Manish Kumar,Founder & CEO, Srimoney

The financial services market in India presents promising opportunities, particularly in enhancing financial inclusion for underserved populations, as highlighted by the NITI Aayog Report on Financial Inclusion (2021). The report underscores the potential for innovative digital banking solutions to bridge gaps in access to traditional banking services in rural areas. By addressing challenges such as digital literacy and inadequate infrastructure, the sector can foster economic growth and empower broader participation in the financial ecosystem, ultimately contributing to the country’s economic resilience and stability. However, traditional financial institutions, constrained by infrastructure challenges, often struggle to establish a presence in these areas. Consequently, individuals and small businesses in these regions find themselves navigating financial systems that can be cumbersome, leading to inefficiencies and missed opportunities for economic growth. Fintech companies like Srimoney have been making significant strides in providing accessible financial services across India.

With the increasing digitalization of financial transactions, especially in regions underserved by traditional banking infrastructure, Srimoney has identified significant opportunities to address the growing demand for secure, efficient, and user-friendly fintech solutions. “Our primary focus is to offer banking and financial services in areas where traditional banking infrastructure is limited”, says Manish Kumar, Founder & CEO, Srimoney. “By extending financial services to such locations, we aim to provide relief to the local population and generate employment opportunities for residents”, he adds. The company’s focus is primarily on underserved rural and suburban markets, where access to essential banking services is limited. It offers convenient and accessible banking and financial services, particularly through its Customer Service Points (CSPs), which serve as retail outlets providing branchless banking. The CSPs allow customers to open accounts, make deposits or withdrawals, and access various financial services that were previously unavailable to them.

Seamless Solutions

The company's partnership with NSDL Payment Bank as a Business Correspondent further highlights its commitment to promoting financial inclusion. Srimoney’s experience in deploying financial services across rural India aligns well with NSDL Payment Bank's mission to expand its reach, ensuring that even remote populations have access to critical banking services. Through this collaboration, it offers a seamless experience for customers, allowing them to manage their finances with ease and security. The company’s technological solutions include Aadhaar-enabled payment systems (AEPS), which simplify the process of cash deposits, withdrawals, and balance inquiries without requiring a signature or debit card. This service is particularly useful for individuals who may not have the documentation typically required for traditional banking transactions.

Srimoney's offerings extend beyond basic banking services, encompassing a wide range of fintech solutions designed to meet the diverse needs of its clients. Its GST Facilitation Centers have proven invaluable, particularly in rural and Tier III and Tier IV cities, where awareness of GST regulations is often low. The centers allow local traders and small businesses to file their GST returns, obtain new GST numbers, and handle bookkeeping, all at an affordable price. By providing these services in underserved areas, the company ensures that businesses can operate within regulatory frameworks and benefit from the formal economy. This initiative also supports local employment, with CSP operators serving as key facilitators of financial inclusion and economic development.

The ability to transfer money at any time, even during bank holidays, is a vital service for communities where banking infrastructure is sparse. Domestic Money Transfer (DMT) enables retailers to send money to any nationalized, private, or rural bank through NEFT or IMPS. Srimoney’s platform also supports mobile and DTH recharges, bill payments through the Bharat Bill Payment System (BBPS), and insurance premium payments, making it a comprehensive solution for everyday financial needs. The integration of various services into a single platform provides customers with a one-stop shop for managing their financial obligations.

Enhancing Trust Dynamics

The company has also expanded its offerings to include cash management services, catering to microfinance companies by facilitating EMI and cash collections. The service streamlines the collection process and allows retailers to utilize the collected cash for banking transactions, reducing the need for physical bank visits. By associating with over 30 partners for these services, Srimoney has built a robust network that enables microfinance clients to manage their financial operations more effectively.

Beyond financial transactions, Srimoney has ven­tured into travel solutions, offering ticket booking ser­vices for air, rail, and bus travel. This service expands its portfolio and further strengthens its value proposition as a multi-service fintech provider. The company’s plat­form also offers various document verification services, including PAN card applications, KYC authentications, and credit information reports powered by Equifax. The services provide clients with critical information neces­sary for making informed financial decisions, ensuring compliance with regulatory requirements, and pro­tecting themselves from potential fraud.

The fintech sector is often viewed with skepticism, especially in regions where financial literacy is low, and customers are wary of adopting digital services. Srimoney’s commitment to providing clear, reliable, and accessible financial solutions has helped it build trust with its clients, a crucial factor in gaining market share. The company’s core team, with over 15 years of experience in the industry, continuously engages with retailers and customers, collecting feedback and making improvements to the platform based on real-time insights.

The future growth plans are ambitious, with the company aiming to expand its services to every pincode in India within the next five years. Achieving this goal will require scaling its team and operations, and it has already projected significant growth in its workforce, anticipating over 1,000 team members to support this expansion. The company’s track record of successfully implementing multi-location projects suggests that it is well-positioned to meet these targets. Srimoney’s continued focus on leveraging technology to provide affordable and accessible services will undoubtedly play a key role in driving its growth, as it seeks to become a leading provider of fintech solutions across India.