Fintech start-up Simpl targets India's low credit card adoption - FinTech Futures

#fintech #credit #creditline #creditcard #cod #startups #startupindia

Simpl, a Bengaluru-based fintech, is vying to change India’s approach to credit.

India had around 52 million credit card users in 2019, according to BankBazaar Moneymood’s 2020 report.

The start-up offers shoppers a digital credit line, acquiring users at point of sale (PoS). It works with mobile-focused commerce stores across India.

Simpl acts like a ‘buy now, pay later’ checkout option, without incurring interest for the consumer. Everything the shopper buys gets added to a bill which is paid off every 15 days.

Cash on delivery (CoD) – where a consumer buys a product online and pays for it upon delivery – is still a popular shopping method in India. A Nielson report last year found roughly 83% of shoppers in India still favoured CoD for online commerce purchases.

The main reason why customers use CoD is that the vendor’s behaviour and customer experience affects adversely if we make payment in advance.

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Fintech start-up Simpl targets India's low credit card adoption - FinTech Futures

Simpl, a Bengaluru-based fintech, is vying to change India's approach to credit. Currently, just 3.85% of Indian consumers have credit cards.

Startup Strategy: Santander's Asto offers loans to SMEs on Funding Options

#MSME #SME #lendingsolutions #lending #credit #fintech #startups #startupstrategy

Santander’s invoice and expenses app, Asto, has partnered with alternative UK lender, Funding Options, to offer business capital loans to early-stage start-ups and small and medium-sized enterprises (SMEs).

Funding Option’s CEO, Simon Cureton, calls Asto “one of a new breed of ambitious and innovative lenders laser-focused on providing truly flexible finance solutions for businesses”.

Key takeaway:

Partnering with e-commerce giants would give lending company a better access to financial strength of the sellers on these platforms.

The above fintech venture broke into lending last year when it partnered with eBay to off loans to the 200,000 UK SMEs which sell their products through the ecommerce giant’s platform.

The app connects to eBay’s data to measure sales and cash flow to identify prospective customers and shape its credit decisioning process.

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Santander's Asto offers loans to SMEs on Funding Options - FinTech Futures

Asto, Santander's fintech app, has partnered with alternative UK lender Funding Options to offer business capital loans to early-stage start-ups and SMEs.

Neobanking Space: Credit Sesame's banking service uses i2c payments platform

#fintech #neobanks #challengerbanks #digitalbanks #startupstrategy

Credit Sesame, the California-based credit and loan finder, has chosen payments solution provider i2c Inc. to power its digital banking service, Sesame Cash.

Sesame Cash, launched in March this year, uses the insights it has gathered on users’ banking habits to promote healthy credit behaviours and good cash management.

Silicon Valley-headquartered i2c Inc. offers payment solutions based around credit, debit, prepaid and lending. Sesame Cash will use i2c’s platform to set and control all its card, banking and payments programmes.

The fintech wants to offer a smart bill pay service, savings round-up of transactions to save or pay down debt, reward programmes and credit-building features.

Other features will include early paydays, direct deposits, the ability to freeze or unfreeze the debit card in-app, and virtual card integration with “most major mobile wallets”, the fintech has said.

Founded in 2010, Credit Sesame claims to monitor more than $35 billion in loans. Its business model gives its members free access to credit score monitoring, credit reports, and identity protection tools, as well as recommendations regarding a variety of loan types.

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Credit Sesame's banking service uses i2c payments platform - FinTech Futures

Credit Sesame, the California-based credit and loan finder, has chosen payments solution provider i2c to power its digital banking service, Sesame Cash.

Turning Point: Two founders turned bankruptcy into growth with their startup venture Likvido

#liquidity #SME #smallbusiness #latepayments #fintech #fintechstartups #covid19 #startupfunding #SaaS

Nearly one in five (18%) of Europe’s small and medium-sized enterprises (SMEs) say that late payments threaten the survival of their business, according to Intrum’s 2019 European Payment Report.

Likvido.com, co-founded in March 2018 by Maximilian Frimmer and Lars Holdgaard, offers #SMEs an inverse management system which “connects the dots” between their accounting systems, Frimmer tells FinTech Futures. The start-up recently secured a €2.5 million seed investment from Paris-based investor, BlackFin.

The fintech automates actions for chasing late payments, like a SalesLoft campaign, but for late payments rather than new client engagement. It runs a proactive credit check on new clients to inform them of the number of days required for a campaign and the credit amount. This happens before building a workflow with emails, calls and texts which can also include ‘to do’ lists for account managers to charge late payment fees. If all this does not work, then Likvido.com will loop in a debt collection agency with just “one click”.

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Two founders turned bankruptcy into growth - FinTech Futures

In 2017, two Danish founders were facing bankruptcy. Instead of giving up, they turned exactly what had crippled them into a growing business - late payments.

Funding Alert - Vizag startup gets funding from Singaporean firm for developing CONNETIN BOT

#startups #startupindia #startupfunding #fundingalert #bots

Vishakapatnam (Vizag) -based startup Verbindung Geschaft India Pvt. Ltd has secured funding from a Singaporean firm, Govin Capital Pte Ltd, bucking a trend of economic decline precipitated by the #COVID19 pandemic, to accelerate the development and commercialisation of a software product called CONNETIN across India, Singapore and the United States.

The new investment would enable CONNETIN to further capitalise on its position as a pioneer in servicing the #SME sector in India and globally, where there was an unmet need for affordable business operational tools (CONNETIN BOT) and enhance their business opportunities.

CONNETIN works to provide right-time finance to the SME units as a credit line system. The product helps a business digitise its operations, which further leads to transparency. The platform enhances the firm’s business profile, does networking among other businesses, and leverages on new business opportunities, thus building credibility. Transparency and credibility are the key sources for any financial institution to provide finance.

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Vizag startup gets funding from Singaporean firm

A city-based startup has secured funding from a Singaporean firm, bucking a trend of economic decline precipitated by the COVID-19 pandemic. Verbindung Geschaft India Pvt. Ltd, a startup developing innovative products for the SME sector, has received funding from Govin Capital Pte Ltd to accelerate the development and commercialisation of a software product called Connetin across India, Singapore and the United States.