From Startup to Success: FINQY’s Journey in the BFSI Industry

FINQY Founded in 2019 has emerged as a trailblazer in the fintech space, dedicated to transforming the BFSI (Banking, Financial Services, and Insurance) industry. Operating on an innovative B2B2C model, FINQY empowers intermediaries and customers alike through cutting-edge technology and customer-first financial solutions. In this exclusive interaction, Manish Aggarwal, Founder & CEO of FINQY, shares insights into the company’s journey, innovative approach, and future aspirations.

In an exclusive interview with Manisha Sharma, Assistant Editor, CIOL, Manish Aggarwal, Founder and CEO of FINQY, shared valuable insights into the company’s journey, its innovative B2B2C model, the role of emerging technologies, and the vision for transforming the BFSI (Banking, Financial Services, and Insurance) industry.

Can you take us through the journey of FINQY from its inception to becoming a key player in the fintech space? What inspired you to embark on this mission?

FINQY’s journey began with a personal experience with my trusted insurance agent, Vithalbhai. I noticed a significant gap in how intermediaries like loan agents and DSAs engaged with customers and managed their businesses. Realizing that over 3.5 million underserved intermediaries lacked an efficient platform, I saw an opportunity to leverage technology to simplify their operations and enhance productivity. 

With my experience in the BFSI sector, I founded FINQY as a B2B platform which transformed to be a B2B2C platform, aimed at revolutionizing financial product distribution in India. Our mission has always been to empower intermediaries and now also customers and drive financial inclusion through innovative tech solutions.

How does FINQY’s innovative B2B2C model address the core challenges of the BFSI sector and empower sales professionals in the insurance, credit card, and loan domains?

At FINQY, our B2B2C model addresses key challenges in the BFSI sector by simplifying complex financial products and empowering sales professionals. 

The financial market is swarming with diverse products, each with its own eligibility criteria and benefits. For sales professionals in insurance, credit card, and loan domains, navigating this complexity can be overwhelming. FINQY tackles this by using AI and machine learning to offer hyper-personalized product recommendations, enabling sales professionals to quickly match consumers with the right products. 

Additionally, our tools empower sales agents with easy-to-use platforms that streamline decision-making and increase conversion rates.  By combining advanced technology with a focus on customer-centric engagement, we help sales professionals deliver better experiences, build stronger relationships, and drive growth within the BFSI ecosystem.

What role do emerging technologies like AI, ML, and automation play in shaping FINQY’s offerings, and how do they create a seamless experience for both professionals and end customers?

Emerging technologies like AI, ML, and automation are central to FINQY’s approach, enabling us to simplify the personal finance journey for both professionals and end customers. These technologies power our platforms to provide intelligent, tailored solutions that tackle the complexity of financial products.

For professionals, AI and ML analyze vast amounts of data—customer profiles, market trends, and product details—in real time, allowing for hyper-personalized recommendations. This helps sales professionals match customers with the best credit cards, insurance policies, or loans. Automation enhances efficiency by streamlining repetitive tasks such as eligibility checks, application tracking, and compliance.

For end customers, these technologies create a seamless, intuitive experience. Platforms like Test My Card, Test My Policy, and Car Par Loan use ML-driven insights to offer customized recommendations, simplifying decision-making. By leveraging AI, ML, and automation, FINQY transforms complex processes into straightforward, empowering journeys, driving both efficiency and trust for professionals and customers alike.

With a vast network of 100+ financial entities and a presence in 24 cities across two countries, what has been your strategy for scaling while maintaining strong partnerships?

Our strategy for scaling at FINQY while maintaining strong partnerships has been built on three key pillars: trust, technology, and personalized engagement.

•    Trust and Transparency: We place a strong emphasis on building trust with our financial partners by being transparent in our operations, ensuring mutual goals are aligned. This transparency fosters long-term relationships where both parties feel confident in the partnership.
•    Leveraging Technology: Our technology-driven approach enables us to scale efficiently. By utilizing AI, ML, and automation, we streamline processes, making it easier to onboard new partners and support existing ones without compromising quality. This scalability is key as we expand into new markets and cities.
•    Personalized Engagement: Despite our rapid expansion, we make sure that each partnership is treated with a personal touch. We prioritize understanding the unique needs of each partner, whether it’s a bank, insurance provider, or loan company, and tailor our solutions to fit those needs. This ensures that, even as we grow, our partnerships remain strong and mutually beneficial.

By combining these strategies, we have been able to scale rapidly across cities and countries, while maintaining the strong, collaborative relationships that are central to our success.

Generating $9.8 million in revenue and securing $2 million in funding are remarkable milestones. What were the key drivers of this growth, and how do you plan to sustain it?

The key drivers behind our growth to $9.8 million in revenue and securing $2 million in funding are:

•    Innovative Solutions: Our AI and machine learning-driven platforms like Test My Card and Car Par Loan address real market needs, offering personalized solutions for both professionals and consumers.
•    Market Demand: We identified a gap in the market for tools to empower financial intermediaries, enabling them to streamline product distribution and enhance productivity.
•    Scalable Technology: Investing in scalable tech infrastructure has allowed us to expand rapidly while maintaining quality.
•    Customer Focus: By delivering exceptional value and constantly refining our offerings, we’ve built a loyal customer base driving growth.

To sustain growth, we’ll expand our product suite, grow our network, innovate continuously, and focus on customer retention to ensure long-term success.

What is your long-term vision for FINQY, and how do you see the company influencing the evolution of financial distribution in the next decade?

Our long-term vision for FINQY is to achieve unicorn status and become the leading aggregation platform for financial intermediaries in India.

In the next 3-5 years, we aim to revolutionize the BFSI industry by integrating cutting-edge technologies like AI, machine learning, and data analytics to offer hyper-personalized solutions. We also plan to expand into investment and wealth management, providing sophisticated, tech-driven solutions. By staying focused on innovation and customer-centricity, we aim to shape the future of financial distribution.

Advice for aspiring fintech disruptors:

Solve Real Problems: Focus on solving tangible, real-world issues for your target audience.

Embrace Technology: Leverage emerging technologies to provide smarter, faster solutions.

Stay Customer-Centric: Build solutions that prioritize the customer experience.

Adapt Quickly: The fintech space is dynamic—be prepared to pivot and evolve as needed.

For us, consistent innovation, a strong focus on customer needs, and building solid partnerships are key to long-term success.

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