India Mirror News
Agency News

Revolutionizing Fintech Space: Inside the Success Story of Fincover

In today’s rapidly evolving fintech landscape, the demand for innovative financial solutions is always increasing. Enter Fincover®, a trailblazing online financial marketplace that is reshaping the way individual’s access and manages their finances. Since their inception, Fincover® had democratizing finance as their objective and they do so by offering a comprehensive suite of products and services tailored to meet the diverse needs of modern consumers.

Diverse Financial Needs

Whether you are a seasoned investor looking to optimize their portfolio or a newbie with no idea about investment, they offer easy investment solutions. If you are in need of quick needs of funds, Fincover® has you covered with their loan offerings. Their platform offers a wide range of products and services, including investment options, insurance plans, loan facilities, and more. With just a few clicks, users can explore a multitude of offerings and find solutions that align with their financial goals and aspirations.

Fincover® Offerings

As mentioned, Fincover® is an online marketplace offering a range of financial solutions to make life easy for their customers. They have forged tie-ups with India’s leading banks, NBFCs, Insurance Companies (both life and general insurance), and leading Asset Management Companies (AMC) to offer loans, insurance policies, and investment solutions. 

Listed below are the offerings under each product:

Loans – Personal Loan, Home loan, Business Loan, Gold Loan, Loan against property, Vehicle Loan

Insurance – Life Insurance and General Insurance (Motor, Health, Home, Liability, Travel, Pet, & marine)

Investments – Mutual Funds, SIP

Technical Prowess

In the financial landscape with numerous companies emerging every day, what sets Fincover® apart from traditional financial institutions is its cutting-edge technological infrastructure. Powered by advanced algorithms, machine learning, and data analytics, their platform leverages the latest in fintech innovation to deliver personalized and efficient financial solutions. Their platform offers features to compare and buy any of these products. Comparing these products would give you a complete overview of all aspects of the product thereby allowing you to take a well-informed decision. 

From streamlining the loan application using advance technologies, to optimizing investment solutions, their technical expertise comes into the forefront offering customers a seamless experience. 

Behind the success: Meet the Founders

Since its inception, Fincover® has experienced exponential growth, rapidly expanding its user base and product offerings. Till date, they have disbursed over 1000 crore worth Personal Loan, 500+ crores of business loan, and 150 crores+ of home loan and their total premium collections for Life Insurance and Non-life insurance  has touched 10 crores and 7.5 crores respectively. In the investment front, they are currently managing wealth upto 100 crores and looking to expand further in the next quarter. Currently, they have more than 20000+ Customers registered in the platform and the number is expected to spike once their app is launched. 

A Gurumoorthy and R Naresh Rajaram, the founders behind Finfortune Financial Services, the parent company of Fincover®, always had a long standing ambition of building a Fintech company that becomes a ubiquitous name in the financial ecosystem

Says Gurumoorthy “Fincover® represents the beginning of our Fintech journey and preparations are underway to develop Fincover® app and take it the use of public soon”. Their mobile app for Android is being bootstrapped by themselves with a budget of 8 crores allotted for development and promotion of tab

Revenue model and outlook 

Naresh says the startup does not currently charge customers for buying any products through the platform, and instead earns commissions from the instrument issuer. In terms of revenue earned so far, the startup says it is constantly adding to its wallet, since they are on expansion and scaling mode, the revenue for them matters second. Currently working on a bootstrap model, Fincover would be open to investors after a few years, Naresh says. 

Challenges faced

One of the biggest challenges faced by Fintech startups such as Fincover® is the reluctance of people residing in tier II and III towns especially in investing in instruments like Mutual Funds. The most important reason being lack of trust in digital process. In order to remove the same, Fincover® is personally supporting every customer through call and educating them on the merits of investing online. At the same time, they are taking to navigate the roadblocks that prevent people from trusting fintech sites. They run both offline and online marketing vigorously to take their brand’s reach to commoners. In order for the product to connect with audience, technology needs to be married with human touch in order to provide access. That’s the reason they’ve partnered with more than 10000+ Point of Sales Persons who would explain their products to their customers. 

Looking Ahead: A Bright Future for Fincover®

As we look to the future, the possibilities for Fincover remain limitless. As India’s FinTech market is projected to reach $150 billion by 2025, companies like Fincover would remain as crucial players. 

With a strong foundation built on innovation, integrity, and customer satisfaction, Fincover is all set to continue their journey towards growth and expansion in the upcoming years. 

“We see our company becoming a very significant player in the Fintech industry in the next 5 years. The business would continue to grow for many years to come, and we aim to touch Rs. 1000 crore in revenue within this decade, along with good profitability,” Gurumoorthy concludes.  


Related posts

Chennai North Constituency Breaks Elite World Records for Maximum Voter Pledge received in 12 Hours

Anupam Kher, Sonu Nigam, Manoj Bajpayee, Gaurav Chanana, Dr Anusha Srinivasan Iyer, Rahul Shukla, Gaurav Chopra, Dr Soma Ghosh glitter at Mid-Day Showbiz Awards

APEX BOT Launches with Innovative Arbitrage and Forex Trading Solutions

Renowned Indian Artist Ankur Kumar Garners International Acclaim for Outstanding Achievements in Visual Arts

Enclave FX Takes Center Stage as Titanium Sponsor at Forex Expo Dubai 2023, Showcasing Award-Winning Forex Brokerage and Trading Platform

Eliminate and Enrich Your Way To Good Health