Fintech is a portmanteau of the expressions “money” and “innovation” and alludes to any business that utilizes innovation to improve or automate monetary services and processes. The term incorporates a quickly developing industry that serves the interests of the two buyers and organizations in more ways than one. From portable banking and protection to digital currency and venture applications, fintech has an apparently unending exhibit of utilizations. The industry is immense — and will keep on extending for quite a long time to come.
According to CB Insights, there are 41- VC backed fintech unicorns worth a combined $154.1B. Here are the top 60 Fintech Indian Startups in India which are extending the boundaries.
- Auxilo Finserve
A pro – education NBFC registered with the Reserve Bank of India poised on serving the financing gaps in the Indian Education Sector, with its focus on students and scaling the education infrastructure through innovative financial solution delivery. The Company aims to serve aspiring students across segments whether be it Graduate or Post Graduate courses in India or Overseas in countries like US, UK, Canada, New Zealand, Germany, Australia and any upcoming student attractive countries. It also aims in making headway in the growing Digital Education sector in the country and other ancillary educational purpose led financing for e.g. Entrance exams, career counselling, vocational courses as well as serving Parents through School Fee Financing among others.
With its focus on uplifting the standards of Indian Education Ecosystem it would endeavour in developing financial models for Schools, Colleges, Institutions, as well as any tertiary industries connected to the cause of education; to build or scale up its capacity or potential in its service, product or delivery. From students to school bus operators to educational institutions, Auxilo will provide finance to each and every stakeholder in the ecosystem to help them reach the next level. Technology shall be pivotal to Auxilo to leverage its capacity and reach to cater the dynamic and challenging needs of this ecosystem and enable freedom of financial access across the country by building inclusive financial algorithms and models that shall look at potential financing rather than the usual route of pure play credit financing. Auxilo’s endeavors shall be manifested through its highly committed and enthusiastic team of young professionals that come from diverse backgrounds from the Indian BFSI sector, the team is ably led by Mr. Neeraj Saxena. A bastion for next generation leaders, he has over 16 years of experience in the Indian Retail and Financial Services industry.
slice is India’s best credit card challenger to pay bills, manage expenses, and unlock rewards. Our members love us and swear by us. We’re reinventing how traditional credit cards work by offering a simple and transparent app to help our members transact easily. We have about 3 million registered members with an average age of 25, making us a market leader in a niche and growing segment. Slice offer upto 2% cashback on every transaction, and our members have the option to convert monthly bills payable into 3 installments, with no extra charges. are backed by leading PE/VCs such as Gunosy Capital, Das Capital, Finup, Blume Ventures India, Simile Venture Partner, EMVC, Tracxn Labs, Better Capital, Sachin Bansal’s Navi and angel investors such as Kunal Shah.
3. Perfios Software Solutions
Perfios is a leading product technology company enabling businesses to aggregate structured and unstructured data, curate, analyze and help in decision-making. Perfios’ product offerings help companies build vertical applications across various domains. In over nine years, Perfios has acquired 100+ large clients across various domains such as Banks, NBFCs, Digital Lending platforms, Mutual Fund Companies, Insurance companies, Human Resources etc both in India and abroad.
FlexiLoans is an online lending platform started with an endeavour to solve the problem that SMEs face in accessing Quick, Flexible and Adequate funds for growing their Businesses. Over 80% of Loan proposals from SMEs currently are rejected by institutional channels on account of inadequate financial history or collaterals. With the fast and ubiquitous digital adoption in India and increased avenues to leverage data analytics, we are standing on the verge of Banking transformation in this country which will help us efficiently cater to the large untapped and unserved demand. We wish to make the ‘social and alternative scoring’ of SMEs and Individuals a big opportunity for the economy that will far out place the limited insights that financial bureau provide. We believe our technology-powered online marketplace is the best model to meet the financial requirements of SME’s who do not have credit history and hence cannot avail loans from traditional banking channels.
smallcase is a fintech company building a trusted financial ecosystem with advisors, brokers and other market participants for the investor. Our products are used everyday across the Indian capital markets landscape by the most respected brands to provide delightful customer experiences. Smallcase is an app-based platform for thematic investing in public markets. It provides users with a professionally built basket of stocks called “smallcases”. This basket contains multiple stocks which can be based on market trends, announcements, events, etc. It allows users to build a low cost, diversified & long-term portfolio. It allows users to customize the portfolio before investing and portfolio management. The app is available on Android & iOS platform.
6. Money View
Money Manager App – Helps you track and manage your personal expenses smartly. The App auto-tracks and organizes your spends, bills, and account balances to give a single real-time view of your overall finances. Money View Loans – Provides instant personal loans to underserved segments through a completely digital, easy-to-use platform. Our unique credit-assessment tool looks at more than just your credit score. Our entire process is 100% paperless & contactless. Our strong technology-backed solutions simplify access to credit for billions of people. Join our A-class team in building the blocks of Financial Inclusivity for a self-reliant & financially stronger India.
MoneyView is an app-based platform for personal loans. Loans are offered on the basis of credit assessments. It also provides tools for expense management. App is available on Android devices.
Indifi is an online platform for business loans. It offers loans such as working capital, invoice financing, line of credit, merchant cash advance, and more. It provides loans to industries including hotels, restaurants, travel, e-commerce, and more. Loan is provided on the basis of bank statements and credit scores.
Indifi believes in helping small businesses grow by offering loans to those that have potential and intent. Most such businesses have little or no access to financing from traditional institutions such as banks or lack either collateral or finance data trail to access a loans. Indifi is a technology platform that gathers and analyses data of businesses from various sources and draws insights to judge their credit worthiness, their past and current performance in context of the industry they are operating in. This differentiated approach helps find businesses that are low on risk and high on promise thus opening up possibilities for those who earlier had no access to short or long term business funding.
