Bonfleet shortlisted out of 200 startups for “Fintech Accelerator Programme” by the Maharashtra Government

The Maharashtra government introduced India’s first Fin-Tech policy in February this year to establish, promote and facilitate FinTech start-ups along with an accelerator program.

Mumbai is one of India’s primary economic hubs due to its ideal location, excellent infrastructure and competitive business environment which makes it a thriving FinTech ecosystem. The Maharashtra CM Devendra Fadnavis inaugurated the Mumbai FinTech Accelerator program with a corpus of Rs. 200 Crores to enhance this further. The programme was launched in September and received more than 200 applications.

“The objective of the accelerator programme is to foster innovation across the financial services ecosystem to nurture exceptional FinTech firms that enable financial empowerment and technological advancement, “he said.

Bonfleet was one of the 13 startups that were shortlisted out of them which will be receiving benefits like mentorship, talent acquisition corporate support, and access to Mumbai Fintech API Sandbox, government APIs and to regulators.

Why CIBIL score is important?

Before we get into the why, what is a CIBIL score?

To put in layman’s language, it is nothing but a 3 digit number between 300 to 900 decided by CIBIL, a Credit Information company based on all your credit-related activity within the financial system. This number acts as the first impression for the lender, the higher the score, the better the chances of the loan/credit card being approved. Hence, a CIBIL score is a clear indication to a bank about your financial history on which your credit-worthiness is decided.

Why is it important?

  1. Easy Availability of Loans – With a good credit score you can be assured that applying for a loan, won’t be a hassle in the future. According to the official CIBIL website, about 90% of loan applicants with CIBIL score greater than 700 often obtain easy approval for loans
  2. Ability to Negotiate Interest Rates – Higher the CIBIL score lower the interest rates. A good CIBIL score will grant you the power to negotiate; hence you much have a better chance of getting a lower rate of interest on your loans and credit cards.
  3. Credit Limit Improves – Banks and financial institutions are favourable to individuals with a good or high CIBIL score. Hence over the time, it becomes far easy to get approval for higher limits from the bank or financial institutions.
  4. Quick Processing of Loans – Be rest assured that the next time you require a home loan, mortgage loan, personal loan, car loan or any other type of loan, the process will be smooth. If the credit score is high, the lender will easily consider the application and move on to evaluate other factors before approving the application
  5. Best Credit Card Offers – People having a good CIBIL score receive exciting credit card offers from banks. These cards have higher credit limits, privileges, cashback and many more amazing offers.

It is good to learn the factors used to calculate a credit score so you can improve it, if required, and avail the best loan offers on the market. Here is our article which will help you out – 10 Ways to increase your Credit Score

How Millennials are making their way in the Gig Economy?

Over the last decade and still now, there have been immense job opportunities opening up for the gig economy and millennials are continuing to take a bigger piece of it.  Even the companies have started to attract this kind of workers to get jobs done in a more flexible, cheaper and efficient manner. To support this, a recent 2017 study reports that overall self-employment is likely to triple to 42 million workers by 2020, with Millennials leading the way.

A research by Deloitte has also used data collected over the years of millennials entering and exiting the gig economy which provides us with notable trends of the same that every leader who plans to hire this kind of workforce should keep in mind.

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Will Online Platform be the Future of Work?

Imagine a day when there are no online applications or software and you have to opt for the traditional methods of doing things. Well, you probably can’t or can already think of it as being the worst day possible. A decade back, it wouldn’t have been such a big deal that it is now. Technological innovations and the way technology has infused with our lives over the years for performing our daily tasks have made our lives simpler and easier but has made us dependent on it. People have started to book cabs, buy groceries, rent furniture, order food and what not using applications online while sitting in their houses and still getting the best deals in the market.

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The Rise of the Gig Economy in India

Earlier in India, every one wished to get a permanent job with a fixed salary, timing, and some specified work but with changing times, the way people work has also changed. The gig economy is on the rise which is clearly backed by an estimate from the BusinessWorld that it is creating almost 56% of the employment opportunities in India and would even be increasing 25-30% annually.

What is the Gig Economy?

Gig economy is a temporary work system based on a short-term relationship between workers and companies. Workers perform “gigs,” in which they are employed for a specific task or time. This is done to achieve the advantage of cost, quality, and flexibility. Once the task is complete, the worker is free to move on.

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Bon Raises ₹7.8 crore in a Seed Round Led by Omidyar Network, Axilor, Better Capital

Bon empowers self-employed and gig-economy workers in India with easier access to working capital

PUNE, India. September 12, 2018: Bon, the FinTech platform that facilitates digital credit for flexible workers, today announced that it has raised₹7.8 crore ($1.1 million) in a Seed Round led by Omidyar Network, the Silicon Valley-based impact investing firm established by Pierre Omidyar, the founder of eBay. Bon facilitates credit to the so-called “gig-economy” workers, such as taxi and ride-share drivers, goods delivery, and other contractors in India, many of whom are first-time borrowers of formal credit. Other funders in this round include early-stage investment firm Axilor Ventures and Better Capital’s AngelList India Syndicate.

“Access to working capital is a real pain point for the growing gig workforce—one that can literally make or break a business of one. In India, where credit cards are not pervasive, this issue is even more prominent, as people don’t really have a safety net to rely on when they don’t have cash on hand,” said Bhasker “Bosky” Kode, founder and CEO of Bon. “Bon’s mission is to empower these new flexible workers to thrive by providing them an easy money management tool coupled with a credit offering that allows them to keep their business moving no matter what.”

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