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Top 10 FinTech Startups in India

Fintech, or financial technology, has become an important part of the world economy. Paper-based documentation was necessary for all financial transactions in the past since it was regarded as the most secure approach. However, as technology developed, the internet began to replace other commercial communication channels. Fintech is an industry made up of companies that use technology to enhance the efficiency of financial services. Most people use them to help with budgeting, stock trading, digital lending and credit, cryptocurrency and blockchain technology, mobile payments, insurance, and many other things. Startups with a tech focus and other new market entrants are disrupting how the financial services industry conducts business. With more than 2,100 fintech companies and one of the highest fintech adoption rates worldwide, India is a global fintech powerhouse. Its success can be attributed to innovative digital infrastructure projects, a thriving venture capital (VC) landscape, and favourable demographics, such as a young, digitally savvy population and growing middle class. 

Here is a list of the Top FinTech Startups in India.

01. ZestMoney

ZestMoney, India’s largest and fastest-growing consumer lending fintech firm, was founded in 2015. It was started by Lizzie Chapman, Priya Sharma, and Ashish Anantharaman, and is supported by PayU, Ribbit Capital, and Omidyar Network, among other investors from the world of digital financial services. Due to a lack of credit history, more than 300 million families in the country are unable to use credit cards or any other kind of formal financing. Digital EMI is used by ZestMoney. The business thinks that everyone, not just those who have credit cards or credit scores, should be allowed to pay in EMIs. Millions of Indian consumers now have access to ZestMoney thanks to mobile technology, digital banking, and AI. You have the option to shop right away and pay back within 30 days, 3 months, or 4 months when you use Zest. You get to decide what suits you the most. Zest is accepted at over 10,000 online & 75,000 physical retailers with a simple 3-step acceptance process.

02. Cashfree Payments

Businesses in India may now accept payments online and make payouts thanks to Cashfree Payments, a company that specialises in banking and payment technologies. Akash Sinha and Reeju Datta, who are located in Bengaluru, India, created it in 2015. With regard to payment collections, vendor payouts, wage payouts, fast loan disbursements, e-commerce refunds, insurance claims processing, cost reimbursements, loyalty and incentives payments, Cashfree Payments supports more than 100,000 enterprises. Leading online retailers including Cred, BigBasket, Zomato, HDFC Ergo, Ixigo, Acko, Zoomcar, and Delhivery are among the clients of Cashfree.

03. Lendingkart

LENDINGKART Finance Limited (formerly Aadri Infin Limited), a fintech startup, is a non-deposit-taking NBFC, providing SME lending in India. In order to make it easier for lenders to assess customers’ credit worthiness, the company has created technology solutions based on big data analysis. It also offers other related services. By facilitating SMEs’ easy access to credit, the company hopes to revolutionise small business lending. The Company employs technology and analytics solutions to quickly and correctly evaluate the creditworthiness of small businesses by evaluating thousands of data points from multiple data sources. Unlike banks and other NBFCs, Lendingkart Finance Limited does not base its assessment of a potential client’s credit risk profile on the vendor’s previous records (Past Financial Statements & Income Tax Returns). The NBFC concentrates on the client’s cash flows for the current year and company expansion. The goal is to put capital money at their disposal so that entrepreneurs can concentrate on their businesses rather than worrying about gaps in their cash flows.

04. BlackSoil

BlackSoil was established in 2010 and has its roots in strategic advising. Its partners include significant family offices that have extensive expertise in growing and managing businesses. They have developed over time into a systematically significant NBFC that helps start-ups, high-growth businesses, and developers reach their financial goals by providing them with cutting-edge solutions that promote growth with less dilution. BlackSoil has been a leader in delivering unique consultation and financial resources for more than ten years. With the goal of generating value for all stakeholders, BlackSoil has worked closely with start-ups, high-growth businesses, and real estate developers. Its strategy is characterised by its operational adaptability, endurance, and dedication to value creation. BlackSoil approaches each financing scenario from a credit and an equity perspective, providing immediate response on any deal proposal without protracted audits or significant equity dilution. The BlackSoil team is led by prominent industry figures and is made up of specialists with deep knowledge of the needs of businesses at all stages. They provide these needs with consulting and debt facilities that satisfy the modern requirements of expanding enterprises, sponsors, and investors.

