Finnable turns profitable in just six years of inception
Mar 29, 2023
Bengaluru (Karnataka) [India], March 29 (ANI/BusinessWire India): Finnable, a leading fintech start-up, has recently achieved an important milestone by turning profitable within just six years of its inception. The company, founded by Nitin Gupta, Viraj Tyagi, and Amit Arora, all ex-bankers, is revolutionizing the way people apply for and receive loans, with a mission to make personal loans available to all salaried professionals in less than 2 hours.
Finnable's success can be attributed to its strong focus on innovation, customer-centric approach, and commitment to delivering high-quality services. The company's technology-driven platform allows borrowers to apply for loans online and receive a decision within two hours, thanks to advanced algorithms that assess the creditworthiness of applicants. Borrowers can also choose from flexible repayment terms and receive personalized customer service and support throughout the loan process.
"Our vision is to make the loan application process as easy and hassle-free as possible. We understand that people need access to funds quickly, and we want to help them achieve their financial goals," said Amit Arora, co-founder of Finnable.
Finnable has secured partnerships with esteemed banks and financial institutions like DMI Finance PVT LTD, Northern Arc Capital Ltd, TVS Credit Service Ltd. and HDB Financial Services. Additionally, the company has received funding from prominent investors. Finnable offers a wide range of loan products and services that cater to the diverse needs of its customers, including
for specific purposes such as medical emergency, home improvement, education or marriage.
Finnable's commitment to responsible lending practices has also been a critical factor in its success. The company takes into account a borrower's ability to repay the loan before approving their application, mitigating the risk of default and ensuring that borrowers are not burdened with excessive debt.
The company places a strong emphasis on transparency and accountability, providing borrowers with clear and concise information about their loans and repayment options. This helps foster trust and build long-term relationships with customers.
Since its inception in 2016, Finnable has experienced rapid growth and is now one of the fastest-growing fintech start-ups in the industry. Customers can apply for loans more quickly and easily from
, thanks to the company's user-friendly interface, which also makes it easier for them to access money. In order to accurately assess a borrower's creditworthiness, Finnable uses a novel combination of big data analytics and machine learning algorithms. The company offers competitive rates and flexible repayment terms, making it an attractive choice for borrowers with varying financial needs.
"We are thrilled to have achieved profitability within just six years of our inception. This is a significant milestone for Finnable and demonstrates the strength of our business model and the trust our customers have in us," said Nitin Gupta, CEO and co-founder of Finnable.
Finnable's success story is a testament to the transformative power of fintech. By disrupting the traditional lengthy loan processes, Finnable has made it easier for salaried professionals to access hassle-free loans in a few hours. The company's focus on innovation, customer-centric approach and responsible lending practices has helped it build a loyal customer base and establish itself as one of the fastest-growing fintech start-ups in the industry. Finnable's achievements are not limited to its ability to provide quick and easy access to loans. The company's success highlights the potential for fintech start-ups to transform financial services and make them more accessible to a wider audience. By leveraging technology and data analytics, Finnable has been able to provide personalized loan offers based on individual needs and circumstances, thereby catering to the diverse financial requirements of its customers.
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