Another Fintech on the edge of sunset

Bangalore: Profinch Solutions, a bootstrapped Indian Fintech company, appears to have been embroiled in a financial crisis, which put the lives of its 1500-work force literally onto the streets.

The Company which was founded in 2014 and Finalist of Fintech Scaleup of the year 2022, on the verge of collapse.

It is a conglomeration of renowned Elon Mask’s Fintech.

The company was established with tall claims of enabling the 360-degree transformation of core operations, processes, digitization, and data for banking, financial services, and insurance institutions, all by employing trendsetting practices and technologies that would help customers achieve their immediate and strategic goals, itself appears to be in a total mess. If one has to believe the aggrieved and suffering employees’ woes, the last salary they received was in April. In other words, they have not received their salaries for the past six months.

Profinch which boasts of more than 100 financial institutions as its clients, across 50+ countries with 5 Fortune 2000 / Billion $ corporations, has no money to their workforce salaries. They have offices across the globe – Bengaluru and Pune (in India), Dubai, Singapore, Europe, and Canada. It purportedly offers services to clients across geographies.

The reason behind the non-payment of salaries are yet unknown but claimed largely due to slowed down Global payments

Cries an employee: “We have not been paid from April and this definitely is taking a toll on our health wondering how we will manage our financial needs or commitments. Irrespective of not being paid all of us are still working to meet the project deadlines fearing further delay if laid off”

Another noted, “my CIBIL has been affected and has fallen badly as I failed to pay my EMIs! No mechanism in place for relief from the government in such cases, and many of us are scared of our future, which looks bleak! Is his not the result of so-called Digital evolution and crony capitalism that destroying the middle class?”

Yet another employee writes to the HR and Accounts department; “We are aware that our company is passing through difficult times. Since March you have been saying the salary payment will be delayed. We thought may be in 10 days and hope to receive it at least by the middle of the month. But, your ‘delay’ appears unending, and that resulted in a month’s wait.

How can you expect us to withstand the financial constraints that are multiplying as day passes and also look unending?”

The overall situation looks gloomy and its loyal force, who contributed to the growth of the company, is at a loss as to what the future holds for them. “Unless the government steps in, we find no hope for us,” lamented another employee. Will the promoters of Profinich Solutions, instead of finding ‘solutions’ for others, find one for ‘themselves’ and help the company survive? Many feel that the state and central governments that boast of promoting the IT industry should frame criminal laws and implement them effectively if any of them violate them as this is not first and doesn’t seem to be the last. None shall see Profinch, which claimed to be a wing of Elon Mask, shall not be allowed to go off the hook.