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India ranks second for having the largest number of FinTech companies globally with the United States on the first spot. FinTech companies help small business owners and startups by providing them with credit and technological advancement. In this blog, we are going to dig deeper to know how FinTech companies help these businesses.
FinTech is the abbreviated form of Financial Technology is a range of financial services software that is used by companies to automate traditional financial methods. These are the examples of technologies which make financial services more assessable to the general public; smartphones, mobile banking, investing services and cryptocurrency.
These are some of the ways a FinTech company benefits small businesses and startups;
India has the second-largest number of financial technology companies {FinTech companies}. Our country has over 2000 FinTech startups and 42 percent of them are situated in Bangalore and Mumbai other is located in New Delhi, Gurugram and Hyderabad. Until 2018 there were 730 functional FinTech companies that grew from the year 2015-2018 and 1300 more FinTech startups were added in the Indian FinTech companies’ ecosystem. Some of the top FinTech companies in India are;
Complete Overview of the World Fintech Industry
Suggested: Growth Aspect of Fintech in India
FinTech companies develop technologies that allow business owners to manage and control actions like accepting payments, paying bills and using other financial services to their advantage. Earlier with the lack of these technologies and other facilities provided by FinTech, startups didn’t have many ways to grow their businesses.
Furthermore, they only had banks as a source of capital which used to look for the credibility and the scope of these companies in the future market. This made the process more complex and difficult for a company that is in its initial stage. With the FinTech solutions in the market, the startups now have more options and ways in which they can work towards growth.
However, it is hard for startups to grow and make a reputation in today’s world with all the competition and a large number of startups launching every year. Hence, it is important for them to opt for ways that bring ease in their functioning and help them grow effectively/efficiently. FinTech companies play a major role in this. Mentioned below are some of the importance of the presence of FinTech solutions in the (modern) market;
It includes technologies like
Advantages of FinTech are;
FinTech companies are companies that provide funding to startups and small companies. They ease the process of managing a business by using automation technologies, less documentation, providing lending, expense tracking and invoicing, usage of various tools, and by providing a range of FinTech products and services. These services help startups to grow.
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