Snapmint

Snapmint is a fintech company specializing in cardless, no-cost EMI (Equated Monthly Installment) and buy-now-pay-later (BNPL) solutions for online and offline purchases. Snapmint’s core industry is consumer finance, with a focus on enabling affordable credit access for India’s vast underbanked population, particularly in Tier II–V cities. The company serves both consumers and merchants, integrating its platform with over 500 brands and e-commerce portals.

Core Products and Services

• Instant approval at checkout for both online and offline purchases.

• Seamless integration for merchants, boosting conversion rates by up to 15% and average order value by 40% for partners.

• A plug-and-play payment gateway that appeals to over 400 million middle and lower-middle-income customers, especially in non-metro markets.

• Ongoing expansion into adjacent categories such as insurance, travel, apparel and accessories, broadening the value proposition for both merchants and end-users.

Key milestones

• Rapid merchant adoption, with over 300 D2C brands onboarded in 2022, fueling 6x growth that year.

• Over 8 million app downloads, reflecting strong consumer traction.

• Securing $18 million in debt and equity funding in December 2024 to scale operations and expand product offerings.

• Recognized as a compliant NBFC (Non-Banking Financial Company), Snapmint leverages RBI’s digital lending guidelines to ensure regulatory robustness.

Business Model & Revenue Streams

• Revenue from merchant partnerships: Earns commissions/fees from brands and retailers for offering Snapmint’s EMI/BNPL solutions at checkout.

• Interest income (NBFC): Generates interest from lending activities, as Snapmint is an RBI-licensed NBFC.

• Platform fees: Charges merchants for integrating and using its payment platform.

• Customer base: Targets consumers without credit cards, especially in Tier II–V cities, for small-ticket purchases.

• Revenue mix: Majority from merchant commissions; growing share from interest as lending portfolio expands.

• Recent data: FY24 revenue at ₹80 crore; projecting ₹150–160 crore for FY25.

Top Clients & Partnerships

• Vijay Sales (electronics retail): Snapmint’s first major integration, instrumental in establishing early product-market fit.

• The Sleep Company: Achieved a 15% boost in conversion rates and expanded reach to remote regions through Snapmint’s EMI solutions.

• Traya (healthcare D2C): Saw 10% of sales attributed to Snapmint within the first week, with a 12% increase in conversion rates.

Future Outlook & Strategic Priorities

• Product expansion: Plans to introduce new categories such as insurance and travel, broadening the platform’s utility.

• Geographic reach: Focused on penetrating under-served Northeast India and Tier IV–V cities, where logistics and credit access remain challenging.

• Merchant network scaling: Recent funding will fuel deeper integration with shopping portals and offline stores, increasing transaction volumes.

• Technology investment: Enhancing machine learning-driven underwriting and seamless checkout experiences to maintain a competitive edge.