New Delhi (India), July 18: The financial industry faces daily challenges in an era of rapid innovation and trailblazing technologies. At the forefront of this digital transformation is a trailblazing fintech company that has redefined how consumers interact with financial products. Launched in 2020, Fincover has emerged as a Fintech ecosystem powerhouse, redefining how people buy BFSI products. In this space, we will uncover Fincover's remarkable journey over the past four years and its much-awaited Android app launch.
The Genesis of Fincover
Founded in 2020 by a group of visionary bankers and technocrats, Fincover was started with a mission to simplify significant financial decisions. The founders realized people's challenges while navigating the complex financial space. In earlier times, if people wanted to buy any financial product, they had to wade through the complex financial ecosystem by searching the websites of each bank for information, or they would have to visit multiple banks, compare various products, and decipher complex financial jargon. Fincover, with its advanced technology, gives a one-window view of all the products the customers desire. By comparing various parameters of the product, the user will be able to make a well-informed decision.
Exponential Growth and Milestones
Being a Fintech BFSI aggregator that distributes loans, insurance policies, mutual funds, and other investments through their platform, Fincover has grown from strength to strength in these four years. Despite the prevalence of various online financial aggregators for each segment, people still find it inconvenient to wade through multiple products separately. By combining all the aspects of BFSI, Fincover's platform empowers users to buy various products in one stroke, making the process of financial decision-making more convenient and manageable.
Since its inception, Chennai-based fintech start-up Fincover has experienced phenomenal growth. In 2020, the platform was started with a modest user base of 5,000 active users. Fast forward to 2024, and now Fincover boasts over 1 million active users, registering phenomenal growth. This astronomical rise can be attributed to the company's unwavering commitment to technological brilliance, focus on innovation, and strategic partnership with leading Banks, Insurance companies, and fund houses. This commitment instills confidence in the company's future and its ability to continue revolutionizing the BFSI aggregation space.
The company has been steadily increasing its sales numbers and also adding its product portfolio. As of the first quarter of FY 24/25, Fincover has distributed over 50000+ insurance policies (life and non-life insurance policies together), distributed personal loans worth 150 crore+, and has attracted an investment of Rs. 100 crore + in various fund houses in the first quarter of 2024. They have also increased their headcount from 100 to 500+ employees and their Point of Sale Persons' count to 1500. Aside from their headquarters, they have also opened office spaces in Madurai, Coimbatore, Dindigul, and Tirunelveli.
The Upcoming Android App Launch
As part of its continuous efforts to enhance user convenience and accessibility, Fincover is going full-guns on its mobile app development for Android. Slated for release shortly, the app promises to ease the way of finding the perfect product according to your requirements. They also promised that special features would be incorporated into the app to help the POS (point of sale) persons carry out their business in a much more effective way. The mobile app will offer a user-friendly interface, provide real-time updates, and personalized recommendations, making it easier for consumers to manage their finances.
The decision to develop a dedicated Android app stems from their understanding of today's smartphone evolution. Smartphones have not only changed the way we communicate but also how we manage our finances. From doing our banking transactions to buying policies, applying for a loan, and managing investments, everything can be done in a few taps. Nearly 80% of fintech companies access their product/service via mobile devices. Sensing this enormous market, the founders vigorously developed their app, which is expected to hit the market by the end of this quarter and significantly enhance user engagement and satisfaction. The burgeoning market of tech-savvy millennials is a fertile opportunity for a company like Fincover to farm in.
Fincover's decision to develop an Android app stems from its understanding of the growing reliance on mobile devices for financial transactions. With over 70% of its user base accessing the platform via mobile devices, the app is expected to significantly enhance user engagement and satisfaction. The launch of the app is also seen as a strategic move to tap into the burgeoning market of tech-savvy millennials and Gen Z consumers who prefer managing their finances digitally.
Leadership's Vision for the Future
Naresh Rajaram and A Gurumoorthy, founders of Fincover, shared their insights on the company's journey and vision for the future. "Our primary goal has always been to bring financial inclusivity. We are aware that a vast section of the populace does not have the means to access the right financial product. So, we have made every effort to ensure that the underserved get sufficient financial access. We are thrilled with the progress we have made so far and are excited about the potential that lies ahead," said.
Commenting on the upcoming app launch, Naresh Rajaraman, the CTO, added, "The Android app is a significant milestone in our journey. It represents our commitment to leveraging technology to enhance the user experience. We believe that the app will not only make our platform more lively and accessible but also provide a more personalized and immersive experience for our users."
The Road ahead
Looking ahead, the founders of Fincover, plan to expand their product offerings and explore new markets. They have recently launched Credit360, a program designed to rectify the mistakes in credit report and boost credit score, offering a comprehensive solution for credit management. The response to this innovative feature has been tremendous, as said by the makers.
"We are constantly exploring opportunities to diversify our portfolio. We are busy adding our strategic partnerships with new companies. We would also look to add other financial products, such as cryptocurrency investment options and alternate investments, in the near future. Additionally, we are eyeing the North Indian market where there is a growing demand for digital financial solutions," shared the COO.
About Fincover
Fincover is a leading fintech company that aggregates loans, insurance policies, and mutual funds from various providers, offering a one-stop platform for consumers to compare and apply for the best financial product. Founded in 2020, the company has rapidly gained a spot in the BFSI aggregation space with its innovative online marketplace solutions. With a strong focus on leveraging technology and enhancing customer service, Fincover continues to set new standards in the financial industry.
Disclaimer: This is a syndicated feed. The article is not edited by the FPJ editorial team.
