The mounting collaboration between technology and finance has fired the imagination of entrepreneurs to come up with innovative ideas, thereby escalating the scope of India’s tech startups. According to a report by Nasscom, there are close to 400 companies in India which are focused on the fin-tech market globally.
So, here are a few emerging FinTech start-ups from India that were showcased in the Mint FinTech Summit 2016:
- Active.Ai (Active Intelligence Pte Ltd)
Active.Ai, founded in 2016 is a platform that offers Chat Bots for large banks to interact with their customers in the format that they’re most contented with. The more customers interact with the application, the more the Artificial Intelligence behind it, learn about them and offer personalized advice and service, increasing engagement as well as loyalty of the customers. The use cases range from getting the balance in the account to transferring money to friends and paying bills. The bot can be integrated via various utility channels, including Wechat, LINE, Kakao Talk, Facebook Messenger, Amazon Echo and Siri.
- Hummingbill (Hummingbill Technologies India Pvt. Ltd)
Hummingbill (2015) accounts receivable software for small businesses to help them automate receivables. One of the biggest problems faced by small businesses is of not receiving their payments on time, often due to clerical errors or logistics issues. Hummingbill hopes to help them overcome this with a simple tool for financial officers and accountants. Its software works as a plug-in for Gmail enabling businesses to create invoices and track them. It also allows one to mechanize payment reminders as well as track the collection routine of sales representatives and account managers.
- mymoneysage.in (Shreem Datatech Solutions Pvt. Ltd)
This start-up from 2015, offers Cloud-based Money Management software for individuals as well as financial advisers. Individuals can not only add their bank accounts, investment accounts, insurance accounts, rather get actionable advice from experts. For advisers, this works like a customer relationship management software where they can create and manage tasks, offers SMS and e-mail reminders about client and prospect meetings and a dashboard where they can manage all their client data in one place. It also helps them get more visibility in a marketplace it offers and at the same time acquire new clients.
- Tauro Wealth (Tauro Investment Advisors Pvt. Ltd)
Tauro Wealth is a robo advisory start-up founded in 2015, targeting individuals who are confused and intimidated by the stock markets. It tries to make it simple for them to invest in a stock portfolio by offering, individuals a primer on understanding what stock investing is about and making them aware of the risks involved. Tauro Wealth generates portfolios using proprietary algorithms to minimize manual intervention and remove human errors or personal biases. Tauro Wealth’s investment portfolios are built to achieve a mix of passive and active investment strategies.
- fonePaisa (fonePaisa Payment Solutions Pvt. Ltd)
FonePaisa, founded in 2014 offers multiple payments solutions. For an individual, it offers a wallet that aggregates the most popular payment options, including other wallets, enabling them to carry out transactions at various retailers and pay their utilities’ bills. For merchants, it offers a payment gateway to accept payments, and also offers them software to create loyalty programmes, targeted marketing campaign, and show merchants a consolidated reporting and monitoring dashboard. FonePaisa also offers businesses accounts receivable software that automates matching payments to invoices, eliminates manual processes while reducing the costs.
These were the few startups in the Indian FinTech Sector. Look out for more in our next blog.
Watch the events’ webcast where experts discussed on ‘Regulations that make it conducive for FinTech’ at Mint FinTech presented by Capital First which took place on 30th June, 2016 in Bangalore.
Know about other startups showcased at Mint FinTech Summit 2016 by clicking at the following link:
minteventsblog 