Know About These Five Impact-Making Fintechs Powering SMBs In India

In the last few years, Small Medium Business (SMBs) has revolutionised the traditional methods of doing business and proven ways to survive through. In order to keep the ball rolling, every business needs financial assistance in some or the other ways like getting business loans, getting GST solutions, to get payment gateway solutions. To provide financial support to the businesses across India here are 5 startups which are providing financial support in many ways and making an impact.

As per reports from KPMG and Google, there is a large 68 per cent of Indian SMBs that are still offline. They are still working on the traditional offline mode of transactions, i.e. cash! It is very clear that there is lack of awareness, exposure and adoption. Fintechs in India catalyzes these small businesses with solutions that help to digitise the operations, business models, payment processing, money transfer, funding and more.

Aye Finance

Aye Finance is a commercial institution built around the mission to solve the challenges of funding MSMEs and enabling their inclusion into the mainstream of the economy. Aye Finance differentiates itself by creating a technically enabled process that builds credit insights through a variety of available business and behavioural data. This effective credit appraisal coupled with the use of modern workflow automation, and a small but engaged workforce is helping bridge the gap between the MSMEs and organized lending. The cloud-computing architecture enables flexibility delivery of customer service at an affordable cost. The Company also funds its non-profit initiative to coach MSMEs on market knowledge, business book-keeping and advising on operations techniques.

Treflo

It is a mobile-friendly SaaS platform aimed at being a productivity suite configured exclusively for Indian SMBs. Treflo’s powerful middleware integrates itself into the workflow of businesses by making compliance obligations up to 100 times more efficient. Automated GST billing and payments, one-click compliance, staff management, customer and cash flow management, and growth insights are some of the salient features that establish Treflo as the go-to app for SMBs. The resourceful platform acts as an equalizer to create sectoral parity, offering tools to SMBs that only large enterprises have used hitherto.

"Fintechs are leveraging improved technology providing a complete range of digital collections and payouts solutions and helping small businesses get established, and achieve efficiencies and growth in their Business," mentions Rohit Prasad, MD and CEO of Easebuzz.

Easebuzz 

A one-stop destination digital platform that provides financial management solutions to businesses of all sizes in India. Easebuzz helps them manage the receivables and payables on low-cost, high-value model payment-related solutions and SaaS-based financial management assistance. Since its inception, Easebuzz has emerged as a technology partner of the growing businesses for the digital payment collection mechanism, managing workflow and value-added services under one roof by offering its unique products. The company facilitates a plug-n-play solution for businesses who wish to have an in-house payment collection mechanism to optimize their financial systems by offering them customized solutions.  

Ezetap

Ezetap provides tailor made financial solutions for the businesses. The company’s mission is to be the single platform through which businesses complete any financial transaction with their customers, supporting every instrument and method that those customers want to use. Ezetap is fundamentally changing how hundreds of millions of people pay for goods and services on a daily basis. The company enables businesses to accept any type of payment via any type of digital instrument (cards, wallets, apps) through a single interface. They are a full stack company having end-to-end capabilities to handle digital payment processing right from switching to reconciliation, using its own hardware and software.

"What is really needed is “digital, empowered, credible SMB”. At eMSME we are building a unique umbrella platform to make MSMEs digital, credible and thereby Bankable. Most of the problems for a lender will be resolved (enabling them to lend) if they get accounting, taxation and GST data in a structured manner from a credible source," Vikesh Agrawal, CEO, eMSME explains.

EMSME

It provides a one-stop solution for aiding financial, taxation, and compliance requirements. It boasts a diversified workforce striving continuously to fill the gaps between solving complex problems and offering the ideal solution. With a mission to make MSMEs more bankable, credible and encourage their digital adoption, EMSME takes pride in being one of India’s leading futuristic end-to-end solutions providers. EMSME was incorporated to eliminate the issue of lack of funds and enable MSMEs to access finance easily. EMSME provides MSMEs product and price discovery platforms that are predictable and measurable in nature. Its extensive services, including Accounting, Compliances, Taxation, and more, are highly regarded in the market and promise to give its customers an edge.