Fincover: Simplifying finance at your fingertips

Fincover is here to simplify finance at your fingertips. Get a detailed overview of services available at Fincover.

When 30-year-old Manish who runs a small industry in Chennai wanted to avail a loan to expand his business operations, little did he realize that the loan market is not as simple as it is made out to be. Manish had to run from pillar to post to secure a loan and in the end, it proved futile. Unassumingly, he discovered Fincover while surfing social media, and he contacted them for a loan and they helped him get a loan from one of the leading banks at an attractive interest rate. Helping several customers like Manish procure a loan and other financial products, Fincover is one of the fastest growing fintech start-ups with a mission to spread awareness and the importance of financial planning beyond urban demographics.

Despite the presence of multiple banks and NBFCs, India remains an underpenetrated market when it comes to formal credit. While there are many apps and local lenders through which people can avail credit, there are various risks associated with it. Hundreds of fintech organizations have emerged in the recent past disrupting the financial services sector by intensifying competition and blurring industry boundaries. With barriers like access to technology or the internet rapidly broken down, Fintech startups that carry out the entire financial operations online are making giant strides in the market disrupting the traditional brick-and-mortar way of banking and finance.

Chennai-based Fincover was launched in 2020. Launching at the peak of Covid-19 when the entire country was shut due to the lockdown, it has been a challenging journey for Fincover. At a time when several start-ups come and go like a flash in the pan, Fincover has a solid vision when it comes to being an important player in the Fintech Space. The Company was launched by Gurumoorthy Anthonysamy (a doyen in the insurance sector) and Naresh Rajaram (a technocrat with more than a decade of experience in the Fintech sector). Kumaran is the Director of operations and Aishwarya Rangan oversees the investment vertical.

Fincover has tied up with all the leading banks and Non-Banking Financing Companies (NBFCs) to distribute a range of loans to the customer. From personal loans and vehicle loans to home loans and business loans, Indian customers can avail a range of loans from different lenders. Fincover has a presence across 2 cities in Tamil Nadu and a branch in Kerala and envisages deeper loan penetration in these markets with their intense marketing campaigns. Fincover also distributes various investment products with a special focus on Mutual Funds by partnering with most of India’s leading Fundhouses.

Fincover started by connecting the existing loan and investment distributors in the country with the end customers. They hired retired bankers, independent financial advisors, chit-fund agents, and independent consultants as PoSP and have been effectively distributing financial products (Loans and Investments). These sub-brokers connect with customers through WhatsApp and other communication channels. Based on the customer’s profile, monthly income, and other eligibility factors, the company helps them connect with prospective lenders. The entire process, including onboarding, KYC verification, and order placement is executed through their Fincover app and it happens in a paperless way. 

Naresh Rajaraman said digital platform enables an organization to level up to a bigger scale with resources, helping achieve profitability sooner. The process is completely paperless. PoSPs can manage the clients, portfolios, and their commissions/earnings through the app while the customers also use the same to look at their loans taken, investment growth, etc. The majority of people want to invest in low-liquidity products like fixed deposits, gold, insurance, and mutual funds.

Gurumoorthy says a strong focus on technology and strategic partnerships has helped Fincover scale and expand their brand to more than one million customers within a year from their launch. The innovations in the Fintech space have offered unrivaled convenience to the users and Fincover is constantly exploring ways to simplify finance and make them accessible to people from all walks of life. "We value every single customer and take a personal interest to make sure they remain satisfied with our services. We have also plans to expand our operations to tier 2 and tier 3 towns in the upcoming years and make sure even the underserved segment of the society gets benefitted,” he adds.

Aishwarya, who handles the investment vertical, says “Mutual fund distribution is grossly under-penetrated in India with just one distributor for more than 10,000 potential interests. People from all walks of life are showing interest in the asset class and are unable to take a call due to a lack of knowledge. As a mutual fund distributor, it’s our job to educate the customers about the benefits of investing in Mutual Funds and the potential returns from the investments. The field is wide open and we are ready for the challenge.” 

(Above mentioned article is consumer connect initiative. This article is a paid publication and does not have journalistic/editorial involvement of IDPL, and IDPL claims no responsibility whatsoever)