Indifi takes the relevant applications to multiple lenders, increasing the chances to secure a loan and creates choice for lenders to pick the ones they wish to back. The approach makes the loan process smart by minimizing risk, reducing paperwork and associated costs, while providing a simple and hassle free experience setting the businesses on the path to growth.
OneAssist provides an app-based consumer electronics insurance platform for individuals. It offers coverage for mobile phones, laptop, home appliances, and wearables. It also offers claims settlement and repair services. It also helps users to save money with card offers, pays credit card bills & monitor them against fraud & misuse. The app is available on Android and iOS platform.
Everyday life comes with many worries – in a world where time is at a premium, where life is becoming more and more nuclear, the challenges of managing anxieties get more and more difficult, hence necessary. Be it in areas relating to financial products, travel, household products, healthcare, gadgets etc. we would want to provide consumers the convenience of reaching out to one place, assisting them with products, services and secure solutions making their lives easier. OneAssist is founded with a vision to provide a ubiquitous platform for assistance & protection services to customers.
EarlySalary provides an online lending marketplace for consumer loans. It is a tech NBFC offering short-term loans to consumers including personal loans, educational loans, salary advance, salary cards, instant cash loans, and travel loans. The company uses proprietary credit scoring systems for customer profiling. Its app is available for both Android and IOS devices.
EarlySalary.com is a new FinTech start-up in Pune. We are promising to create ripples in the way lending will happen in the country. We are building our mobile first platform, smart risk scoring system and soon will introduce a fast & easy way to get a loan or buy products and pay-later. We are currently building a smart and young team who together will build this start-up into a buzziest FinTech brand.
Rural distribution solutions for connecting brands with consumers. Provides a platform for brick-and-mortar retailers to offer customers online shopping opportunities for products through on-site kiosks and tablets, enabling rural customers to connect through the web. It provides products from electronics, FMCG, fashion, etc, and also offers digital services like content, recharges, and more.
Founded by serial techpreneurs in 2012, StoreKing is a technology-driven platform focused on identifying & fulfilling the demands of the rural market of India– a large, fast growing & under-served segment in India. Yes, we are talking about 850 million aspirational consumers, with an annual retail spend in excess of $370 Bn! StoreKing leverages the existing retailer network of trusted neighborhood stores in under-penetrated semi-urban and rural areas, turning them into digital touchpoints to effectively address the challenges of serving this market, in the process boosting rural entrepreneurship.
Through our innovative offline-online business model, we are solving the pain points of linguistic barriers, logistics and payments, and enabling multiple brands to extend their reach to rural India. We have a data driven approach to providing a variety of Physical Products (electronics, FMCG, fashion, etc.), Digital Services (content, recharges, etc.) and Financial Inclusion products (lending, insurance, Gold SIPs, money transfer, payments, etc.), based on the unique needs of the rural populace.
With a mission to help small businesses grow with simple software products, and digitally empower them, OkCredit was launched in 2017 by three IIT Kanpur Alumni; Harsh Pokharna, Gaurav Kumar, and Aditya Prasad. OkCredit has given a complete digital makeover to the traditional register book -‘Bahi/Udhar Khata’ and made the daily bookkeeping task simpler and effective for millions of small businesses.
The app not just helps small businesses to keep track of credit transactions – both payments and receivables, it sends timely reminders, and also makes it very easier for them to collect and settle balance amounts quickly and accurately, on a click – with an integrated reminder feature via WhatsApp and SMS. With a vision to accelerate the need for digital transformation for small businesses in India, the OkCredit app is completely free to access and ensures 100% safety, data security, and accuracy. With only one user in 2017, this dream project of the three like-minded friends has changed lives for millions of users as of today.
In more than 10 Indian languages. Currently, it has over 5Mn active monthly users which include over 100 types of businesses like Kirana store owners, mobile recharge shops, medical stores, apparel amongst others across PAN India. The venture has raised $83 million from investors to date including Lightspeed Venture Partners, Tiger Global, and Y Combinator.
Rupeek is India’s leading asset-backed, digital lending fintech platform. Driven by the mission to make credit accessible to Indians in a fair and convenient way, Rupeek is pioneering innovative financial products to help monetize India’s $2 trillion gold. Powered by state-of-the-art technology and an automated asset-light supply chain, Rupeek is transforming the way gold loans are disbursed in India. Through partnerships with leading banks and financial institutions, it is building gold-backed assets, in a low-risk, low-touch and friction-free manner.
Founded in 2015 by Sumit Maniyar, Rupeek is present in over 30 cities in India and has touched over 5,00,000 customers. Headquartered in Bangalore, Rupeek’s investors include Sequoia Capital, Accel Partners, Bertelsmann and GGV Capital.
13. Vivriti Capital
Vivriti Capital is India’s first tech-enabled marketplace that brings together capital markets investors with institutions, small enterprises and individuals. It started with a mission to offer efficient and customized financial solutions to individuals, enterprises and institutions. Vivriti Capital has been set up with the objective of creating the largest and most valuable platform for financial services serving a client base of financial institutions, corporates, small enterprises, and individuals that lack efficient access to financial services. The founding team is committed to making Vivriti Capital a one-stop-shop for all the debt requirements of its target clientele.
The founding team comes with a collective experience of more than five decades in lending, investment banking, structured finance and asset management, and are passionate about innovation and the use of technology in the dissemination of financial services in India. The team has previously collectively assessed more than 500 retail lending organisations in India and abroad, developed underwriting frameworks for various types of retail lending in India and used capital markets to deepen financial inclusion in India.
KreditBee is a FinTech platform that offers instant personal loans to professionals, where they can avail loans up to ₹2 lakhs as per their requirement. With a strong focus on online tech-based and data-centric KYC, KreditBee envisions solving the financial inclusion gap in the varied demographic segments of the country. The platform is backed by a Systemically Important NBFC Krazybee Services Private Limited, registered with RBI since May 2017, as well as various debt & platform partners.
