Great Companies: How did you get your idea or concept for the business?
Manish Aggarwal: FINQY’s journey began from 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, we 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 B2B2C platform, aimed at revolutionizing financial product distribution in India. Our mission has always been to empower intermediaries and end customers while driving financial inclusion through innovative tech solutions.
Great Companies: What are the various services provided by FINQY?
Manish Aggarwal: FINQY® empowers its partners to offer a diverse range of financial products to their customers, including:
Credit Cards
Life & General Insurance
Secured & Unsecured Loans – Mortgage, Personal Loans, Education Loans, etc.
FINQY®’s advanced aggregation platform enhances partner experience by facilitating seamless upsell and cross-sell opportunities among these products. The company’s AI-based decision-making tools have evolved into direct-to-customer-facing products, presenting significant opportunities in the self-serve financial services market.
Key Offerings:
FINQY : A tech-enabled CRM designed for DSAs and financial sales partners. FINQY allows seamless lead management, tracking, and customer outreach for partners.
Test My Card : Simplifies the process of choosing and managing credit cards, empowering users to make confident financial decisions tailored to their needs.
Test My Policy : A health insurance decision support tool that compares, analyzes, and simplifies health insurance policies, providing customers with a second opinion.
Test My Loan: Analyzes a customer’s home loan/mortgage to offer savings on EMI and interest or a top-up on existing terms by switching to lower-interest loans.
My Loan Bhai : Uses AI/ML to analyze a customer's credit bureau data, offering customer-friendly funding and loan restructuring options.
Car Par Loan : A comprehensive auto loans portal providing attractive funding terms for new and used car purchases and refinancing.
Great Companies: What makes FINQY different from hundreds of other similar service providers?
Manish Aggarwal: What differentiates us from our competition is the ability to understand both the supply and demand side of the business extremely well. On one hand, we have deep relationships with financial services manufacturers and distributors like banks and insurance companies and the DSA network they operate with. On the other hand, we’ve gone in-depth to understand end-customer concerns and pain points to find tech solutions that address both ends of the business. This is evident in the products we’ve created over the last five years—from a DSA-facing CRM to multiple financial tools for customers to get the best financial deals.
Great Companies: What were the struggles and challenges you faced, and how did you overcome them?
Manish Aggarwal: Establishing and scaling FINQY posed several challenges, particularly during our early phases, compounded by launching just before the pandemic. This introduced complexities such as managing remote work logistics and navigating economic uncertainties. A key hurdle was fostering trust and awareness among financial intermediaries regarding the value of our platform. We tackled this by prioritizing a dedicated customer support team and continually refining our product based on user insights.
Another significant challenge involved scaling our operations while upholding service excellence. To address this, we implemented a robust operational framework and expanded our team with industry experts. Our steadfast commitment to technology and innovation proved crucial in overcoming these obstacles, enabling us to swiftly adapt to evolving market dynamics.
Great Companies: How do you plan to grow in the future? What does five years down the line look like for FINQY?
Manish Aggarwal: 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 five 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.
Great Companies: If you had one piece of advice for someone just starting out, what would it be?
Manish Aggarwal:
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.