India has a big and rising fintech startup ecosystem, with firms providing a variety of merchandise from funds, digital banking, to buying and selling, mutual funds, and instantaneous loans. Now, a wealth-tech startup that wishes to supply prospects a basket of solely mounted revenue merchandise simply launched.
Whereas there are digital platforms like Zerodha and Groww that already supply mounted revenue funding choices as a part of their wider bouquet of merchandise that embrace shares, mutual funds and commodities, Secure Cash needs to be a platform solely devoted to mounted revenue merchandise.
During the last decade, investing in shares and mutual funds has gained traction. Nonetheless, financial institution deposits nonetheless stay among the many most most well-liked financial savings system for tens of millions of Indians, given their low danger and glued rates of interest. Within the yr ended March 2023 alone, scheduled industrial banks raised near Rs 15.8 lakh crore via deposits.
With rates of interest rising over the previous one yr, deposits have been rising. On Secure Cash platform, you’ll be able to evaluate mounted deposit rates of interest throughout banks after which e-book the FD that provides you the next rate of interest and handle and observe the FD.
A buyer can evaluate FD rates of interest from 200 banks on Secure Cash. Nonetheless, solely 5 establishments—Bajaj Finance, Shivalik Small Finance Financial institution, Shriram Finance, Utkarsh Small Finance Financial institution and Axis Financial institution—are presently stay on their platform. Primarily, you’ll be able to e-book an FD with any one among these banks or NBFCs.
The platform noticed a restricted comfortable launch in August 2023 and has garnered greater than 50,000 app downloads up to now, with round 10,000 FDs booked, in keeping with Harish Reddy, co-founder of Secure Cash. He says there are plans to onboard extra banks on their platform. “We need to carry in additional banks in order that every time rates of interest change, you need to be capable to e-book your FD with a financial institution that gives the very best fee.”
Secure Cash does not cost any payment from customers. The customers can even not be required to have an account with the financial institution he/she is reserving an FD.
The corporate will, within the close to future, launch different mounted revenue merchandise on its platform like debt mutual funds and bonds.
“This can be a hard and fast revenue platform. The explanation we began with FDs is that it’s easy to know and rates of interest are excessive. In time, we could have bonds and debt mutual funds,” stated Reddy.
The corporate already has secured broking license to do bonds and it goals to use for a license to promote direct debt mutual funds, added Reddy.
Bengaluru-based Secure Cash raised $5 million from traders, together with Lightspeed and Matrix Companions, earlier this yr.