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Women prudent borrowers, aspirational younger generation displays bolder risk appetite: Fintech soonicorns on financial inclusion at ET Soonicorns Summit 2024

Economic TimesEconomic Times · 1y ago
Women prudent borrowers, aspirational younger generation displays bolder risk appetite: Fintech soonicorns on financial inclusion at ET Soonicorns Summit 2024
Medial

During a closed-door roundtable discussion at the ET Soonicorns Summit 2024, panelists highlighted that women borrowers in India have better credit performance compared to men. However, they also noted that many women lack agency in financial matters and can become victims of financial fraud due to a lack of information and involvement in decision-making. The discussion also touched upon the rise of young investors in India, who are more willing to take loans and invest at an early age. The panelists emphasized the role of fintech in bridging the gap between traditional banking and the evolving risk appetite of the younger generation. They also discussed challenges in achieving financial inclusion, such as data utilization, regulatory gaps, and financial literacy.

Bharat Fintech Summit highlights fintech industry’s challenges and opportunities

EntrackrEntrackr · 1y ago
Bharat Fintech Summit highlights fintech industry’s challenges and opportunities
Medial

The Bharat Fintech Summit 2024, organized by The Digital Fifth in Mumbai, saw the participation of 3,000 people from the Indian fintech ecosystem. Held between February 7 and February 8, the second edition of the summit hosted as many as 23 speaker sessions, five fireside chats, and 10 demonstrations. The panel discussions touched upon a wide range of relevant issues, including the dynamic fintech landscape in the country right from product-led innovations, much needed collaboration between banks and fintech players, cybersecurity and the need for increased regulatory compliances in payments and digital lending to improve banking experiences for customers and protect them from various frauds. Entrackr was present at the event and held conversations with several stakeholders of the fintech industry. It’s worth noting that the event comes at a time when the fintech industry is benefiting from the radical digital transformation of the banking industry and e-commerce growth around India and the globe. Banks and financial institutions are moving towards 100% digital for the retail and MSMEs segments in upcoming times and major innovations in the Indian BFSI industry have been propelled by the regulators and public infrastructure such as IndiaStack, Account Aggregator, and the ONDC. Enterprise fintechs are poised to expand, with projections estimating a market size of approximately $20 billion by 2030. The Digital Fifth cofounder and CEO Sameer Singh Jaini told Entrackr that the last decade witnessed a continuous influx of funds into enterprise fintechs. This, coupled with the entry of new-age players in various enterprise segments, is shedding light on the previously untapped potential of this market. “We organize the summit which are focused on content and depth and welcome here everybody from the entire Indian fintech ecosystem including the participation of 70 – 80 VC firms where they share fruitful insights, collaborate and intend to thrive their businesses amongst each other,” he added. Embedded Finance also was under the spotlight during the event as a general sentiment was to bring more focus on the need for more players to drive customer engagement in partnership with banks. During his keynote speech, RBI executive director P Vasudevan stressed the need for frictionless credit and highlighted it has the potential to become the next digital public infrastructure. “It’s a vibrant experience for me to attend such a summit and also marked presence in one the panel where we discussed tech led credit networks, leveraging multi-layered lending partnerships and cutting-edge tech for the future-ready financial sector. MSMEs lending landscape, challenges, innovation, collaboration and others. MSMEs sector has been the backbone of the Indian economy and the emergence of technology in this space is worth watching,” Alok Mittal, co-founder & MD at Indifi, told Entrackr. Indifi offers loans for small businesses which turned profitable last year and crossed Rs 1,500 crore AUM in March 2023. Perfios’ Chief Strategy Officer Ramgopal Subramani appreciated the summit saying such events are instrumental in facilitating knowledge exchange, fostering partnerships, and driving comprehensive sectoral growth. “At Perfios, we are happy to partner with events like BFS that serve as collaborative platforms across the BFSI sector to address challenges and explore innovative opportunities,” he said. “It’s always great to be associated with The Digital Fifth and the summit which can be a game changer for the entire fintech Indian ecosystem and curated this event for the last where a lot of collaborations took place,” said Vaibhav Tambe, co-founder, TransBank. TransBank is a SaaS-based platform where it takes a minimum guarantee for a particular number of services and charges per transaction basis. The summit also saw the attendance of spokespersons from different fintech startups like Trifecta, GetVantage, Zaggle, FinBox, Skydo, Bureau, Fixerra, and others.

