Date: Tuesday , June 02, 2009
A young startup, Cashnxt, founded by Anish Achuthan uses network of ATMs and banking terminals deployed across the nation to extend banking services to the unbanked customers in the semi-urban and rural markets of India. Achuthan and team have developed a branchless network consisting of low-cost ATMs and a mobile banking gateway that lets you perform transactions using your cell phone. Their prime goal is to bring modern banking technologies to such semi-urban and rural markets where traditional banks are unwilling or unable to set up ATMs.
CEO & PRESIDENT: Anish Achuthan
CTO: Jay Reddy
VP (Business Development): Mabel Chacko Anish has over 6 years experience managing founding startups in the Internet, mobile and financial technology space. Jay has over 5 years experience in mobile payment domain and has formerly been with Kyocere wireless and Motorola. Mabel heads the business development activities of Cashnxt and was formerly the founder of branchless banking startup Precogx financial services.
CUSTOMERS: Cashnxt is currently working with a leading bank in South India for the pilot launch of the service.
BUSINESS MODEL: Cashnxt follows the business correspondent model as being regulated by RBI and charges a small transaction fee for each transaction carried out on its network.
PRODUCTS: The company offers consumers a no frills zero balance account that can be opened by the customers using their mobile phone. Consumers will be able to deposit funds, withdraw cash and do payment by simply tapping their mobile phones on the Cashnxt NFC enabled ATMs or banking terminals.
COMPETITORS: Eko, Fino, Alittleworld
EARLY INVESTORS: Self-funded.
DIFFERENTIATOR: Cashnxt uses a network of low cost ATMs and banking terminals deployed across retail stores provide consumers easy access to their funds always within their reach. The consumers are provided with a NFC enabled SIM card that allows the customers to access funds or make payments by simply tapping their mobile phone against the ATMs or banking terminals.
WHAT'S NEXT? The company is getting ready for the roll out of it's pilot launch by August 2009 and is planning for the commercial roll out of the service in five cities by the end of this financial year and aims to go nationwide by 2012.