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Business Standard
20-05-2025
- Business
- Business Standard
Fintech Startup Quid Shoots Past 5 Million Users in Under a Year
PNN New Delhi [India], May 20: The Mumbai-based AI-powered fintech platform and marketplace, Quid, has achieved a noteworthy milestone, surpassing 5 million users within one year of its launch on the Google Play Store. Quid, an AI-powered fintech marketplace, makes borrowing accessible to every Indian and bridges the much-needed gap between borrowers and RBI-approved banks & NBFCs. The new-age fintech startup streamlines the process for individuals and business owners to discover financial products, which include unsecured personal loans, business loans, and credit cards tailored to their requirements, while empowering non-financial apps with tech uplift to drive digital growth. Founded by Jitesh Shah in early May 2024, who holds over 20 years of industry expertise in scaling multinational financial companies and marketplaces, said, "We identified a major gap when it comes to accessibility to financial opportunities between individuals aged 20 - 50 and lending institutions. At Quid, our mission is to bridge this gap with a platform that delivers transparency, convenience, and easy access to credit on a single platform." The fintech platform distinguishes itself from other players with its AI-driven tech stack, such as the Personal Loan Matchmaker that allows borrowers to find financial products tailored to their requirements. The most striking feature of using the Quid app is that an applicant can complete the loan application process in just under 59 seconds.* "We believe in an embedded finance ecosystem where users can manage their financial needs without juggling between multiple platforms. Quid delivers this seamless experience and puts the power of choice and convenience in the hands of our users," Shah added. The fintech platform is already working on its next phase of evolution. "We are addressing the challenges of rising NPAs (Non-Performing Assets) for lending institutions by developing and testing AI-driven recovery solutions with our partners," said Shah. The Quid app is steadily growing its user base and has a robust 4.5-star rating on the Google Play Store. Following its success on Android, it plans to soon launch on the iOS App Store. The fintech platform remains focused on advancing financial literacy, improving credit accessibility with next-gen solutions, and promoting financial inclusivity for underserved and emerging segments of the Indian population.
Time of India
05-05-2025
- Business
- Time of India
Indians rush to buy the dip on Wall Street amid market chaos
This is a representational AI image MUMBAI: In April, as US President Donald Trump rattled global markets with his tariff hike proposals for almost all its trading partners, Indians investing in equities listed abroad, especially in the US, showed their smart acumen. They doubled down on investments abroad through the month, mostly buying US stocks as markets crashed, a strategy popularly called 'buying the dip' in market parlance. "April was a record-breaking month for us, with both new and existing investors showing strong conviction in building exposure to US and global equities," said Nikhil Behl, co-founder & CEO - stocks, INDMoney, a tech-driven platform for Indians to invest in stocks, both locally and globally. The platform saw a 400% increase in new inflows into US stocks in April, compared to the average of the previous several months, Behl said. "This month, the platform added almost as many new US stock investors as Indian stock investors - a trend we have never seen before!" said Behl. Although no industry-wide data for Indians investing in stocks listed abroad are available, the trend across platforms that facilitate domestic investors to invest abroad was similar. For HDFC Securities , in the first two weeks itself, trading volumes in global investing surpassed the monthly volume in March. "We have seen a significant uptick in both user activity and investment volumes following the recent tariff announcements," said Abhishek Mehrotra, Head Equities & Investment Products, HDFC Securities. For Appreciate, another platform in the same segment, "there was a 2.5x increase in average stock purchases and a 2x increase in average stock purchase value per user in the period following tariff announcements compared to the previous period," said Shlok Srivastav, COO & co-founder of the platform. Indian investors use the RBI-approved liberalised remittance scheme (LRS) that allows each resident Indian to invest up to $250,000 per annum to put money in equities listed in foreign exchanges. Such enthusiasm by domestic investors, according to Behl, was mainly because they saw the market volatility as a prime buying opportunity, especially in innovation-led sectors like AI, semiconductors, and large-cap tech. "Well-known names like Apple, Google, and Meta are now available at far more attractive valuations. With capital still on the sidelines, many retail investors viewed this as the right moment to deploy." Such investments by Indians were not concentrated, which is another sign of a matured investing approach. While some bought into the Magnificent 7 (Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla), there was substantial buying interest for exchange-traded funds . Most existing US stock investors were seen spreading their risks by allocating higher amounts to ETFs, while first-time investors mostly bought stocks from the Magnificent 7 pack, Behl of INDMoney said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
21-04-2025
- Business
- Mint
How to apply for personal loan that charges lowest interest rate? A step-by-step guide
Personal loans: When you apply for a personal loan, it is important that you aim to get it at the lowest possible rate of interest. What will you do to make that happen? It is imperative to apply for a number of financial institutions and get the best possible deal. Here, we explain a step-by-step process to follow that can help you secure the best personal loan deal. I. First of all, identify the requirement of loan – whether it is to spend on a wedding or for some personal emergency, etc. II. If you have identified that, make a plan of total expenses and try to borrow slightly more or less based on what are your alternative sources of funding. For instance, if you can chip in ₹ one lakh and you require ₹ 5 lakh then it is recommended to take a personal loan of only ₹ 4 lakh. III. Now it is important to check your credit score which plays an important role in fetching personal loans on convenient terms. IV. If your credit score is high – say above 720, you are recommended to look for a loan at a lower rate of interest. V. Approach the bank with which you have a regular banking relationship. It is easier to get a loan from the bank where your salary gets credited. VI. At the same time, enquire with one or two more banks to find out the interest rate at which they can offer you the loan. VIII. Try not to approach too many financial institutions since this leads to hard inquiry which can impact your credit score adversely. IX. Submit your documents online and apply for the loan. These documents typically are 3 month salary slips, appointment letter, aadhaar, PAN and company ID. X. In case your bank loan gets declined by the top bank because your credit score is lower, then you may approach an RBI-approved NBFC or some registered fintech platform. These platforms generally offer loans at a higher rate of interest. Disclaimer: Mint has a tie-up with fintechs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit. First Published: 21 Apr 2025, 12:40 PM IST