KreditBee is a brand of Finnovation Tech Solutions Pvt Ltd and is currently a Series-C funded entity with a cumulative fundraise of over USD 200 Million. It is backed by some key VC firms and investment entities like Azim Premji’s Premji Invest, Motilal Oswal Private Equity, TPG-backed NewQuest, South Korea’s Mirae Asset Venture, and US-based Alpine Capital. Some other marquee investors include ICICI Bank, Arkam Ventures and SIDBI’s investment arm IndiaSME Investments. Also, it has various debt partners like AU Small Finance Bank, HSBC, Fullerton, and IIFL. Currently, it has 5 million loan customers, out of which over 2 million are active loan customers.
15. Mswipe Technologies Pvt. Ltd.
Mswipe is India’s largest independent mobile POS merchant acquirer & network provider. We believe in serving the smallest of merchants. India currently has 12-15 million SMEs and mobile POS is the only channel which can efficiently link these SMEs to mainstream financial services & digital commerce. Today less than 500,000 SMEs have any type of POS. Mswipe aims to provide seamless mobile POS solutions to such merchants across India and create India’s largest financial services platform for SMEs.
Mswipe’s terminal, Wisepad accept all major types of cards (VISA/MasterCard/AMEX & Rupay cards) and works with conventional phone, smartphones, tablets & PC’s. Some of the features that set Mswipe’s solution apart from traditional solutions are : (1) The Wisepad is a compact, wireless device & allows merchants to accept card payments anywhere (2) Does not require opening a new account with any specific bank. Your Mswipe account can link with any bank account of your choice (3) Freedom from paper charge slips. You do not have to store charge-slips as these are digital & all charge-slips can be accessed online (4) Mswipe provides an app for all major platforms – Android, iOS, Windows Mobile, Windows PC, Java & Linux (5) Mswipe has introduced some new possibilities in payment industry such as – “Card on delivery” for e-commerce operators; – SME’s & professionals such as doctors, physiotherapists, interior decorators accepting card payments – Mswipe’s solution integrates with the existing apps of customers & can post payment details directly into the backend systems of customers to eliminate the task of reconciling payments against orders.
To name a few, Jabong & Myntra allow customers to pay by ‘Card on delivery’, insurance companies – HDFC life insurance, Max Bupa are accepting insurance premiums at customers’ homes, Orchid hotel now allows check-out in the guest’s room, Inox & Satyam Cinemas allows users to buy tickets at kiosks powered by our solution.
16. NeoGrowth Credit Pvt. Ltd.
NeoGrowth Credit Pvt. Ltd., with its PAN India presence, is a pioneer in SME digital lending in India. We have helped many traditional businesses grow by providing them Unsecured Business Loans; thus, creating a strong Social Impact. Most of the SMEs in India, though credit-worthy, are denied finance based on traditional underwriting methods. It is this gap that we aim to bridge at NeoGrowth to nurture their entrepreneurial aspirations. We provide hassle-free business loans up to INR 75 lakhs. Our POS-based tech-n-touch lending and daily repayment model, along with our customer-centric business philosophy are the key attributes that have helped us emerge as market leaders in the SME digital lending space.
NeoGrowth Credit Pvt. Ltd (NeoGrowth) is a Non-Banking Financial Company (NBFC) that was founded in 2013. The company has adopted a unique business model of providing loans against future credit and debit card sales of small and medium to retailers who use point of sale (POS) swiping machines.
The loans are a percentage of the card sales of a shop and have an average duration of between six months and two years. Clients replay their loans automatically, again as a percentage of their monthly card sales. This FinTech company has successfully pioneered the model in India, which include risk and credit assessment tools. With electronic payments set to become more and more popular in India, NeoGrowth has the potential to further expand its business activities. NeoGrowth Credit Pvt. Ltd has been an Oikocredit partner since 2017.
StashFin is a digital lending venture started by a team of former financial services professionals who have a collective experience of more than 40 years and are dedicated to disrupting traditional lending in India. The team has worked with reputed firms in the Banking and Financial Services space, such as Bank of America – Merill Lynch, Citi, Deloitte, kabbage etc. in India and USA. With exposure across multiple functions including technology, customer experience and process re-engineering, the team is leveraging its collective experience to deliver best in class services and great convenience to its customers.
An instant loan to provide you with the perfect financial boost in the most convenient and hassle-free manner. We make sure that your request is approved and the money is transferred in almost no time. Apply online on our website or check out our App. With the help of advancements in technology and the growing drive towards digitalization of the economy, StashFin provides financial freedom in a much smoother and efficient manner.
Quick personal loans have been made available through the following features: Easy Online Application, Quick Processing Time, Immediate Transfer of Funds.
RenewBuy was started by Indraneel Chatterjee and Balachander Sekhar in 2015. Our business works on a B2B2C model which is backed by its proprietary technology platform (App & Web platform) that enables our trained POSP (point of sale person)/ advisor to offer insurance products to its customers. RenewBuy works on a digital agent model, which provides transparency and offers instant insurance for lower prices from multiple options. With a strong network of over 50,000 POSP’s/advisors spread across 650+ cities, With a vision to solve the under penetration in the insurance sector. RenewBuy is branched across 42 offices with a total employee strength of 1312 and works with over 20 insurers across motor, health, life, and travel insurance categories.
Keeping in mind, the difficulties faced by people who are willing to have insurance or renew their insurance once a year. We decided to make this a simple, transparent and smooth process by providing them a platform where they can get all the information related to insurance. Customers can browse the website and compare the features of the same policy provided by different insurers. This a dais where one can not only get the lowest premium cost by comparing it with different top insurers of the Indian market but can also get complete visibility of inclusions and exclusions. By just filling in a few details (this takes seconds) our backend searches and scans hundreds of policy types and prices from the best companies and provides you the best quotes.
