Fincover bootstraps 7 Cr for its app - Launch expected in first quarter of 2024 - Hindustan Times

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

Published on Sep 11, 2023 05:18 PM IST, a fintech platform in India, is set to launch its Fincover app in Q1 2024, offering a range of financial services.

Fincover secures 7 crores for its app
Fincover secures 7 crores for its app
ByHT Brand Studio

India, September 11, 2023 -, 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 near 66.7% of Indian using Fintech products someway, 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 country with the finest Fintech adoption rates in the world. Several Financial unicorns have emerged in the recent past with 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.

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Says Naresh Rajaraman, Co-founder, 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 would be aware AI and ML in Fintech have disrupted the way financial industry functions and have become inevitable part of 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 userbase 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 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 would be available on both Playstore and Appstore and would 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 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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