending services

By Edil Corneille

December 10, 2020

  • India
  • Kissht
  • Kreditbee

India, FinTechs, digital, lending, retail, KreditBee, Kissht, EarlySalary, CASHe, LoanTapFinancial technology (FinTech) has transformed the cumbersome process of loan applications through digital lending. With FinTech, the time taken for the loan application process has been reduced and the applicant benefits because of minimum or even no paperwork involved. Traditional approaches were tedious which took a toll on the mental health of the applicant too. Digital lending plays a significant role in the facilitation of financial inclusion as the underbanked and unbanked segments of the population can access credit facilities. FinTech has broadened the reach of financial services even to the most remote areas. Digital lenders are mainly targeting the young population such as millennials since this group is more digital-savvy. FinTechs can go beyond traditional evaluation parameters such as bureau scores for customer evaluation when it comes to lending. Below is a list of Indian companies in digital lending space who offer loans to retail customers.


KreditBee IndiaBangalore-based KreditBee is a FinTech platform which offers instant personal loans to professionals where they can avail loans up to INR 200,000 as per their requirement. With a strong focus on online tech-based and data-centric KYC, KreditBee envisions to solve the financial inclusion gap in the varied demographic segments of India.

The KreditBee platform is backed by a Systemically Important NBFC Krazybee Services Private Limited, registered with Reserve Bank of India (RBI) since May 2017, as well as debt and platform partners. KreditBee is a brand of Finnovation Tech Solutions Pvt Ltd, funded by VC firms and investment entities like ICICI Bank, Alpine Ventures and Arkam Ventures, among others. Also, it has various debt partners like AU Small Finance Bank, HSBC, Fullerton, and IIFL. Currently, it has 5 million loan customers, out of which over 2 million are active loan customers.

The documentation required for personal loans is said to be minimal. KreditBee’s entire documentation process – starting from registration on its app to loan disbursement – does not take more than 15 minutes. The application process is completely online and upon approval, the cash is immediately transferred to the bank account of the user.


KisshtKissht is an EMI payment and digital lending platform. With EMI payment options, Mumbai-based Kissht aims at empowering online as well as offline merchant stores and online e-commerce platforms to provide secure and quick EMI options to customers who wish to purchase products and services through easy EMI instalments.

Through the use of alternate data and proprietary algorithms, Kissht’s unique EMI payment gateway is said to make aspirations affordable to new to credit and lower-income segments. Founded in 2015, Kissht offers a hassle-free experience of shopping by providing quick and Easy EMI at Point of Sale.

The company’s EMI Payments Gateway integration is said to use super simple APIs to go live instantly. Kissht provides personal loans too to customers via its financial technology platform. Its plug and play gateway APIs can be integrated into any merchant checkout page or retail POS for providing access to quick loans.


EarlySalary- Instant Salary Advance for EmployeesFounded by Akshay Mehrotra and Ashish Goyal, EarlySalary is a mobile app that allows salaried individuals to avail financial assistance. The company offers a bouquet of products tailored to the needs of young India including salary advances, instant loans, interest-free EMI options and a line of credit to shop.

The Pune-based company conducts a prudent risk assessment by leveraging machine learning to go beyond financial underwriting.

EarlySalary earlier raised INR 1 billion in January 2018 led by Eight Roads Ventures (Fidelity). With more than 10 million downloads and loans, EarlySalary is helping customers borrow within minutes. EarlySalary is said to have become the first line of credit for young working professionals in the country. Whether it’s last minute rent payments and utility bills, or an impromptu vacation or even a flash sale online, EarlySalary is said to have a loan for all purposes.


CASHeMumbai-based CASHe is a digital lending platform for young salaried millennials. CASHe provides instant short-term personal loans ranging from INR 7,000 to INR 300,000 for a tenure of up to 1 year to young working professionals based on their social profile, merit and earning potential, and the company uses its proprietary algorithm-based machine learning platform.

With over 13.5 million app downloads and an active customer base of over 1.6 million, CASHe provides almost instantaneous loans on-demand through its user-friendly digital interface which enables faster loan application process and quicker loan disbursals.

Powered by its proprietary algorithm-driven credit scoring platform, Social Loan Quotient (SLQ), CASHe quickly determines a user’s creditworthiness by using multiple unique data points to arrive at a distinct credit profile of the customer. CASHe is completely automated and requires no personal intervention and no physical documentation. The average time taken for a loan to be disbursed is about 10 minutes, subject to proper submission of all documents.


LoanTap Financial TechnologiesLoanTap Financial Technologies is an online platform committed to deliver customised loan products to millennials. The Pune-based company was established in the year 2016 with an aim to provide seamless consumer experience from the application to the disbursal process.

LoanTap uses advanced technologies to design flexible loan products that are best suited to the customers’ needs. LoanTap is present across more than 20 cities such as Delhi, Bangalore, Hyderabad, Pune, Mumbai, Chennai, Kolkata, Noida, Vadodara, Nasik, etc.

The platform is said to be committed to deliver flexible loan products to salaried professionals. LoanTap offers loans to help millennials achieve a life they desire. The company is said to deliver fast personal loans at customer-friendly terms. LoanTap’s focus is to delight its customers by helping them choose the best loan products.

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