With an objective to make the life of people easier, we facilitate our customers with an end-to-end solution related to insurance. The company serves its partners with an online platform where they can easily buy or renew an insurance policy. The company also provides assistance to its customers as well as partners through a team of experts.
19. Coverfox Insurance
Coverfox is an IRDAI authorised insurance broking firm. We started as a website back in 2013, with an aim to make insurance simple. Coverfox Insurance is an insurtech platform that provides hassle-free online insurance broking services. It offers car, bike, health, travel, terms, investments, and home insurance products. They also provide end-to-end support for claims. They have partnered up with 35+ insurance providers to provide the best policies and plans at the best possible premiums. Coverfox Insurance Broking was incorporated in 2013 and is based in Mumbai, Maharashtra, India.
20. Ezetap Mobile Solutions Pvt. Ltd
At Ezetap, veterans from payments, hardware, cloud and SaaS industries have joined hands for the sole purpose of ushering in a new era of a frictionless digital payment ecosystem in India. Ezetap’s Smart and Secure capabilities as an intelligent SaaS payments platform is already helping thousands of brick-and-mortar retailers, e-commerce players, enterprises and financial inclusion organizations, transform their businesses.
Ranked twice in a row by CNBC in their Global Top 50 Disruptor List in 2016 and 2017, Ezetap has been reimagining payments since 2011. Ezetap is the only payments solution company which has an end-to-end smart payment solution (including hardware) to address the needs of fast growing enterprise companies. First to introduce mobile POS SDK for enterprise companies in India, Ezetap is trusted by seven of the top ten mPOS merchants in Asia. As per the Reserve Bank of India POS Report published (Oct 2014-15), Ezetap’s market share was 1/3rd of all terminals activated in 2015.
21. Zeta Suite
Zeta is a modern banking tech company, co-founded by entrepreneurs Bhavin Turakhia and Ramki Gaddipati in 2015. The company provides an Omni Stack comprising modern credit and debit processing, BNPL, core banking and mobile experiences. Zeta provides its products to banks and fintech globally. In June 2017, the company invested 5-10 crore to buy a minority stake in an HR solutions company called ZingHR. It also bought a minority stake in PeopleStrong in January 2018. In 2019, Zeta received an investment from Sodexo BRS at a valuation of $300 million. In 2020, Zeta launched its technology platform-as-a-service in The Philippines and Vietnam with Sodexo being its first client in these countries. In 2021, Zeta secured $250 million in investment from the SoftBank Vision fund 2. This Series C investment values Zeta at $1.45 billion. This is one of the largest single investments in a banking tech startup globally.
22. Digit Insurance
Digit is a general insurance company started by Kamesh Goyal and backed by the Fairfax Group. Its services include car insurance, travel insurance, home insurance, commercial vehicle insurance, and shop insurance. The company is driven by a mission to reimagine products and redesign price processes. Digit Insurance, also known as Go Digit. The company is based out of Pune and Bengaluru. Digit provides an app-based insurance platform for individuals. It features Digit’s SME Buddy, a consultant tool to help pick the best insurance coverage for the business; a home loan EMI calculator; and more. It offers claims processing services. It also provides solutions to agents to offer insurance services to the customers. The app is available for Android and iOS platforms.
OfBusiness is a Gurgaon based fintech company incorporated on 24 August 2015. It caters credit to Small and Medium Enterprises from all over India. It is a Non-govt company and is registered at Registrar of Companies, Delhi. Its authorized share capital is Rs. 1,125,800 and its paid-up capital is Rs. 730,800. It is involved in legal, accounting, book-keeping and auditing activities; tax consultancy; market research and public opinion polling; business and management consultancy.
Directors of OfB Tech Private Limited are Gautam Patel, Ruchi Kalra, Asish Mohapatra, Bhuvan Kumar Gupta and Vikram Vaidyanathan.
Provider of a financing and fulfilment network for SMEs. Its products include working capital financing, capital expenditure financing, and raw material purchase financing for steel, TMT, cement, polymers, and more. Business users apply for the loan and submit the KYC and financial documents online. The company reviews the documents and offers an unsecured credit limit. The application is available on Android and iOS devices.
CoinDCX is a cryptocurrency exchange platform that was co-founded by Sumit Gupta and Neeraj Khandelwal in 2018. It is India’s largest cryptocurrency exchange valued at $1.1 billion and it is deemed as one of the popular cryptocurrency exchanges in India. On 10 August 2021, it also became the first-ever crypto unicorn after it went on to raise $90 million in its Series C funding round with the involvement of several high-profile international investors including the likes of Facebook co-founder Eduardo Saverin at a valuation of $1.1 billion.
The platform has a learning platform for beginners in crypto investments or blockchain technology, DCX Learn. The organization has two applications, CoinDCX and CoinDCX Pro for beginner retail investors, advanced crypto and crypto traders. It allows users to buy, sell, and trade digital currencies through encrypted networks. Offers margin trading and lending solutions for crypto assets. Also, offers trading analysis charts, news updates, and pricing lists to assist users. Supports multiple digital assets including Bitcoin, Ethereum, Ripple, among others.
HighRadius offers cloud-based Autonomous Software for the Office of the CFO. More than 700 of the world’s leading companies have transformed their order to cash, receivables and treasury processes with HighRadius. Our customers include PepsiCo, Anheuser-Busch InBev, Sanofi, Kellogg Company, Danone, and many more.
Autonomous Software is data-driven software that continuously morphs its behavior to the ever-changing underlying domain transactional data. It brings modern digital transformation capabilities like Artificial Intelligence, Robotic Process Automation, Natural Language Processing and Connected Workspaces as out-of-the-box features for the finance & accounting domain.
