Best Finance Apps in India you should know about to manage your money better
Fintech is an arena that brings together the seemingly distinct worlds of finance and technology. The technology aspects helps ‘digitize’ the payment systems across segments. This arena helps retail investors in making online payment, lending institutions in gaining traction in digital loans, insurance companies in marketing and issuing policies online, and boost ecommerce companies.
Fintech companies in India got a boost after the central government enacted demonetization in November 2016. The move, which banished over 85% of currency circulation in use, forced traditional institutions to take the digital route in order to provide continued services to customers. It also helped boost existing fintech apps like PayTM and MobiKwik and led to a rise of a plethora of new players.
In this article, we will look at a few fintech apps which are doing well across segments. We will aim to look beyond well established players to see what newer businesses in the arena are doing.
Personal Finance Apps
KRED is a Kochi-based fintech app that was set up in March 2019. It enables co-operative banks to function like modern digital banks thus helping such banks’ customers get access to digital banking solutions. The company was set up in Kerala as the state had a significant population which depended on co-operatives for their banking needs.
Brothers Ricky Jacob and Nicky Jacob, along with Rajat Talwar and Richmond Chethalan are the brains behind the company. Their idea made KRED the first Indian startup to receive investment from Barclays. It raised $120,000 funding from the company in 2019 and is also backed by Techstars.
Co-operative banks can use KRED’s core-banking system to provide their customers with digital access to their accounts. Customers can also make repayments via an automated reconciliation mechanism.
The startup works on a SaaS (software-as-a-service) model and charges per user, per month. It also charges banks for every transaction on its platform.
Chillr is a mobile payment fintech app and a must have personal finance app that enable users to send money to anyone in their phonebook. It has 52 banks on its platforms and has partnered with 9 of them. A user needs to have an account with any of these banks to make use of the money transfer service. Users can also connect multiple bank accounts and manage them via this application.
The difference between a partner bank and others is that users having accounts with such banks will be able to use all features provided by Chillr.
The key feature of its money transfer service is that users don’t need to transfer their money from a bank account into a wallet; the transactions via Chillr happen directly from and to the bank account. In this way, users do not have to worry about the safety of their money in some virtual wallet. The app can also be used to transfer money between multiple bank accounts of a user.
Sending money via the app will always be free though users may be charged for receiving payments in excess of the monthly limit of 50. Banks can still charge users for transferring money, though.
Among other features, the app allows users to pay for utility bills and shop at Chillr merchants by using the scan & pay feature.
Walnut app, a must have personal finance app, helps users with several tasks like tracking their spends, finding ATMs with cash near the user on a real-time basis, transferring money to friends, making credit card payments (currently being revamped), setting up bill reminders, and checking bank balance. Meanwhile the WalnutPay service, which is specifically for iOS users, offers a split & settle feature which allows friends to split and settle spends on trips, vacations, eating out, and daily expenses.
In terms of spends, it categorizes a user’s expenses into categories like food, entertainment etc. so that he can see and budget his monthly spends well. Users can download their expense reports in PDF and CSV formats. They can also create custom categories to track their expenses. If a user wants to transfer money, the app helps him do it using BHIM UPI thus eliminating the need of using a wallet.
Sqrrl is a personal finance mobile app which helps users invest in direct plans of mutual funds. Users can sign up on the platform by using their mobile number and verifying with an OTP. The KYC process is completely paperless and is completed in a few steps. Users can start an SIP for as low as Rs 100. The app offers support in the following nine languages: English, Hindi, Tamil, Telugu, Malayalam, Gujarati, Bengali, Marathi, & Kannada.
The platform offers the services of personal finance experts who can help users with financial planning as well as investing their money in the best mutual funds for their goal. It offers unlimited and instant withdrawals anytime. The company is regulated by SEBI and also comes under the purview of AMFI.
One of the best money managing apps, ETMoney has it all that you need to manage your money, track expenses, track your budget, invest in mutual funds and learn more about personal finance.
You can invest in NPS, buy Insurance, get a loan, read 1000s of finance related articles, track your expenses, track your bills, get bill reminders etc.
Cred is more of a credit card reward system for timely payments of cards than a personal finance tracking app but it still deserves a mention in a must have fintech app (If you qualify).
A members only app for now, it rewards you for timely credit card payments by giving you exclusive offers. You can manage multiple credit cards and also analyze your credit score. In addition, you can also track your spending and manage your bills. It also helps you use your credit cards efficiently.
Small Business Fintech Companies
LendingKart describes itself as a non-deposit taking NBFC which provides working capital loans and business loans to small and medium enterprises. Their process is completely online requires minimum documentation without collateral. The company was launched in 2014 by Harshvardhan Lunia and Mukul Sachan and is based in Ahmedabad.
Its platform utilizes big data analytics to help lending partners evaluate the creditworthiness of potential borrowers. It has data partners spread across the country which provide it with information that it uses to gauge the repayment ability of a borrower.
The minimum and maximum amount of loan that can be disbursed by the platform is Rs 50,000 and Rs 2 crore respectively. The duration of the loan can be from 1 month to 3 years. The credit evaluation for the loan can take from 1 to 3 days.
Pine Labs offers a full-stack platform for merchants which is aimed at helping them grow their business. It intends to help merchants increase their revenue while reducing their cost, complexity, and risk. The company, which was founded in 1998, also makes software for point of sale machines. It is headquartered in Noida and was founded by Lokvir Kapoor, Rajul Garg and Tarun Upadhaya.
Its platform allows merchants to offer their customers instant EMIs, cashback and discounts on their purchases. It also offers automated transaction routing which helps merchants save cost.
It offers the ePOS app which allows merchants to receive payments on their Android smartphone. This allows merchants to accept payments at their store or at customers’ doorstep. The app can accept payments via debit/credit cards, mobile wallets and UPI, among others. All such payments are directly credited to the merchant’s bank account.
Ezetap offers transaction solutions to businesses. It provides end-to-end solutions to businesses to receive payments. It makes mPOS and offers the Ezetap device which can be plugged into either feature or smartphones and allow anyone to accept cards anywhere. This allows any mobile device to be converted into POS terminal by connecting their card reader into the headphone jack of a phone. The company was founded in 2011, is based in Bengaluru, and was co-founded by Abhijit Bose, Bala Parthasarathy, Bhaktha Keshavachar, Sanjay Swamy and Shripati Acharya.
Their key offering can be summed up as thus: Any customer location (in-store, doorstep, online); Any payment mode (cards, mobile wallets, biometric payments, messaging apps, QR code-based); Any hardware (mPOS, counter POS, kiosks, vending machines); Any banking partner.
Are you using another personal finance app that you love? Please comment below and we would be happy to review it.