Fintech companies target MSMEs amid push for paperless transactions
The RBI has brought such companies in its ?Peer to Peer Lending Platform? as intermediaries who provide the services of loan facilitation via online medium or otherwise to the participants.
- 35-year-old unknown creates the world’s most valuable startup Quest for easy capital to scale ops makes new-age firms cede control to foreign investors From a small segment a few years ago, India has now about 338 lending startups, according to the India Fintech Report 2019 by global fintech insights platform Medici and Zone Startups.
- However, with access to more data for credit scoring such as transaction behaviour, app-based data, location information, social data and others, these new lending models are aiming to increase this threshold by additional 10–15 per cent which is a huge market opportunity, the study said.
- Manav Jeet, founder of online lending firm Rubique, said, “Few years ago, the concept of ‘online loan’ in India was confined to information search only.
- Most of the new age lenders are offering online loan in personal loan category,” Jeet said.