Finance business stakeholders have been led to believe that they have only two choices. Pick an application software vendor that digitizes a paper or Excel-based process to an electronic system of record. Or, choose a middleware platform for AI or RPA to build and maintain in-house, domain-specific capabilities. In contrast, HighRadius Autonomous Software combines the best of both worlds to deliver measurable business outcomes such as DSO reduction, working capital optimization, bad-debt reduction and productivity improvement in under six months.
26. Acko General Insurance
Acko General Insurance is a private sector general insurance company in India. Founded in November 2016, the company received its license from the IRDAI. Acko follows an online-led model and hence all operations for the company are offered through the digital platform. Acko provides an app-based insurance platform for individuals. It offers quotes for car insurance, bike insurance, health insurance, group medical insurance, third party liability insurance & more. It features cashless claims processing with doorstep pickup & delivery services. The app is available for Android devices.
Acko General Insurance was founded by Varun Dua, who serves as the Chief Executive Officer. As of 2018, Acko has raised 274 Cr. ($42 million) in funding from investors such as Amazon, Accel Partners SAIF Partners, Catamaran Ventures. The retail products offered by Acko General Insurance include motor insurance, in-trip domestic insurance and mobile insurance.
27. InCred Finance
InCred Finance is an online lending platform for consumer and business loans. It offers multiple financing products to customers including personal loans, education loans, SME loans, automobile loans, and more. The loan amount is based on the credit assessment, loan terms, annual interest rates, and more. Repayment of loans can be done via credit/debit cards, bank transfers, and wallets.
Incred Finance is a Non-Banking Financial Company in India. The company focuses on Consumer loans, Home loans, Education Loans, and SME Lending. It is headquartered in Mumbai, Maharashtra. It was founded by Bhupinder Singh, ex-head of the Corporate Finance division of Deutsche Bank. Former Co-CEO of Deutsche Bank, Anshu Jain, joined the Advisory Board of the company. Other members on the board include M D Mallya (former Chairman, Bank of Baroda). Incred Finance acquired FinTech platform InstaPaisa.com in 2015.
28. Capital Float
Founded in 2013, Capital Float is India’s leading Buy Now Pay Later and credit platform serving the financial needs of salaried & self-employed individuals. It offers quick finance to consumers shopping online through numerous partnerships with A-list brands. We also provide digital credit to individuals for their personal and business needs.
Capital Float offers an online platform for consumer & business loans. It offers loans such as term finance, working capital, point-of-sale financing, and more. It offers business loans based on cash flows, expected receivables, financials, CIBIL score, & bank statements. Borrowers can apply online and once approved, the loan is disbursed to their bank account.
Turtlemint is an insuretech platform established in April 2015. Founded by IIT-B & IIM-C alumni, with a combined work experience of more than 30 years in insurance and technology companies. Turtlemint’s unique hybrid (online-offline) model has equipped the insurance advisor community with digital tools to help them tackle an otherwise cumbersome offline selling process, efficiently and at a scale that is crucial to improve insurance penetration in India. Through its simple mobile app, Turtlemint is providing a wide variety of products, customized recommendation tools, and a wide range of courses on financial products to empower advisors to be truly digital and future-ready.
Today, the platform has a PoSP network of over 1,25,000 advisors that service more than 3.5 million customers. It has also fostered partnerships with an overwhelming majority of Indian insurance providers. Headquartered in Mumbai, India the company offers insurance advisory solutions through the mobile platform and has a Pan-India presence in more than 5,000 metros, cities, and towns. Has presence in 14,000+ pin codes out of 19,000 pin codes in India.
30. FSS Payments
FSS offers ‘Payments in a Box’ – a comprehensive portfolio of end-to-end hosted payment services backed by leading-edge technology solutions, state of the art infrastructure, industry best practices and skilled domain experts. FSS acts as a strategic partner and provides comprehensive payment services to banks. This enables them to navigate through a complex and evolving landscape while leveraging technology.
FSS (Financial Software and Systems) is a leader in payments technology and transaction processing. The company offers an integrated portfolio of software products, hosted payment services and software solutions built over 30+ years of experience. FSS, end-to-end payments products suite, powers retail delivery channels including ATM, POS, Internet and Mobile as well as critical back-end functions including cards management, reconciliation, settlement, merchant management and device monitoring. Headquartered in Chennai, India, FSS services leading global banks, financial institutions, processors, central regulators and governments across North America, UK, Europe, ME, Africa, and APAC and has 2,500 experts on-board.
Upstox limited is an Indian stock broking company. The company headquarter is in New Delhi, India. The company offers online investments in stocks, derivatives, commodities, currencies, mutual funds and ETFs for both professional traders and investors. Upstox has also ensured full transparency in pricing by offering zero brokerage on equity delivery trades and up to Rs. 20 per order for intraday, F&O, commodities, and currencies.
The founders, Ravi Kumar, Kavita Subramanian, and Srini Vishwanath conceived this idea of making trading and investing easier and cheaper and created Upstox for fellow young Indians. The Mumbai-based company is backed by industry giants like Tiger Global and Ratan Tata and currently has more than 250 employees and the fintech is striving to make trading a second nature for its users.
ETMONEY is an Indian financial services platform based out of Gurugram, Haryana. It allows users to invest in financial products like Mutual Funds, Fixed Deposits, NPS and also buys Insurance and take instant personal loans on the platform. ETMONEY is a part of The Times Group. ETMoney was founded by Mukesh Kalra in 2015. A passionate company that indulges in personal finance, has become the first fintech company in India to introduce Aadhar based SIP payments. With more than 100 crore bank accounts linked to Aadhar, the fintech plans to simplify instalment payments with Aadhar OTP verifications. The company has also partnered with Google Pay for a simplified way to invest in Mutual Funds and National Pension System.
Refrens is fairly new to the fintech world in India. It was founded by Naman Sarawagi and Mohit Jain in 2019. Refrens provides a payment gateway system for freelancers to send and receive payments smoothly. It offers free invoicing, payments, and expense management systems. For freelancers, it becomes easy to enable options like adding payment methods, offering discounts, etc. for their clients. It is so easy to use that it is possible to create an invoice in just 30 seconds.
