The toast of the Startup India Summit was the FinTech industry. Leading the pack were Capital Float, Faircent, Tone Tag and Remitr.

Faircent.com is India's largest peer-to-peer lending website, which caters to retail and business loans. Its founder and CEO Rajat Gandhi said Faircent helps eliminate the high margins which intermediaries like banks and other financial institutions make on loan transactions.

"Traditionally, banks and other financial institutions offer interest rates of around four to seven per cent on surplus funds invested with them. They lend the same money to borrowers as personal loans at 15 to 36 per cent. Faircent.com is an online marketplace that brings borrowers and lenders in contact with each other. Thus, the margins of intermediaries are passed on to end-users. Borrowers can get personal loans at lower interest rates and lenders can earn higher returns on surplus funds."

Bengaluru-based Capital Float is an online platform that provides working capital finance to SMEs in India. Chief financial officer Rajesh Viswanathan said he believes SMEs have three basic demands: simple access to credit, collateral-free terms and a trustworthy partner.

"Our mission is to bridge the current gap in the market with innovative and flexible credit products for SMEs, delivered in an efficient and customer-friendly manner."

The company offers flexible, short-term loans that can be used to purchase inventory, service new orders or optimise cash cycles. Borrowers can apply online in minutes, select desired repayment terms and receive funds in their bank accounts in three days.

Source: Khaleej Times