4 Fintech Startups to Watch Out For

Digitization is disrupting every nook and cranny of our lifestyle. With technology evolving and ascending to higher avenues, the labour invested in our day to day activities is also economizing. Eventually, we are getting rid of the conventional ways of processing our everyday tasks and moving towards sophisticated technology driven manners. One such example is the changing scenario of the financial sector which is gradually shifting from offline to online in order to be more organized, hassle-free, convenient and transparent.

Online financial services are changing the face of money management. Let alone the ease these services provide to the customers, they also act as the instrument for addressing the issue of knowledge bankruptcy which is very common in this sector.

Following are four of such companies which are trying to facilitate easy ways of availing financial services like personal loans, peer to peer money lending and borrowing, insurances etc.


Founded in: September 2013
Founded by: Varun Dua and Devendra Rane
Total Fund Raised: $14 million
Investors: Accel US, Accel India, SAIF and Catamaran

Coverfox is an online insurance portal that allows a user to compare and buy insurance from a range of products from all top insurance brands in one go. Once bought, Coverfox also helps a customer with the difficult claims process. The startup currently sells health insurance, car & 2 wheeler insurance, travel and home insurance.

60% of the company portfolio is auto, and health is a majority chunk of the rest of the 40%. Its user base is about 0.7 million and is expected to reach 1 million mark  by the end of the year.

In the immediate future, the company would lay emphasis on improving its technology further and brand building through mass media advertising. Also, it will focus on bringing on board new insurance products, and in scaling up its customer assistance unit.


Ekmeet Singh

Founded in: 2015
Founded by: Ekmeet Singh, Bhuvan Rustagi and Jatin Malwal
Funding Status: Bootstrapped

Lendbox is an e-lending platform that focuses on providing its users with personal finance solutions through peer-to-peer lending as well as through institutional investors. It connects willing investors and creditworthy borrowers. Lendbox is a product of Transactree Technologies Private Limited.

Investors would be able to earn interest rates as high as 36% while borrowers would be able to borrow personal unsecured loans for as low as 12%.

“We do Big Data analytics of the borrower on various data points such as the net salary, expenditure trend, education, qualification, industry type, asset holding, Utility and mobile bills, credit card expenditure, locality of stay and city, online spending behavior etc. to understand the risk of the user rather than relying only on Bureau score as most of the Financial Institutions in the country do,”- team Lendbox.

Lendbox has not raised any external funding yet. Currently, all the funds invested in the company have come from the Co-founders. Its direct competitors are e-lending players in India such as Faircent, iLend, IndiaLends and RupeePower.

Its indirect competitors are Bankbazaar and similar lead generation models as well as traditional financial institutions such as banks and NBFCs. It plans to expand the panel of institutional investors it has on board to serve its users more efficiently.

Lendbox would be launched in the first week of November however, currently the company has close to 394 pre-registered users (257 borrowers and 137 investors) on its platform. Its Android App is under development and will be rolled out soon.

Indifi Technologies


Founded in:2015
Founded by: Alok Mittal, Siddharth Mahanot and Sundeep Sahi
Total Fund Raised: Undisclosed
Investors: Pramod Bhasin, former CEO at GenPact, Accel Partners and Elevar Equity

Indifi Technologies is a marketplace for small business loans. It approaches each and every industry segment to understand the cash flows and financing requirements in that segment. The company then devises lending products that fit the need, and brings together data sources that can be used for effective credit evaluation. On the other hand, lenders who wish to lend to these segments use Indifi’s platform to access a new set of borrowers, and data that can help them make credit decisions. Indifi provides full lifecycle support to lenders, including origination, data aggregation and analysis, loan documentation and verification, and loan monitoring.

Indifi is looking to expand the number of segments as well as grow the segments it is already in. This will entail expanding its business teams both geographically and in each segment it forays into.



Founded in: 2013
Founded by: Rajat Gandhi, Vinay Mathews and Nitin Gupta
Total Fund Raised: Undisclosed
Investors: Mohandas Pai

Faircent is a p2p lending marketplace where curated borrowers and lenders are aggregated. Faircent empowers the borrower by having a transparent rate discovery model and enables them to reduce interest rate through a reverse auction model.

It has a bidding engine which helps borrowers and lenders in interest rate discovery, multiple lenders bid for borrowers and each borrower has the power to accept or reject an offer. It uses match making technologies to connect prospective borrowers and lenders as per their respective requirements.

On its platform, Faircent has over 3500 lenders who have committed nearly Rs. 3.5 crores and 17,500 borrowers who are seeking over Rs. 2.5 crores. Over Rs. 1.65 crores has been disbursed to over 200 borrowers. These are small ticket size loans to individuals and MSMEs. “Today we are seeing 100% MOM growth in loan disbursements”, says Rajat.

Expressing his opinion, Rajat maintained, “We believe, in India, the model will grow at a brisk pace in the coming years. It will service the underserved and un-served parts of the population. These are early days to hazard a guess on numbers but going by US and China success stories we believe the industry  would be doing anywhere between  $7-10 billion of loans in the next 5-6 years”.

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