Want to know about Top Fintech Companies in India? Well you have landed on the right article.
FinTech is essentially a term formed by the combination of “Financial Technology”, and it applies for the use of technology in the faster and more effective delivery of financial services to customers.
In the last 7 years, the Fintech sector in India has seen rapid growth with its market size at 31 billion dollars in 2022 from 1.2 billion dollars in 2014 and is estimated to reach 150 billion dollars by the end of 2025.
At the moment with Open Financial Technologies becoming a Unicorn vide its Series D funding, it has joined the exclusive club along with 15 other Fintech companies as a Unicorn Company. Therefore, with the rapid rise of such startups, it is essential for us to be familiar with the top entities in the space as well.
Top FinTech Startups in India
Want to jump straight to my top picks? My favorite from Indian Fintech Companies are Cashfree Payments and CredAvenue.
1. Cashfree payments
Cashfree payments is one of the fintech startups India which was founded in the year 2015.
It essentially provides a platform for businesses in India to collect payments online and make payouts.
With its complete payment platform, it offers a wide range of services to help businesses collect and send money.
These services include payment collections, vendor payouts, wage payouts, instant loan disbursements,
Refunds for e-commerce transactions, insurance claim processing, reimbursement for expenses, loyalty programs, and rewards.The funding amount raised by Cashfree is 40.9 Million Dollars.
The list of customers for Cashfree includes Cred, BigBasket, Zomato, HDFC Ergo, Ixigo, Acko, Zoomcar, and Delhivery among others. The company is headquartered in Bengaluru, Karnataka.
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2. CredAvenue
CredAvenue was founded in the year 2017. The startup is a fully integrated, unified digital platform that helps discover, trade, execute and fulfill debt solutions for investors.
CredAvenue, as a debt platform for businesses, lenders, and investors, offers the widest range of debt products.
It has raised funding to the tune of 226.7 million dollars and its notable investors are Sequoia Capital and Light Speed.
It is headquartered in Chennai, Tamil Nadu. CredPool, an end-to-end securitization and portfolio buy-out platform for institutional and retail participants, is aimed at providing a comprehensive platform that includes CredLoan.
An end-to-end business lending platform for banks and non-banking financial companies (NBFCs); CredCoLend, an origination platform for banks and non-banking financial companies (NBFCs),
CredSCF, an end-to-end supply chain platform; and CredSCF, a supply chain.
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3. Get vantage
GetVantage was founded in the year 2019. It is a revenue-based financing platform that aims to make growth capital more accessible to everyone.
The platform provides India's emerging businesses with short-term growth capital without requiring founders to dilute their equity.
The data-driven platform offers zero-interest capital advances with no hidden fees.
There is only one flat fee, which is recouped as small percentages of future revenues.
They've long believed that there must be better alternative capital-raising options, and they're working to make the process more frictionless, transparent, and free of biases.
They're for e-commerce, SMEs, and digital-first businesses that believe revenue is the most accurate indicator of growth. It has raised funding to the tune of 5 million dollars. The headquarters of GetVantage is located in Mumbai, Maharashtra.
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4. Hyperface
Hyperface is an early-stage startup that was founded in the year 2021.
It develops a ready-to-use card platform that makes credit card issuance easier for fintech and e-commerce companies.
The company provides customizable software development kits (SDKs) and application programming interfaces (APIs) that allow users to create the credit card program of the future for their customers.
It includes KYC services, real-time rewards, and other related services, allowing businesses to launch credit card programs in weeks.
It is headquartered in Bengaluru, Karnataka. It has raised initial funding of 3.9 million dollars at present to build out its tech platform, launch card programs, hire more staff, and grow as a business.
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5. Mahila Money
Mahila Money is the digital banking arm of Sheroes, a Delhi-based women-only social network.
It provides women and female micro-entrepreneurs with small business loans and other financial services.
The amount of money available ranges from $135 to $2,693, there is no need for collateral or a co-guarantor, and the application is completed entirely online.
Mahila Money has grown to a community of over 150,000 women since its launch last year and has forged partnerships with banks and NFBCs such as Transcorp, Visa, My Shubh Life, Avail Finance, and Shivalik Bank.
Mahila Money has its headquarters located in New Delhi.
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6. Multipl
Multipl is an early-stage startup that was founded in the year 2020.
It provides a mobile app that allows users to save for future expenses by investing in mutual funds and other market instruments.
Multipl also collaborates with lifestyle brands to offer customers exclusive deals on travel, jewelry, bikes, home decor, career courses, electronics, and more.
