Fincover bootstraps 7 crores for its app – Launch expected in the first quarter of 2024

Fincover secures 7 crores for its app launch

New Delhi (India), September 11:, a brainchild of Finfortune financial services, has created ripples in the market within two years since its launch. Distributing unsecured loans worth more than 500 crore to Individuals, having a solid userbase of over 2 million customers and having over 250 crore AUM, Fincover has found its firm footing in the Indian financial ecosystem. Now, they are all set to take the next giant leap with the launch of their Fincover app by the first quarter of 2024. With nearly 66.7% of Indians using Fintech products someway, the Fincover app is all set to bolster the fintech space with its ground-breaking financial services online that go beyond the norm. 

India has come a long way from being a cash-centric economy to a country with the highest fintech adoption in the world. With the advent of cutting-edge technologies and advancements in technologies like AI and MI, FinTech companies are constantly innovating to provide users with more convenient and efficient financial solutions. Over the past decade, Fintech companies have disrupted traditional financial institutions and offered customers a wide array of digital tools to manage their finances, from helping you get loans online to financially empowering people with a wide array of investment and insurance options. The FinTech market in India is expanding at breakneck speed, and India is one of the countries with the finest Fintech adoption rates in the world. Several Financial unicorns have emerged in the recent past with an increased focus on enhancing the financial experience using avant-garde financial solutions. Technologies like Machine Learning, Artificial intelligence, and predictive behavioural analysis have taken the financial industry by storm. 

Says Naresh Rajaraman, Co-founder of Finfortune Financial Services, “We started Fincover to break the complexity around finance and make it simple and accessible to everyone. As a part of our objective, we are aggressively foraying into the mobile segment zone with our Fincover App. We have raised over 7 crores towards the development and marketing of the app. We aim to launch the mobile app around January 2024. As you are aware, AI and ML in Fintech have disrupted the way the financial industry functions and have become an inevitable part of the technology stack of every organization. We are using AI and ML for personalized services, to improve our customer services, and for fraud detection. Several cumbersome processes that involved manual processing can now be automated. So, both from an organizational as well as a customer point of view, it’s a win-win situation!” 

Further expanding on the features of the app, he added, “Fincover app would be a one-stop destination for all things related to Finance. Users can easily avail a range of loans and insurance policies from multiple lenders. It also offers a robust investment platform. Users can explore a range of investment options, from mutual funds to stocks and bonds, and make informed investment decisions”. 

Gurumoorthy A, Founder of Finfortune Financial Services, said, “We started this company amidst lots of uncertainty as COVID was at its peak. In this couple of years, we’ve exceeded what we expected with a 2x rise in Loan disbursals of 500 crores and an increase in the user base by 1 Million customers. We are rapidly expanding our operations as we sense an increased awareness of financial planning among today’s generation. We are optimizing existing processes and methodologies using technology to save time and money and exhibit profitability potential. Our target has always been serving the underserved segment, and with the launch of the Fincover app, we would get there”. 

In a world where time is of the essence and financial decisions can be overwhelming, this new fintech app offers a refreshing and comprehensive solution as it encompasses multiple facets of finance. The makers promise that the app will be available on both Playstore and Appstore and will be light on your device as well. By combining loans, insurance, and investments in one user-friendly platform, it empowers users to take control of their financial future in a much better way.

Manjunath Thimman, Director of Operations, says, “We have a pipeline of impressive innovations lined up for the next decade, and are we committed to investing big in deep technologies to facilitate seamless financial experience for everyone. The launch of the Fincover app would be a special moment for our company, and it’s particularly sweet for us as a bootstrapped startup”.

Stay tuned for the Fincover app’s official release, and get ready to embark on a high-powering financial journey toward financial empowerment and success.

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