Financepeer is a Google incubated School (K-12) Fee Financing Company that helps to pay the entire year fees upfront to the School in one instalment and collects fees in 3 to 12 monthly instalments from parents that too at Zero Interest & Zero Cost. The Co-founders of Financepeer are Rohit Gajbhiye, Naveesh Reddy, Sunit Gajbhiye and Debi Prasad Baral.
The Financepeer business model is simple – it provides Zero Cost, Zero Interest monthly instalments to parents to pay their school fees. At the same time, on behalf of the parent, Financepeer pays the entire year fees to the School on Day 1. This way, the School does not face any collection issue and continues improving the quality of education. At the same time, the masses are also able to avail themselves of such quality education.
Currently, Financepeer is having a strength of odd 90 employees across India with 7 offices. Financepeer has a bunch of young minds full of ambition, dedication, and innovative minds. Work flexibility and encouragement by mentors at Financepeer allows the employees to give 110%.
35. BankBaazaar India
BankBazaar is a Chennai-based online financial platform founded in 2008 by Adhil Shetty, Arjun Shetty, and Rati Shetty for product distribution and comparison analysis. It enables users to buy personal loans, home loans, auto loans, and education loans.
BankBazaar also offers debit and credit cards, life insurance health insurance, auto insurance, travel insurance products, mutual funds fixed deposits, and savings accounts. With multiple offers from multiple banks, you can compare offers and check your eligibility in minutes. Users only need to provide basic details to apply for a product online and can track its status. BankBazaar’s revenue comes from application-based commissions from banks. Customers don’t need to pay any charge.
KredX is a Bangalore-based business finance intermediary platform, which provides SMBs with an invoice discounting service. The platform is operated by Minions Ventures Pvt. Ltd, which is headquartered in India and was established in 2015. KredX, allows SMBs to raise working capital finance. It does so by discounting invoices that have not been paid, from corporate as well as to a network of financiers operating on its platform, for a short tenure of 30-60 days. SMEs get the required working capital for their businesses in 24-72 hours and investors get decent returns on their investments with high liquidity.
The company operate a credit risk assessment model for borrowers on the platform, together with back-end technology that ensures that a secure platform for initiating transactions is offered. The Indian Institute of Technology Kanpur alumni Anurag Jain and Manish Kumar are the founders of the company.
37. Airtel Payments Bank
In 2015, eleven companies received In-principle approval from the Reserve Bank of India to set up payments bank under the guidelines for Licensing of Payments Bank. Airtel was one of them, and it launched Airtel Payments Bank in September 2016. Airtel’s first payments bank went live with its pilot project in Rajasthan in November 2016.
Airtel Payments Bank was launched in January 2017, by Bharti Airtel, India’s largest telecom provider, to support the cashless revolution promised by the Government of India. The bank’s capital at its establishment was ₹3,000 crore ($441 million). Airtel Payments Bank reported deposits of ₹68.33 crores at the end of the financial year ended 31 March 2017, which was its first year of operation. On 11 April 2016, it became the first company to receive the payments bank license from the Reserve Bank of India under Section 22 (1) of the Banking Regulation Act, 1949. Airtel Payments Bank is an 80:20 partnership between Bharti Airtel & Kotak Mahindra Bank.
PayU is a fintech company that provides a payment gateway and payment solutions for online merchants. The platform provides a seamless experience when users check out a particular website or mobile app. It integrates various gateways such as net banking, Visa and MasterCard, UPI, and wallets. PayU has integrated with giants like Netflix, Myntra, and Cred with unique payment solutions where customers can choose any payment option on any platform or website. It also enables customers to accept payments outside India from 100 plus countries.
39. Sqrrl Fintech
Sqrrl Fintech is a personal finance platform aimed at making savings and investment easy. It has its headquarters in Gurgaon, Haryana, India. Sqrrl has 20+ employees. It was founded in the year 2016. Sqrrl is a private company. Samant Sikka, Dhananjay Singh, and Sanjeev Sharma are Co-founders of Sqrrl Fintech. After launching in the year 2016, Sqrrl Fintech has raised a total of 1 million USD over 1 funding round.
Sqrrl is an investment and wealth management platform for young individuals and professionals. The company is registered under AMFI and SEBI and is available in 9 Indian languages. It encourages Indians to save and invest better while guiding them towards building an investment portfolio with baby steps. The company uses machine learning, AI, and data science to offer one-on-one assistance encouraging users to invest in high-performing mutual funds based on the risks, their goals, and requirements.
MoneyTap is India’s first app-based credit line. It provides you credit and you can repay your credit amount in flexible EMIs of 2 to 36 months. MoneyTap aims to make credit accessible to the Indians who use internet banking. It uses customers’ details to evaluate the user’s eligibility and decide the credit limit. MoneyTap was launched in 2015 by Bala Parthasarathy, Kunal Verma, and Anuj Kacker.
MoneyTap provides a personal line of credit through its digital lending platform. It has its headquarters in Bengaluru, Karnataka, India. MoneyTap has 250+ employees. It was founded in the year 2015. MoneyTap is a private company. After launching in the year 2015, MoneyTap has raised a total of 82.3 million USD in Series A & Series B so far. Recently, the company rebranded into master brand Freo with multiple financial products for consumers, and the flagship product continues to be the MoneyTap Credit Line.
