Rati had a thriving business selling her homemade spices and foodstuffs. She had just received a huge order from a reputed caterer and needed supplies. There were more orders flowing in from a local store that wanted to stock her goods. Her existing sales revenue was not enough to buy even half the raw materials she needed for her business. She had tried approaching a bank before, but found the terms unattractive because her loan was too small. She did not have a budget to travel to the city and approach other banks that would give her a small loan to cover her raw material costs. Time was running out for her to place the order and execute her larger order. She did not want to let go of the opportunity to increase her sales and grow her customer base. The local village moneylender charged an exhorbitant 30% interest on short term loans and that was not money she could afford to lose.
Rati felt completely stuck in her situation without a way out when someone recommended hunting for a short term unsecured working capital loan online. There were companies who would lend money without hassle within 2-3 days. This was godsend for Rati, who immediately logged in a query online. Rati found flexiLoans.com who would give her funds on her completing few simple formalities.
Instead of approaching the moneylender, Rati signed up on flexiloans.com, a FinTech startup providing loans. And her loan was processed hassle free. Welcome to the new era of FinTech companies, who are out there to revolutionize lending with the click of a button.
FinTech stands for Financial Technology or businesses that use technology to provide banking and financial solutions. It comprises of both startups and established companies with the main aim of improving service delivery or user experience.
The National Digital Research Centre, Dublin, defines FinTech as
- New applications, processes, products or business models in the financial services industry,
- Composed of one or more complementary financial services and
- Provided as an end-to-end process via the Internet.
It includes different business processes such as:
- Payments (for example, digital wallets)
- Investments (for example, crowdfunding)
- Financing (for example, micro loans)
- Cross Process (for example, data analysis)
- Infrastructure (for example, data security)
In the context of India, various FinTech companies started appearing on the start up landscape to take advantage of the demands to simplify financial processes and provide smarter and more efficient solutions. Digital wallets are now commonplace, and lenders for small token loans are now finding a stronger foothold. Investment marketplaces or Insurance marketplaces have taken to advertising. The whole atmosphere of Banking and Financial Services has undergone a sea change because of such disruptions.
Given that FinTech companies look to disrupt not only businesses but also industries, Zone Startups India is organizing a conclave Fintegrate Zone 2017. The inaugural event aims to highlight changemakers and newsmakers in the FinTech industry, showcase innovations and provide a platform for key players to meet industry bigwigs.
Fintegrate looks to combine the following in a power packed 3 day event:
- A Hackathon
- A CXO roundtable
- Startup Exhibitions
- A Grand Demo Day
The event has 85 speakers from a broad range of fields, from startups, to established companies to address the current scenario and discuss the future. By providing a platform for startups to showcase their Big Idea, it provides a crucial link to connect those who look to disrupt and those who lead reputed companies worldwide.
The conference has slated talks, debates and discussions with a view to broaden the scope of a FinTech participant and bring them in contact with other players working in fields similar to theirs. For those looking to start their own venture, this event is an opportunity to connect with some of the brightest minds in the FinTech space today.
One of the companies demonstrating at the Startup Exhibition is FlexiLoans.com. Started by experienced professionals, FlexiLoans.com aims to bridge the gap between capital looking for a return and small businesses looking for funds. By providing small ticket loans, FlexiLoans.com looks to change the lending industry by including those who are not touched by the lending institutions. FlexiLoans.com offers a simple and transparent approach to funding.
Participants and Industry players can get an opportunity to meet the founders of FlexiLoans.com at Fintegrate 2017. If you haven’t registered for Fintegrate, do it now.