These five startups are taking fintech to the last mile

Catalyst, an initiative funded by USAID, recently launched a new business incubator branded under Fintech for the Last Mile. It aims to support new entrepreneurs focused on developing innovative, scalable digital finance solutions for mass, complex use cases.  The initiative aims to expand digital payments and financial inclusion in India, especially for small merchants and low-income consumers. The programme is supported with a fund of $50,000, courtesy USAID, for each fintech startup to test its solutions with additional support of market access, expert mentorship, technology infrastructure, action learning, and key stakeholder connects. The first batch of startups with the ‘Fintech for the Last Mile’ incubator include:

  • Kaleidofin — a financial platform for the informal sector that provides solutions tailored to the customer’s goals.
  • Paybee — a platform that automates and digitises B2B collections in the distributor-retailer value chain.
  • MeraPaper — a solution that automates newspaper billing for distributors and offers other technology solutions such as customer management, product management, and payment records.
  • PayNearby — a platform, which operates on a B2B2C model, by partnering with neighbourhood retail stores that offer assisted digital financial services.
  • Fingpay — a service that allows customers to pay for products, services and utilities at PoS (Point of Sale) from any of their bank accounts or wallets with just a fingerprint scan.

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