Digital payments startup Bharatpe has been upping its game in the fintech landscape. The startup claims to have 40 lakh merchants across 35 cities in India. In 2019, the startup claimed to have grown by 30 times. It currently accounts for a total payment volume of $3.5 billion. The three-year-old startup has raised a total of $142.5 million so far. In June 2021, the Reserve Bank of India (RBI) issued an In-principle approval to Centrum Financial Services Limited to establish a Small Finance Bank (SFB). with Bharatpe. Till March 2021, It has expanded its network to 100 cities across India, including tier 2 and 3 cities. In June 2021, They acquired PAYBACK India from American Express and ICICI Investments Strategic Fund. It did not disclose the transaction value. In August 2021, BharatPe changed its leadership and elevated Suhail Sameer as the CEO from group president and Ashneer Grover as the MD.
Khatabook, just like its literal meaning in Hindi, is an account book for small and medium businesses. The business app helps business owners keep a check on their accounts, digitally. The startup claims to have 8 million merchants on its platform and said that “1 Million merchants are uploading data and engaging with the Khatabook app daily while adding $200 Million worth of transactions every day. High engagement and utilization of the platform has resulted in more than 25% of the total active merchants joining the platform through word-of-mouth and referrals.”
Founded in 2016 by digital finance and technology professionals, Priya Sharma, Lizzie Chapman, and Ashish Anantharaman, the company is backed by leading global digital financial services investors like PayU, Ribbit Capital, Omidiyar Networks among others. The consumer lending startup aims to enable users who have no access to credit cards or any other formal financing options due to insufficient credit history. The startup has raised over $56 million so far.
ZestMoney is a growing consumer lending FinTech company that uses digital EMI, without the need for a credit card or a credit score. The company believes that being able to pay in EMI should be available to everyone and not only those who hold a credit card or have a credit score. With the use of mobile tech, digital banking, and AI, ZestMoney was made accessible to millions of Indian consumers.
Juspay is a developer of an online platform designed to be used for mobile-based payments. The company’s online platform is a SaaS layer on top of payment gateways to simplify integration, improve robustness and ease the management of diverse and rapidly evolving payment options, enabling users to make electronic transactions securely and efficiently. The eight-year-old payments technology firm helps simplify the payment processes for merchants. The full-stack payments solution startup claims to have a 4 million daily volume of transactions. The startup has raised $27.4 million so far.
45. Niyo Solutions
Niyo is a personal finance management startup. Founded in 2015, the startup has over 800 employees and has raised $49 million in funding. At Niyo, the team is focused on creating banking that is simpler, smarter and safer for our customers by simplifying finance with technology.
Niyo partners with companies (employers) and banks to offer employees the opportunity to access their benefits, such as healthcare or food allowances, through a digital platform. That includes a mobile app for submitting claims and the option of a credit card.
KrazyBee Services Private Limited is a Non-Deposit taking Non-Banking Financial Institution (NBFC) registered with the Reserve Bank of India. KrazyBee is founded by a group of experienced entrepreneurs and finance professionals with an aim to tackle some of India’s most pressing challenges in the lending space by offering a unique proposition through the use of innovative new generation technology and the availability of credit. With a vision to be the primary choice of credit for the borrowers in India, KrazyBee operates 24×7 and has tied up with the financial technology platform to cater for the various needs of the borrowers. With the strength of continuous innovation and raising the benchmark through the years, KrazyBee has provided credit to more than 2.2 million satisfied borrowers with the disbursement of more than INR 43 billion.
Zerodha Broking Limited is an Indian financial services company offering retail brokerage, currencies and commodities trading, mutual funds, and bonds. Founded in 2010, the company is headquartered in Banglore Valued over $1 billion, it is the largest brokerage firm in India by active client base.
Zerodha offers brokerage free equity investments and trading platforms to retail investors. It has its headquarters in Mumbai, Maharashtra, India. Zerodha has 900+ employees and a revenue of $64 Mn (2017-18). It was founded in the year 2015. Zerodha is a private company. Nithin Kamath and Nikhil Kamath are Co-founders of Zerodha. After launching in the year 2015, Zerodha has remained a bootstrapped venture.
PhonePe is an Indian digital payment and financial services company headquartered in Banglore, India. PhonePe was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin Engineer. The PhonePe app, based on the UPI, went live in August 2016. The PhonePe app is available in over 11 Indian languages. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, make utility payments, pay at shops, invest in tax saving funds, liquid Funds, buy insurance and mutual funds and gold. In addition, PhonePe also allows users to book Ola rides, pay for Redbus tickets, and book flights and hotels on Goibibo through the Switch platform. PhonePe is accepted as a payment option at over 17.5 million.
BillDesk is an online payment services company with its headquarters in Mumbai, Maharashtra, India. IndiaIdeas is the parent company of Bill Desk. Bill Desk has 400+ employees and revenue of $132 Mn (2017-18). It was founded in the year 2000. Bill Desk is a private company.Karthik Ganapathy, Ajay Murthy, and M.N Srinivasu are Co-founders of Bill Desk. After launching in the year 2000, Bill desk has raised a total of 241 million USD over 4 funding rounds.
On 31st of August 2021, Naspers (via Prosus) announced that an agreement has been reached between PayU and the shareholders of the Indian digital payments provider BillDesk to acquire BillDesk for $4.7 billion.
Mobikwik is one of the largest mobile wallets and one of the largest Buy Now Pay Later (BNPL) players in India. Digitally paying users have been rapidly growing in India in the last decade, but the credit card penetration in the country is still only 3.5%. We are focused on addressing the unmet credit needs of the fast growing digitally paying users by combining the convenience of everyday mobile payments with the benefits of BNPL.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, we commenced operations as a mobile wallet to make digital payments convenient for our users. Our use cases have since expanded to include bill payments, ecommerce shopping, food delivery, petrol pumps, large retail chains, pharmacies, kirana stores, etc. Our platform also enables peer-to-peer payments via unified payment interface (“UPI”), MobiKwik Wallet as well as MobiKwik Wallet to bank payments. Over the years we have amassed over 101 million Registered Users and more than 3 million ecommerce, physical retail and biller partners.
