4 FinTech platforms redefining digital lending for SMEs in India

By Delisha Fernandes

Financial technology (FinTech) has disrupted traditional lending and made loans more accessible to the underserved and underbanked segments. The rise of FinTech lenders has proved to be a blessing for SMEs as the loan process takes place in a digital manner. This means financing is seamless as the paperwork involved is minimal or even zero.

Compared to traditional financing methods, the allure of digital lending lies in its convenience and streamlined processes, making it an increasingly preferred choice for businesses seeking hassle-free access to capital. According to IBS Intelligence, with a cumulative investment of $1 billion since inception, the digital lending space in India is experiencing rapid growth at 25%. Projections indicate that digital lending will surpass traditional methods for unsecured loans by 2030.

4 FinTech platforms redefining digital lending for SMEs in India

• CoinTribe Technologies

CoinTribe is an Online lending marketplace that enables Micro and Small Enterprises and individual borrowers to apply for a loan & get an offer with a custom quote in minutes. The online lending marketplace connects businessses to potential lenders (Banks and NBFCs) and simplify the entire loan application till they get the money into their account. CoinTribe also works with some of the leading banks to provide them white-labelled solutions so that they can provide faster loan approvals and disbursals to their customers.

• EFUNDZZ

EFUNDZZ is an SME lending marketplace with over 100 Banks, NBFCs, Digital lenders and other financial institutions as strategic partners. It was established by a team of experienced bankers with more than 100 years of collective banking and finance experience with the sole aim of simplifying the life of a customer. The company aims to bring the best of banking and finance offers to the customer without the cumbersome application process, follow-up, and calls to multiple bankers.

• Indifi

Indifi helps small businesses grow by offering loans to those with potential and intent. Most companies have little or no access to financing from traditional institutions such as banks or lack either collateral or finance data trail to access loans. Indifi is a technology platform that gathers and analyses data on businesses from various sources and draws insights to judge their creditworthiness past and current performance in the context of the industry in which they are operating.

• TradeUdhaar

TradeUdhaar is a FinTech company that provides complete end-to-end digital lending solutions to SMEs.One of the major hurdles preventing SMEs from taking the entrepreneurial plunge is capital denial. TradeUdhaar is proud of filling this gap and assisting entrepreneurs on their growth Journey. TradeUdhaar envisions becoming the first choice amongst SMEs for quick and convenient Business Loans, enabling them to become eligible to take bigger loans from the banks.

ALSO READ: Global Lending Vendors & Landscape Report Q4 2023