BANKING FOR A STARTUP
It’s a recognised fact that small business and startups perform a substantial role in adding to the GDP of the nation. But hold on, how often have you noticed about banking services that are uniquely built for them?
Not very often I suppose!
If you are a potential entrepreneur trying your hand at business banking for the first time, we totally feel you. Startup banking can drive anyone insane, even the best of us. There are close to 50,000 startups in India in 2020 — the third highest in the world.
Yet, most traditional banks, to date, have missed to truly adapt to the dynamic stream of the developing Indian force. Sasidharan, Chief Technology Officer, Ilahi Technologies rightly reviewed his business banking experience -
Startups across the globe have started looking for banking privileges that are more elastic, uncomplicated, adaptive and custom made to suit their needs. And the hustle begins right at the beginning of choosing the correct banking option.
One has to stand in long queues, fill ample forms and wait for days to finally gain passage to one. But the real gust here is the ‘high’ minimum balance prerequisite that most current accounts these days, come up with.
Especially for a startup like ours that needed all the cash that we could find. The lack of instant fulfilment and monumental waiting time does not suit well any entrepreneur. Chiefly when it comes to bringing into play a business current account — arranging for KYC documents of all the directors, address and identity proofs further with thousand other forms, can be quite tiring.
If you are a startup, you’ve all the reasons to want to know more about Ilahi Technologies!