51. Paytm Payment Banks
Paytm was established by Vijay Shekhar Sharma and is possessed by One97 Communications and is authorized by RBI. Paytm has many partners such as Uber, BookMyShow, Foodpanda, MakeMyTrip and many more. Its investors include Softbank, Ant Financial, AGH Holdings, SAIF Partners, Berkshire Hathaway, T Rowe Price, and Discovery Capital.
The company partnered with Alibaba’s cloud computing arm – ‘AliCloud’ to expand its payment network at a global scale. They have investors like Berkshire Hathaway, SoftBank Group, and MediaTek and even raised an undisclosed amount from Ratan Tata in March 2015. It is arguably the biggest fintech company in India.
CRED is a fintech startup that offers rewards to customers who use its platform to pay their credit card bills. The startup is committed to safeguarding the data and information of its members. It functions on the guiding principle of opt-in consent and full transparency. CRED’s security processes and technology applications unified with regulatory compliance enables it to access, store, and utilise user data.
Founders: Kunal Shah, Founding Year: 2018, Headquarters: Bengaluru, Karnataka, Funding received: US$ 256.5M
Investors: General Catalyst, Tiger Global Management, Sequoia Capital India, Hillhouse Capital Group, Coatue, DST Global, Ribbit Capital, RTP Global, Dragoneer Investment Group, Greenoaks Capital and 16 other investors.
Lendingkart is an online financing company founded by Harshvardhan Lunia and Mukul Sachan in 2014. Lendingkart Finance offers working capital loans and company loans to small and medium-sized businesses throughout India. They provide capital fully online, a fast process with minimal documentation and no collateral necessary. The goal of the company is to make capital funding accessible at their fingertips so that entrepreneurs can concentrate on business instead of thinking about their cash-flow gaps. As of now, they are based in Ahmedabad, Bangalore, and Mumbai, but work across India.
Razorpay is a payment solution in India that helps companies with its suite of products to receive, process, and disburse payments. It gives you access to all payment modes, including JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money, and PayZapp, including credit card, debit card, net banking, UPI, and common wallets. It was started by Harshil Mathur and Shashank Kumar in 2014. Businesses can handle the marketplace, simplify money transactions, receive regular fees, exchange client invoices, and take advantage of working capital loans from a single platform.
55. Pine Labs
Pine Labs is a fintech platform that provides financing and last-mile retail transaction technology to merchants. These solutions are aimed at helping merchants increase their revenue, reduce expenditure, complexity, and risk. The startup connects financial establishments and consumer brands to enable merchants to deliver value to their retail customers. Its cloud-based platform powers 3,50,000+ POS terminals spanning 3700 cities and towns in India and Malaysia. Over 1,00,000 merchants across the electronics, food and beverage, fashion, airlines, and other industries use Pine Labs’ solutions. The Pine Labs’ platform claims to be associated with over 15 major banks, 7 financial organizations, and 100+ brands.
56. Policy Bazaar
PolicyBazaar was founded in June 2008 in Gurugram by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar. Policybazaar.com is now India’s largest insurance aggregator and one of the world’s top fintech players. The online platform originated as a website for price comparison and a knowledge source to learn about insurance and related programs. It later grew to become an insurance policy marketplace. The revenue for the organization is created by the fees paid for the promotion and advertisements of insurance providers on its website.
In September 2012, Sampad Swain, Akash Gehani, and Aditya Sengupta co-founded Instamojo. Instamojo collects fees, creates free online stores, ships goods, get loans, and more to boost your business. Micro-entrepreneurs, start-ups, small and medium-sized businesses are using Instamojo to start, market, run and expand instantly, using our suite of services such as payments, free online stores, logistics, credit and finance, and more through mobile and web platforms. Instamojo allows personalized business tools to help a business expand on the Internet.
Groww is an investment platform that has invented a new way of investing money with stockbroking and direct mutual funds. Its platform provides insights about mutual funds, efficient investment planning, equity-linked savings, and everything from the personal finance world, simplifying the investing process for new investors. Users can also invest in gold and US stocks through the Groww platform. The startup was also a part of Y Combinator’s winter 2018 batch.
Founders: Harsh Jain, Ishan Bansal, Lalit Keshre, Neeraj Singh, Founding Year: 2017, Headquarters: Bengaluru, Karnataka, Funding received: US$ 59.2M
Investors: Y Combinator, Sequoia Capital India, Ribbit Capital, K50 Ventures, Insignia Ventures Partners, Propel Venture Partners, Friále, Y Combinator Continuity Fund, Cypher Capital, David Langer and 5 other investors.
Cashfree is a payment and banking technology startup that enables Indian enterprises to collect payments online and make disbursements. It has so far helped 50K businesses with payment collections, vendor payouts, salary and instant loan disbursements. Its clients include renowned internet companies such as Cred, BigBasket, Zomato, HDFC Ergo, Ixigo, Acko, Zoomcar, and Delhivery among others.
Founders: Akash Sinha, Reeju Datta, Founding Year: 2015, Headquarters: Bengaluru, Karnataka, Funding received: US$ 40.9M. Investors: Y Combinator, Smilegate Investment, Apis Partners, Vellayan Subbiah, George Osborne.
OPEN develops and provides an online space for banking and intercompany settlement. It offers digital banking services to startups and SMBs (small and medium businesses) that provide digital bank accounts which include a current account integrated with tools for bookkeeping, invoices, moving money, and accessing credit. Its API interface platform lets financial organizations merge banking and payments into their applications and accounting systems.
Founders: Anish Achuthan, Founding Year: 2017, Headquarters: Bengaluru, Karnataka, Funding received: US$ 7.4M
Investors: Speedinvest, BEENEXT, AngelList, 3one4 Capital, Recruit Strategic Partners, Kishore Ganji, Unicorn India Ventures, Jitendra Gupta, Amrish Rau, BetterCapital AngelList syndicate, ISME ACE – FinTech Accelerator.
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