Innovation in Fintech Is Judged by Magnitude of Impact, Not on Tech Newness: Indifi'S Alok Mittal

There's a massive credit gap between India's businesses and the rest of the country, and one startup is trying to fill it.

Founded in 2014, Indifi Technologies is offering short-term loans of up to 50% to small businesses through its mobile app and website, reports the Wall Street Journal.

The company says it's able to offer loans to businesses that have been deemed "unfit by traditional lenders," though it's not clear whether the government is on board with Indifi's plan.

The company says it's focusing on the food and transportation industries, but it's not the first to offer financial services to the country's underbanked, or "underserved," population, per the Economic Times.

Among other things, Indifi says it's been able to offer loans to people who wouldn't otherwise have access to credit.

The company says it's been able to offer loans in as little as two hours from the time a business application is received, compared to up to a week from the time a loan application is made, per the Journal.

The company says it's been able to offer loans to more than 1 million customers, though it's not clear how many of those customers have actually taken out

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