In 2020, technocrat R Naresh and Insurance Veteran Anthonysamy Gurumoorthy embarked on a mission to democratize finance and make it readily accessible to the public. The duo established Fincover.com, an online financial marketplace with a mission to enhance financial accessibility, increase investment literacy, and positively impact the financial lives of the public through innovative financial products.
A Transformative Vision and Rapid Growth
Originally started in Chennai with around 50 employees, Fincover now has branch offices at Dindigul and Madurai and a headcount of more than 300 employees across three locations. They have also partnered with more than 10,000+ Point of sales Persons (POSPs) and play an efficient strategic role in distributing Fincover’s products across various unexplored markets in India.
Strategic Tie-ups: One of the biggest challenges banks and NBFCs face is taking their products to the end customers living in remote parts of India. Despite technology allowing them to reach out to people living in some of the country’s remotest corners, banks needed practical help connecting with them. Therein, the makers of Fincover.com realized the potential for a powerful intermediary between banks and customers. Ideating on this, they developed a cutting-edge platform that serves as a one-stop destination for all things related to finance, such as Insurance, loans, and Investments. Fincover.com acts as an online financial aggregator https://www.fincover.com/ which collates various financial products and presents in a neat way across various categories.
Fincover offers customers a chance to buy any financial product or service through its platform. To distribute their products to the public, they have forged partnerships with all leading banks, NBFCs, insurance companies, and Mutual fund houses. Apart from regular marketing activities such as cold-calling customers, they have also employed more than 10,000+ point-of-sales persons living in various parts of India to distribute their products and/or services.
Challenges
Running the business amidst the middle of the pandemic was itself a big challenge. With uncertainty looming around, Fincover somehow scraped through the pandemic era without burning a hole in its pockets when so many other industries were folding. From the beginning, Naresh Rajaram, the co-founder of Fincover.com, was clear that the only way Fincover.com would have an edge over its competitors is by offering a seamless finance experience, which can only be achieved through technological prowess, which is why he’s hired more engineers with expertise in multiple technologies over the past few months. “Consistently, over time, using technology, predictive systems like AI and ML, we’ve been able to provide a personalized and seamless financial experience” adds Naresh before finishing off with, “This tech-forward approach is a vital cog in our company’s wheels in its mission to make financial planning more accessible for our customers.”
Fincover strives and invests heavily in its POSPs through various incentives and assistance programs because the company knows that they are the lifeblood of the business. “In essence, we would like each of our POSPs to feel appreciated not only in their capacity as contributors but, more importantly, as our business partners who have a responsibility to growing this company,” said Manjunath Thimman and Kumaran, Directors of Fincover.com.
A Game-changing mobile app on the work
What Fincover is not compromising is the ordinary growth. Naresh and Manjunath are at the project’s helm, creating an innovative mobile app that will help customers and POSPs navigate the financial side of things more efficiently. It will contain features such as commission tracking, sales goal setting, and investment tracking, all of which will give users accurate and relevant information at their fingertips. “We want our users to have access to a smooth experience at their fingertips and total command of their financial path,” adds Gurumoorthy A, Founder of Finfortune Financial Services, parent concern of Fincover.com. The founders say their mobile app will hit the market anytime by Jan 2025
Growth Milestones: Till Today
From Humble beginnings in Chennai in 2020, Fincover has become a financial powerhouse, consistently displaying vital growth metrics. In the previous quarter, the company recorded revenue of approximately ₹30 crores—a testament to its steady expansion. With new partnerships and an impending app launch, Fincover aims to reach ₹100 crores by the end of FY 24-25.
The numbers reveal a story of growth:
- Revenue Growth: ₹50 crore in the Q3, on track for ₹100 crore by FY 24-25.
- Network Expansion: Fincover’s initial base in Chennai has grown to include branches in Dindigul and Madurai, with further expansion to other parts of South India on the horizon
- Employee Strength: Over 15,000 Point of Sales agents form the backbone of Fincover, helping the company reach people in cities and rural areas alike.
Employee-Driven Success
Fincover’s 10,000-strong PoS agent network and expansion of headcount strongly lie in its roots. “We believe in investing in our people, rewarding their hard work, and giving them the tools they need to succeed,” says Gurumoorthy. Fincover has created a culture where performance is appreciated, with rewards and recognition motivating agents to push more.
Conclusion
With the primary aim of inclusion, Fincover has developed a positive model for delivering better financial products and services to those in need. The company’s growth trajectory represents how Fincover blends technology with some human touch to advance the progress of financial inclusion. Fincover’s unwavering commitment to financial inclusion and innovative education programs promoting financial literacy through their social media handles promises to transform the lives of millions more in the future.
