As 2020 drew to a close, it was an opportune time to pause and reflect. Today, fintech is so ubiquitous and that many solutions are an intrinsic part of our life. Even traditional laggards like the functioning of lending and borrowing has been swept by technology innovation. While new ways of lending and borrowing have become popular, even traditional lenders are leaning on technology to help decipher the plethora of data available today and help in making decisions.
Hereby enclosing tech-enabled lending platforms to watch out for in 2021
1. Indifi Technologies: Indifi Technologies is a Gurgaon-based lending platform, enabling debt-financing for small businesses. It aims to substantially improve the experience for borrowers regarding credit access as well as speed and convenience of the loan process. Driven by the idea of expanding access to MSME financing in India, Indifi has emerged as an enabler for start-ups and small businesses seeking seamless access to funding. Indifi expands the envelope of formal lending by designing the right-fit credit products for MSMEs, improving the standard of risk assessment, and leveraging the supply chain linkages of MSMEs.
It is one of India’s leading online lending platforms, which has deployed a proprietary machine learning model to drive greater differentiation in its lending operations and optimising functions such as underwriting, risk assessment, and borrower profiling.The machine learning model also strengthens the underwriting process, as the final credit decision is based on more informed insights. Doing so also reduces the dissonance between the final inquiry status for customers to improve the customer experience on the Indifi platform.
2. Capital Float: Capital Float is a fintech lender to digital India. From financing the dynamic growth of SMEs to offering innovative point-of-sale financing for consumers, Capital Float offers flexible, short-term loans that can be used to purchase inventory, service new orders or optimise cash cycles. Borrowers can apply online in minutes, select desired repayment terms and receive funds in their bank accounts in three days with minimum hassle.
3. LendingKart: LENDINGKART Technologies is a fin-tech startup in the working capital space. The company has developed technology tools based on big data analysis which facilitates lenders to evaluate borrower’s creditworthiness and provides other related services. The company aims to transform small business lending by making it convenient for SMEs to access credit easily. The company uses technology and analytics tools, analyzing thousands of data points from various data sources to assess the creditworthiness of small businesses across different sectors including e-commerce rapidly and accurately.
4. Flexiloans: FlexiLoans is an online lending platform started with an endeavor to solve the problem that SMEs face in accessing Quick, Flexible & Adequate funds for growing their Businesses. Over 80% of Loan proposals from SMEs currently are rejected by institutional channels on account of inadequate financial history or collaterals. The platform wish to make the ‘social & alternative scoring of SMEs & Individuals a big opportunity for the economy that will far out place the limited insights that the financial bureau provides. Their technology-powered online marketplace is the best model to meet the financial requirements of SME’s in e-commerce sector, who do not have credit history & hence cannot avail loans from traditional banking channels.