InstantPay, India’s largest neo-bank, is eyeing a revenue of Rs 350 crore in FY21, up from Rs 185 crore in the fiscal ended March 2020. This would be an impressive three-and-a-half times growth in just three years, considering that the company clocked a revenue of just over Rs 100 crore in 2018-19.
For such rapid past and future expansion in revenues, InstantPay officials credit the boost in digital adoption among Indian consumers and the neo-bank’s continuous emphasis on innovation and introduction of new products. Said Shailendra Agarwal, Founder & CEO, InstantPay: “We are creating carefully crafted financial offerings for our consumers. With a strong focus on customer experience and product innovation, we expect to see ten-fold traction and growth in numbers in the coming years. The lockdown period gave a very significant push to our business. Our current run rate gives us the confidence of touching a revenue of Rs 350 crore in the ongoing fiscal.”
InstantPay wants its consumers to have the best-in-class banking experience and is expanding towards delivering mainstream banking for the next 500 million consumers and over 50 million MSMEs in India with its full-stack approach to banking and a big bet on Bharat.
Said Amol Sonbarse, SVP – Business & Strategy, InstantPay: “We are witnessing a tremendous mindset shift which is boosting digital adoption amongst consumers. Neo-banking has just started in India, so we see immense growth and opportunities in both of our consumer segments – personal and business. While our personal banking solutions are catered more towards our millennials, the business banking segment caters to the MSMEs and large businesses. The latter generally consumes our Banking APIs to streamline their day-to-day banking operations. We were quick to assess the situation and pick ourselves up. We saw a more than 50% increase in transactions processed through our platform compared to the pre-Covid volumes. This was due to the trust shown by our consumers and the fact that more and more people were sending and receiving money to take care of their essentials.”
InstantPay officials remain bullish about the future prospects of neo-banking in India. Said Shailendra Agarwal, Founder & CEO, InstantPay: “Banking today needs to be an experience rather than an obligation. Neo-banks are trying to solve this by offering out-of-the-box and low-cost banking solutions for individuals and businesses. Traditional banking has failed to cater to the diversified needs of the consumer, and hence more and more people are now moving towards neo-banks.”
InstantPay is going to launch some innovative products soon and the company’s teams are working with its banking partners to accomplish them out of its large pipeline. The neo-bank has actively hired this year and will continue to hire more to strengthen its product, technology and customer acquisition functions, according to company executives.