The new-age mobile app-based consumer lending platform was recognized for its groundbreaking innovations towards financial inclusion and serving the underbanked segments
New Delhi: SmartCoin, India’s first fully-automated next-gen mobile app-based consumer lending platform has won the fintech category at the annual NASSCOM Emerge-50 Awards 2020. The enterprise has been focused on providing financial access to the millions of self-employed micro-entrepreneurs, micro-merchants and middle/lower-income salaried individuals using alternative credit assessment aided by data science and machine learning since inception.
SmartCoin’s efforts in serving the hitherto underserved segments of our society and fulfilling their aspirations to a better life were deeply lauded by NASSCOM (The National Association of Software and Service Companies), the trade association of Indian Information Technology and Business Process Outsourcing companies. The financial revolutionaries dedicated to serving the underserved emerged amongst the top 6 Fintechs in the Emerge 50 class. As the tech affinity of NASSCOM is well-established across the country, the award emphasizes Smartcoin’s unwavering commitment and quality towards delivering meaningful deep tech resolutions in the financial space.
Every year, NASSCOM assesses over 500 companies to select the very best of the Indian finance and fintech Industry. Emerge 50 is one among India’s most coveted & influential awards in the technology space. The awards are synonymous with enterprises that reflect high caliber and innovative software products. Many companies who have been felicitated at the awards have even gone on to become unicorns.
With an adept team of more than 30 professionals, SmartCoin Financials is on a mission to cater to a wide spectrum of ‘Emerging India’ with a heightened focus on serving the financial needs of a vastly underserved middle and lower-income segment that consists of over 300 million micro-entrepreneurs, micro-merchants, aspiring professionals and blue/grey-collar workers.
The company has been supported by reputed fintech investors like LGT Lightstone, Accion, etc. SmartCoin has also received substantial recognition for its efforts at national events like Google’s Launchpad Accelerator as well as international ones such as Global Inclusive50 by MetLife, VISA, IFC, etc.
SmartCoin aspires to bridge this extant gap by optimizing its state-of-the-art tech-platform and enable credit access for emerging India by arranging & digital collateral on the basis of user-generated phone data that can effectively reflect user behavior. Its proprietary digital platform adeptly harnesses this alternate source of data to provide instant credit possibilities to the underserved segments of the nation. The newly-found access to formal credit will benefit over 300 million people from the lower end of the socio-economic spectrum by providing them with a slew of empowering prospects that can enhance their lives via financial inclusion.
Speaking on their triumph, Rohit Garg, Co-Founder & CEO, SmartCoin said, “We are immensely proud and grateful to win this award. The recognition achieved by our company is a testament to the contribution of SmartCoin in disrupting the financial space by extending innovative fintech-driven solutions that are making access to digital credit and financial inclusion a reality. Going beyond mere profitability and business commencement, our team has shown unwavering dedication towards improving the financial condition of countless underserved MSMEs, micro-businesses, and local merchants. By underlining the need to provide urgent credit access to the hugely underserved middle-income and lower-income groups and raising user awareness, SmartCoin endeavors to ride the next wave of Indian growth.”
By the neglected segments of the Indian population has been highly scalable and efficient as the company has managed to register an over 20% month-on-month growth. In the next few years, SmartCoin Financials will prepare itself to achieve the next phase of targeted exponential growth and envision reaching more than 50X-60X of its present performance levels.
