5 BaaS Platforms To Transform India's Financial Services In 2023 Banking as a service (BaaS) enables banks to integrate digital banking services with non-banking businesses, empowering fintech and other nonbanking companies to offer banking services such as debit cards, loans, and payment services.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Traditional banking and financial institutions have been disrupted by FinTech remarkably in the past decade. We are witnessing the FinTech Sector taking center stage. Advancements are driving the evolution of the Industry in technologies like automation, data science, and Artificial Intelligence. One of its major disruptive elements is BaaS. Banking as a service (BaaS) enables banks to integrate digital banking services with non-banking businesses, empowering fintech and other nonbanking companies to offer banking services such as debit cards, loans, and payment services.
Here are five BaaS platforms from different sectors in India that are scaling up the level of financial services, making them fitting for consumers:
Falcon
Founded in 2022, Falcon is an embedded Finance Platform that provides solutions to facilitate traditional banks and financial institutions to provide digital loans to their customers. It offers a future-proof stack to build bespoke cards, payments, accounts, and lending products at unreal speeds to financial institutions and tech companies. Falcon's mission is to power the world's transactions to frictionless finance by bringing speed, stability, scale, and lower cost.
Samunnati
Samunnati is a Chennai-based that provides market linkages and financing solutions to smallholder farmers. The startup offers working capital loans, shortterm loans of less than one year, and long-term five-year loans to help farmers and agri-businesses purchase agricultural machinery or other infrastructure.
Mahila Money
Founded in 2021, Mahila Money is the digital banking arm of Sheroes- a Delhibased women-only social network. Mahila Money provides small business loans and other financial services for women and microentrepreneurs. The mission behind the startup was to bridge women's growth aspirations with the world of financial products and services.
Niyo
Niyo is one of India's leading FinTech platforms. Founded in 2015, the startup focuses on building innovative solutions in partnership with banks to make digital banking more accessible, and attractive. Niyo caters to various retail segments with a differentiated customer banking experience by simplifying finance with technology.
Zolve
Zolve is a neo-banking startup founded in 2020, explicitly targeting migrant workers. It provides immigrants bound to the US with access to bank accounts, high-limit credit cards, and debit cards on the basis of their home country's credit score while they are still in their home countries. Zolve aims to be a fullstack financial services provider with products focused on instant money transfers, insurance, and loans in the pipeline.
