Saturday, Jan 29 2022 | Time 09:12 Hrs(IST)
Business Economy

Fintech start-up SaveIN gets patent for its social finance platform

New Delhi, Jul 29 (UNI) Fintech start-up SaveIN on Thursday said that it had got patent for its social finance platform aimed at digitizing informal, social and relationship-based loans among family, friends, colleagues and business partners.
The patent for the technological innovation has been granted for a period of 20 years.
"It is heartening change to see Indian Fintech startups go the route of obtaining patents for their technology innovations especially when big tech companies are trying to enter niche segments in Indian personal finance market," the firm said in a press note.
As most of the people prefer to borrow from among friends and close relatives when in need of cash, SaveIN seeks to institutionalise the arrangement by facilitating discovery, match-making, record keeping and digital payments of such transactions. By doing so, the firm hopes to enable migration of millions of such transactions from cash economy to a formal economy.
"We want to positively impact the financial health of Indians, by leveraging their own trusted network and providing access to need-based and contextual financial products,” said Bhasin," said SaveIN founder and ex-banker Jitin Bhasin.
SaveIN had recently raised an undisclosed amount in a pre-seed funding round from a clutch of Indian and international angel investors and industry captains across banking, consulting, blockchain, credit bureau and fintech.
It is in discussions to raise more capital to expand its market reach, accelerate product development, and strengthen its in-house team.
Claiming to be India's first social finance platform, SaveIN said it plans to reach over 5 lakh users by the end of this fiscal year.
SaveIN also plans to offer a hyper-personalized suite of products and services in the retail personal finance domain on top of its flagship social finance product to create a deeply engaging and comprehensive experience for its users, it said.
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