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How Fincover is simplifying personal finances in India?

Despite the abundance of banks and NBFCs in the Indian marketspace, there is a lot of foreboding associated with obtaining personal loans. Either people find it hard to secure one or choose the wrong one, and end up in big disarray. To fix this conundrum, Naresh Rajaraman and Gurumoorthy started Fincover, whose vision was to simplify finance and make it available for everyone

There are many instances where people miss out on potential finance opportunities. Fincover is here to seal the gap, and ensure no eligible person misses access to finance. Started in the year 2020 amidst pandemic, Fincover was started with an objective to simplify finance. An all-in-one-finance-platform, Fincover distributes various financial products like Loans, Insurance, and Investment products like Mutual Funds under one roof.  Despite the abundance of loan aggregator sites, what sets Fincover is their extensive use of cutting technologies like AI and machine learning. 

Gurumoorthy, Founder at Fincover says “The traditional banking system has time and again found it difficult to reach the masses completely. There are many people who get lost because of the excessive bureaucracy and redtape. The idea behind Fincover, is to make people financially aware by making it simple and accessible. Technology has aided our goal in a great way”

Fincover has partnered with India’s leading banks, insurers, Mutual Fund houses to effectively distribute their products. They have a team of 150+ marketing these products through various channels and have also hired a number of Point of Sale Person (POSPs) to reach out to customers directly. 

The platform claims to have disbursed more than Rs. 150 crores in Personal Loan and Rs. 50 crores to SMEs business loan and is looking to target to Rs. 500 crores in the first quarter of 2024. 

In the rapidly evolving financial landscape, companies are leveraging the power of Artificial Intelligence and Machine Learning to revolutionize the way loans are distributed. These advanced technologies enable a more sophisticated analysis of vast and complex datasets, allowing for more accurate risk assessment and personalized lending decisions.

Machine Learning algorithms can assess an individual’s creditworthiness by analyzing a myriad of factors, including financial history, spending patterns, and even social media behavior. This nuanced approach goes beyond traditional credit scoring models, providing a more holistic and real-time evaluation of a borrower’s financial situation

Naresh Rajaram, Co-founder, who also developed the platform said “It’s always in my belief, technologies, however, sophisticated they be, must work in tandem with human touch. It was with this Mantra, we developed Fincover, a perfect sync of cutting edge technologies that requires little human intervention”. 

The portal has had 5000+ unique visitors within a month of its launch. Naresh adds “It’s important to present to customers a unique and eye-catching design that leaves an impression on their mind the first time they appear. We took extra efforts to provide a solid UX that initiates action from the user”

Rightnow, they are focused on developing a mobile app, for which they have bootstrapped 7 crores. Naresh promises that this app will be a game-changer in the fintech sector. The objective is to provide a personalized and dynamic experience tailored to the unique financial needs of each user.

While the development team is working diligently to ensure the app meets the highest standards of functionality and security, a tentative launch date of around New Year. The team is all excited as it would be a landmark event for Fincover, which steps into third year of operation. 

Gurumoorthy concludes “There is a large untapped section for personal loans. Traditional banking system may not be able to serve all the sections of society. By partnering with various NBFCs and other financial institutions, we are aiming to focus on the underserved audience and ensure they get the right kind of financial support in a timely manner”.



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