Online dispute resolution platform CADRE ODR raises $200K

EntrackrEntrackr · 1y ago
Online dispute resolution platform CADRE ODR raises $200K
Medial

Online dispute resolution (ODR) platform CADRE ODR has raised $200,000 in an ongoing pre-series A funding round from Aprameya Radhakrishna, Murali Subramanian, Ram Bhamidi, Aneesh Garg, and Rahul Guptan. The proceeds will be used to democratize access to justice, creating an affordable, efficient, and accessible dispute resolution option for businesses and individuals, CADRE ODR said in a press release. Co-founded in 2019 by Kanchan Gupta and Rajneesh Jaswal, CADRE ODR uses advanced technology to offer legally binding, rapid, and cost-effective solutions for commercial and other disputes. The company leverages an AI-driven platform to reduce dispute resolution times to as little as 45-60 days, compared to conventional methods. The company’s platform addresses the critical issue of delayed and costly legal resolutions. CADRE provides a comprehensive, tech-enabled dispute resolution solution with a streamlined legal workflow. It asserts that it has already processed nearly 8,000 cases across banking, securities, employment, and commercial disputes. The company plans to enhance its development of AI-based tools that improve transparency, accuracy, and user experience in dispute resolution. According to the Bengaluru-based company, it is entering both the South African and Australian markets, capitalizing on the surging demand for digital dispute resolution solutions. It has established a strategic partnership with Orington & Partners, an Australia-based consulting firm.

Frex raises Rs 9.5 Cr led by Zeropearl VC and White Venture Capital

EntrackrEntrackr · 13d ago
Frex raises Rs 9.5 Cr led by Zeropearl VC and White Venture Capital
Medial

Peer-to-peer payments platform Frex has raised Rs 9.5 crore in a pre-seed funding round co-led by Zeropearl VC and White Venture Capital, with participation from a group of strategic angels including Abhiraj Singh Bhal, Varun Khaitan and Raghav Chandra of Urban Company, Pradeep Parameswaran, CRED founder Kunal Shah, and Rishabh Goel. The proceeds will be used to expand its on- and off-ramp infrastructure across North America and India, strengthen the compliance and regulatory stack across key corridors, scale engineering and ledger systems, and accelerate go-to-market efforts within NRI and migrant worker communities, Frex said in a press release. Co-founded this year by Aditya Varma, Himanshu Arora and Nikhil Shanker, Frex is a peer-to-peer money transfer platform that offers instant, low-cost cross-border payments. The platform delivers better-than-mid-market rates with near-instant settlement across key corridors and transparent pricing. It combines modern blockchain infrastructure with strict compliance and local banking integrations to make global money movement simple, fast and affordable. Frex aims to make cross-border money movement as seamless and affordable as domestic digital payments. It enables immigrants and global workers to send money home instantly and at ultra-low cost. The Gurugram-based startup addresses bottlenecks such as transfers that take days to process, a lack of pricing transparency, and fees along with forex mark-ups ranging from one to five percent. The platform intends to position itself as a modern alternative to traditional remittance channels, which are often slow, expensive and opaque. Since its launch in November, Frex claims it has seen rising transaction volumes and rapid adoption among immigrant communities, and the company expects to cross $1 million in monthly transfers within the next two to three months. It may directly or indirectly compete with other startups in this space, such as Wise, Remitly and Xoom.

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