05. DMI Finance

DMI Finance offers credit solutions to a diverse portfolio of corporate customers throughout India in a way that is tech-driven and forward-thinking. They provide term loans, working capital loans, short-term bridge financing, and medium-term project finance as a credit partner to expanding Indian businesses. Additionally, the company acts as a balance sheet partner for a small number of fintech businesses, utilising the large consumer financing market in India through these alliances and successfully navigating entrance restrictions. Shivashish Chatterjee and Yuvraja C. Singh founded DMI Finance in 2008; it is headquartered in Delhi and has its corporate offices in Mumbai and Bangalore as well as branch offices all over India. The business also registered an alternative investment fund and obtained licences for merchant banking and housing finance.

06. MoneyTap

MoneyTap is the first app-based credit line in India. It is not just a personal loan or credit card, but also a personal credit line, and it is provided in collaboration with top banks. Simply put, MoneyTap provides credit to Indian customers belonging to the middle class. They offer small-to-medium cash loans, speedy mobile credit, cheap interest rates, and flexible EMIs and are available in more than 40 cities. MoneyTap was established by a committed group of IIT/ISB graduates with a goal that in the next three years, they will offer one million middle-class Indians data-driven, inexpensive and flexible app-based credit lines.

07. Zerodha

On August 15, 2010, Zerodha began operations with the intention of breaking all financial, technological, and support barriers that traders and investors in India faced. Zero and “Rodha,” the Sanskrit word for barrier, were combined to form the moniker Zerodha. Today, they are India’s largest stock broker in terms of active retail clients thanks to their innovative pricing strategies and proprietary technologies. Through their extensive ecosystem of investing platforms, their over 9 million clients place millions of orders every day, accounting for over 15% of all Indian retail trading volumes.

08. Policybazaar

India’s most well-known online life insurance and general insurance aggregator, PolicyBazaar.com, was established in 2008. They are experts in conducting comparative analyses of insurance packages. The comparison is based on three factors: cost, quality, and main advantages. Various possibilities in the desired insurance product are presented to the consumer based on their input. With partners from life insurance, health insurance, car insurance, travel insurance, corporate insurance, and loan sectors, Policybazaar.com has established solid partnerships with all illustrious public and private insurance organisations throughout India.

09. ACKO

The first and fastest-growing InsurTech firm in India, ACKO makes purchasing and utilising insurance simple. It was established in 2016 by Mr. Varun Dua, a seasoned fintech entrepreneur who prioritised innovation, accessibility, and simplicity. They strive tirelessly to make insurance as user-friendly as possible by providing customised costs, instant policies, and incredibly swift claim settlements. Since its launch, Acko has partnered with well-known internet businesses like Amazon, OYO, and Ola and is known for its cutting-edge insurance offerings. A number of seasoned investors, including Ashish Dhawan, Kris Gopalakrishnan, Hemendra Kothari, Atul Nishar, Rajeev Gupta, Venk Krishnan, and Subba Rao, have funded the company, in addition to Amazon, Catamaran Ventures, Accel, SAIF Partners, Swiss Re Transamerica Ventures, and more. Binny Bansal, RPS Ventures, and Intact Ventures were also added to its roster of investors in its most recent round of fundraising. Recent achievements for ACKO include the Golden Peacock Award for innovative product and service, inclusion on the lists of Business Today’s Coolest Startups and LinkedIn’s Top 25 Startups in India, as well as the Entrepreneur 2019 Startup of the Year-Fintech Award.

10. Kaleidofin

A fintech platform called Kaleidofin helps underbanked customers achieve their practical goals by offering logical and specialised financial solutions. The ability of financial solutions to open up attractive possibilities for each customer’s future life served as the inspiration for the name “Kaleidofin.” They think that everyone should have access to financial solutions that are flexible, individualised, and intuitive so that everyone can achieve financial success and financial freedom. According to Kaleidofin, financial solutions can give clients strong tools to address their goals and difficulties in the real world. The financial services sector has for far too long been a producer, creating goods and fitting consumers to those goods. In contrast, Kaleidofin seeks to keep the customer as the centre of attention and offer mass-tailored solutions that are best suited to address the customer’s individual objectives and concerns. A person’s core objective or aspiration is what drives their need for financial services. Making financial services and solutions simple for users and integrating them into daily life is urgently needed. In order to achieve results for clients, Kaleidofin will make use of the entire India stack, existing networks, analytics, structure, and user-centred design. In the process, they will also contribute to enhancing the digital asset of each customer.

For any Corrections or Nominations kindly contact nicole@startuplanes.com

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