PR Distribution in India
Borivali, Mumbai (Maharashtra) (India), January 9: Launched in October 2023, FinRight Technologies, a Mumbai-based fintech startup founded by professionals from CRED and Amazon, uniquely addresses personal finance challenges. With a vision to solve some of the toughest problems in personal finance, FinRight has chosen Employees Provident Fund (EPF) as its first major focus area as access to this retirement corpus has become increasingly and more complicated.
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In FY23, over 5.21 crore PF withdrawal and transfer applications were filed, but 25.8 per cent of them – around 1.34 crore PF applications – were rejected . For final PF withdrawal requests, the PF request rejection rate reached a five-year high of 34%. These figures reveal the profound challenges employees face when processing their provident fund applications, making it one of the biggest financial hurdles in India today.
Since its launch in 2023, FinRight has helped over 5,000 customers with their PF withdrawals and online PF claims, offering a unique combination of technology and human support around complex rules and processes to provide personalized advice and assistance. Individuals looking to withdraw their EPF or resolve issues related to EPF transfers can now turn to FinRight for seamless assistance. By visiting www.finright.inusers can access expert support powered by FinRight’s industry-leading platform. The fintech startup ensures that EPF withdrawal requests initiated through its platform receive special attention, significantly reducing the risk of rejection and simplifying the process for the Indian workforce.
“Most people find it daunting to understand the rules and processes relating to PF transfers and withdrawals. The market is full of unorganized PF agents and PF consultants who lack expertise, provide inconsistent service and often charge exorbitant fees. We saw an opportunity to provide professional, transparent and affordable solutions to simplify Provident Fund claims for everyone. Our aim is to enable individuals to access their money without stress or delays,” said Amey Kanekar, Co-Founder, Finright Technologies Pvt. Ltd.
FinRight is gearing up to introduce digital automation to solve EPF issues seamlessly by integrating EPFO APIs and using AI, the founder revealed. “8 out of 10 people only discover problems with their EPF when they need funds, and that’s a challenge we want to tackle head on,” he said. As part of this initiative, FinRight will soon launch an online service ‘Get a Review of your EPF’, allowing users to instantly identify discrepancies in their EPF accounts with just a few clicks.
FinRight’s impact is best demonstrated through the experiences of its customers, who have successfully resolved complex online PF withdrawal issues with the help of the platform:
* Vikas K., technology professional in Delhi: “After leaving a technology company where I worked for eight years, I struggled to withdraw my EPF of Rs37 lakh due to a mismatch in my father’s name and errors related to a subsidiary transfer. My requests have been rejected 16 times. FinRight intervened with a joint statement and rigorous follow-up with the EPFO, resolving the differences and enabling a successful withdrawal of the PF within a month. Their expertise in handling Provident Fund withdrawals was a huge relief.
* Ganesh R., healthcare professional in Chennai: “After 20 years with 3 organizations, my request for online PF withdrawal was rejected, citing “insufficient service”. This PF application rejection occurred because the employer had not correctly updated my service. Despite seeking help from several PF consultants and agents, the problem persisted. That’s when FinRight came to my rescue. They helped me navigate the complex process between employers and EPFO, ensuring that my service records were updated. This allowed me to access Rs75 lakhs from my PF balance”
Angel funding:
FinRight, driven by its mission to simplify personal finance challenges, has secured seed funding from investors. The startup aims to expand its offerings to solve other personal finance problems, including insurance claims, taxation and estate planning. Simultaneously, it plans to expand its operations to major Indian cities, thereby strengthening its position as a trusted leader in financial assistance and provident fund services.
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