Startup Watchlist: 9 Fintech Startups To Watch Out For In 2018

This article is part of Inc42’s Startup Watchlist annual series where we list the top startups to watch for 2018 from industries like Blockchain, Logistics, Fintech etc. Explore all the stories from ‘Startup Watchlist’ series here.

“Digital technology provides a low-cost way for people in developing countries to send money to each other, buy and sell goods, borrow and save as long as the financial-regulation environment is supportive.” – Microsoft co-founder and former CEO Bill Gates.

In India, the need for technological disruption in the banking sector is all the more acute, given that over 19% of the country’s population still remains unbanked. This is where fintech startups come in.

Touted as the year of financial technology services, 2017 saw the emergence of a legion of promising fintech startups that are working to bring innovation and disruption to the otherwise conservative Indian banking sector.

Forecasted to cross $2.4 Bn by 2020, as per a report by KPMG India and NASSCOM, India is currently home to more than 500 fintech startups, whose collective aim is to attain financial inclusion. Since early 2015, the fintech sector has undergone massive changes, chief among them being the move towards a cashless economy.

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Fintech – The Evolution Of Modern Financial Technology In The 21st Century

Financial procedures have evolved drastically over the last 100 years. We have seen a huge change in how many aspects of finance are processed such as payments, investment, data storage and types of currency. A term that has sprung up in the last couple of decades and gained prominence is ‘Fintech’ – this articles details exactly what Fintech is, and why it is essential for the modern world.

What is Fintech ?

Fintech = financial technology

This is the basic meaning. Fintech is much more than that however – it is any new type of innovative technology that competes with or precedes traditional financial methods; particularly the delivery of financial services. Although it is a relatively new term, the process has been evident since the early 1900’s in one form or another. Banks, organisations and governments are continually trying to improve financial technology and improve services for their customers and citizens.

Why is Fintech Beneficial?

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Paytm Mall’s loss rises 150 times to Rs1,787 crore in FY18

New Delhi: Paytm Mall has reported a net loss of ₹1,787 crore on total sales of ₹774.8 crore in the year ended 31 March 2018 (FY18), nearly 150 times of the losses reported in 2016-17, according to data accessed from business intelligence platform Tofler. Paytm E-commerce Pvt. Ltd, the e-commerce arm of One 97 Communications Ltd that runs Paytm and Paytm Payments Bank, had reported ₹13.63 crore loss in FY17.

Paytm Mall’s revenue, however, soared 100 times from ₹7.35 crore in FY17, according to its latest filing with the Registrar of Companies. It had negative reserves of ₹1,062 crore in FY18 from a surplus of 1,284 crore in FY17.

Paytm Mall was carved out from parent One97 Communications in August last year. It received a capital commitment of about ₹2,900 crore (about $450 million) from Japan’s SoftBank Group Corp. and existing investor Alibaba Group Holding Ltd in four tranches, Mint reported in April.

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The inspiring journey of Paytm Founder Vijay Shekhar Sharma

“To the winners, who won because they didn’t give up.”- Vijay Shekhar Sharma, founder of Paytm.

The man, who always wears a welcoming smile, stands true to every word he wrote during the most difficult times of his life. Vijay Shekhar Sharma owns a company whose current value is a little over $3 billion in the market in 2016, a dream dreamt when he was struggling to make ends meet with Rs 10 in pocket. But he tasted victory the hard way. Nothing came easy for him. The tears he hides behind the chirpy self that he puts up in front of the world could not be hidden for long while recollecting his journey. Interestingly, it was not talking about his failures that brought tears in his eyes; it was his hard earned victory.

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