The fintech industry, and especially online transactions and banking, have become increasingly popular over the past few years, especially during the COVID-19 pandemic. Contactless, easy payments from a few clicks on your phone are giving more traditional commercial banks like JP Morgan Chase and Allied Irish Banks challenges to adapt properly. The biggest companies in the space currently seem to be PayPal, Venmo (which is owned by PayPal), Cash App, and Wise, with many more entering the space either catering to niche markets or filling gaps these others have left unfilled. One of the main reasons smartphone fintech apps such as these are able to remain so competitive over traditional commercial banks is that they require very little information to register, as opposed to the mountain of information commercial banks typically require, and are able to operate with razor-thin margins. Even commercial banks’ online banking apps, which have tens of millions of global users, aren’t as useful as these, usually only allowing users to perform tasks such as viewing their account balance, transferring funds from one account to another, and depositing checks remotely.
Easebuzz is a fintech startup that has been able to raise approximately €3.4 million in their most recent seed round. This seed included 8i Ventures, Varanium Capital, Guild Capital, as well as Pine Labs CEO Amrish Rau and Citrus Pay cofounder Jitendra Gupta. What sets Easebuzz apart from other fintech banking apps is that they are a B2B “where businesses can plug and play financial services by integrating a few lines of code in their own software. We work with financial institutions, regulators, payment networks, banks, and consumer wallets so businesses who run on easebuzz don’t have to,” according to their website. By focusing on helping businesses improve their financial services e-commerce platforms, they are able to tap into a largely untapped market, leaving huge room for innovation. In a recent statement, Easebuzz has said that they plan to use the funds they received to offer more API (application processing interfaces), solutions for micro, small, and medium enterprises (MSME), and to strengthen the services they already provide. This will allow them to cater to more small and medium size businesses in aiding them to collect online payments, whether that be debit, credit, or alternative internet banking options. While discussing future plans for Easebuzz, company founder and MD Rohit Prasad stated “From inception, our product DNA was designed around removing friction out of every collection touch-point for an Indian SME.” This funding effort is hopefully just the beginning for limitless potentials for startups like Easebuzz to improve upon the e-commerce banking experience.