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Starting a business is no easy task. As a startup, you have a lot on your platter. There's a lot to plan, construct and implement, from developing your product to building your team. But the most rudimentary element of starting a business is getting the finances in order.
This can be a daunting task, but it's essential to do your research and find the right financial services for your startup.
Here’s a glimpse into the various financial solutions for start-ups in 2022 as well as some of the best companies that offer those.
Financial Service Sectors and Benefits
Companies that offer financial services are those that provide monetary assistance and other finance management services & guidance to businesses. This can include anything from insurance, mutual funds, stock-brokers, financial management and consultation services, or commercial banks. The client base for such services can vary from individual entrepreneurs to private businesses and public organizations.
It's important to research and find the right financial service providers for your small or medium business as the right assistance can give you a leg up in establishing your business.
Among the many financial services in the Indian market, there are a few key players or subsegments. The most favoured category in the list are banks.
Banks, the back-bone of the financial industry in India and the most sought-after segment, facilitate business banking (saving accounts, merchant services etc) and loans ( that go a long way in growing and establishing your business. Being accessible across the globe and most of them having a global presence, banks make financial management easy and reliable no matter where you are.
The second key player in the financial services industry is accounting firms. Accounting firms can help you with services as elementary as bookkeeping, to taxes and audit consulting. Financial management services for businesses like tax compliance advisory, GST registrations, transfer pricing analysis and structuring, determination of tax liability, etc are efficiently done by accounting and auditing firms.
The third key player in the financial services industry is the insurance companies. Insurance solutions help protect your business from unanticipated circumstances and accidents as well as ensure employee welfare. Factors like the customer risk assessment, time zones, premiums, nature of the product and such key aspects decide the payouts in insurance schemes.
Best Financial Services for Startups in 2022
Let's look at some of the best options in financial solutions for startups in 2022.
#1. Xero
Xero is a cloud-based accounting software that helps startups keep track of their finances. The easy-to-use tool comes with a variety of features, making it an excellent option for handling your business accounts. This financial service allows you to connect easily with your bank, your accountant, audit consultants and other financial services.
Apart from that, Xero also offers a variety of features that can help your business grow, like invoicing, payroll, and inventory management.
#2. Adyen
Adyen is a technology company that provides businesses with a single platform to accept payments anywhere in the world. Founded in 2006, Adyen has grown to become one of the world's leading payment solutions providers.
The company's technology allows businesses to accept payments from any channel, including online, mobile, and in-store. It offers end-to-end infrastructure linking directly to Visa, Mastercard, and consumers' chosen payment methods around the world.
Adyen is used by some of the world's leading companies, such as Facebook, Uber, Spotify, and Airbnb.
#3. Avant
Avant is a leading provider of online consumer loans. The company offers personal loans, lines of credit, and credit cards to consumers in the United States and the United Kingdom.
Avant's products are designed to help people with poor credit or no credit history get access to financing. The company has a team of experts who work with each customer to find the best loan option for their needs.
#4. Active.ai
Active.ai is an artificial intelligence company that enables businesses to provide conversational experiences to their customers. The company's platform allows businesses to create chatbots that can mimic human conversation. By incorporating automation and thoughtful consumer engagement, the company assists banks and credit unions in developing intelligent virtual assistants.
Active.ai's technology is used by leading banks, such as HDFC Bank, ICICI Bank, and Standard Chartered Bank, to provide customer support and answer questions.
The company's chatbots are available in over 50 languages and can be used on any channel, including web, mobile, and messaging platforms.
#5. Argyle
With Argyle, customers can safely link their employment records to businesses' apps and websites to access real-time income statistics. The granular income and identification data businesses need to automate workflows and provide cutting-edge digital experiences are made available to them in streaming, read-and-write access.
In addition to having full control over how their data is used, consumers benefit from simpler access to financial products. Argyle is helping innovative businesses put employment data to work for their customers by making it simpler, quicker, better, and smarter for them to offer goods and services that enhance people's lives. This data is available via mobile devices and points around the world.
Bottom Line
There are a lot of great financial services for startups in 2022. These services can help you grow your business and get access to the financing you need. Choose the right service for your business and take advantage of all the features they have to offer.
What are some of your favourite financial services for startups? Let us know in the comments below.