It also has a loyalty program that rewards customers with so-called Mbits rewards that can be redeemed from over 200 brands, including Amazon, Myntra, and Jio-Saavn, whenever they save a certain amount of money.
The app had more than 10,000 downloads on the Google Play Store as of November 2021, and users had set savings goals totaling more than US$3.3 million.
Its headquarters are located in Bengaluru. Multipl has raised a seed fund of 3 million dollars at present.
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7. Onsurity
Onsurity was founded in the year 2020. Onsurity is India's only health tech company providing monthly,
Comprehensive employee healthcare to SMEs, MSMEs, Startups, and growing businesses.
With the aim of democratizing technology, we are giving everyone, from entrepreneurs to small businessmen, a chance to ensure their team has access to the best of healthcare with our simple and affordable products.
Onsurity was founded to empower SMEs and enterprises to solve their major problem – affordable employee healthcare and benefits.
This in turn helps increase employee retention, and productivity, attract talent and enable SMEs to build a happier workforce. It is headquartered in Bengaluru, Karnataka. It has raised a fund to the tune of 16 million dollars.
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8. Smallcase
Smallcase, a wealth tech startup based in Bangalore, was founded in 2015 and offers an online trading platform.
Investors can invest in more than 100 portfolios of stocks and exchange-traded funds (ETFs) through the company's in-house team of licensed professionals.
It also connects you with independent asset managers, brokerages, and wealth management platforms.
Smallcase works with a dozen of India's top stock brokers, including Upstox and Kite. The company has over 3 million users who transact $2.5 billion in annual transactions.
In August 2021, it completed a $40 million Series C funding round, bringing its total funding to more than US$65 million.
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9. FPL Technologies
FPL Technologies, a fintech startup specializing in consumer credit, is based in Pune, Maharashtra, and was founded in 2019.
OneScore, a digital credit score platform that offers free credit score checks and personalized insights, was launched in 2019.
It launched OneCard in 2020, a credit card that works in tandem with a mobile app to let customers lock their cards
Manage their features and active services, pay their bills, and more.
In January 2022, FTP Technologies completed a US$75 million Series C funding round, valuing the company at US$750 million post-money. With this round, the startup has now raised a total of US$125 million in funding.
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10. Zolve
Zolve is a neo-banking startup that focuses on migrant workers. It was founded in 2020.
The startup, which began full-scale operations in September 2021, currently serves the India-US corridor, providing immigrants bound for the US with bank accounts, high-limit credit cards, and
debit cards based on their credit scores in their home countries while still in their home countries.
Zolve aspires to be a full-stack financial services provider, with the instant remittance, insurance, and loan products in the works.
The startup had rolled out its credit card to 2,000 customers as of October 2021. In October 2021, Zolve closed a US$40 million Series A funding round at a valuation of US$210 million. The startup has raised a total of $55 million in funding.
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11. MoneyTap
MoneyTap was founded in the year 2015. It specializes in personal loans. They provide an online credit line of up to 5 lakhs.
Customers can choose from a variety of EMI repayment options. They have a maximum duration of 36 months.
Furthermore, they are only responsible for paying interest on the amount borrowed.
They offer a variety of loan options for a variety of personal needs. Loans are available for a variety of purposes, including education, travel, weddings, consumer durables, renovation, and much more.
MoneyTap stands out because of its flexible borrowing options, secure credit, and no-collateral lending model. It has raised funding to the tune of 40.3 million dollars. It is headquartered in Bengaluru, Karnataka.
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12. Policybazaar
Policybazaar is one of India's most well-known insurance fintech firms. It was founded in the year 2008.
Their diverse offering, combined with an easy-to-use platform, has made them India's most popular insurance fintech company.
Policybazaar sells almost every type of insurance on the market. Here are some of their most popular products:
Term life insurance- It is paid for a set period of time each year. It provides more insurance coverage at a lower cost.
Health Insurance- Affordably priced medical insurance that covers surgeries, hospitalization, daycare procedures, and more for a monthly premium.
Motor insurance- It protects a vehicle from unexpected damages. Aside from that, Policybazaar offers travel, home, income loss, defense personnel, pet, and other types of insurance.
It is listed on the National Stock Exchange and has raised funding to the tune of 766.4 million dollars. The headquarters of PolicyBazaar is located in Gurgaon, Haryana.
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13. Acko
Acko was founded in the year 2016. It is an online insurance policy provider that conducts all of its business on a digital platform.
It develops and distributes products and services in areas such as personalized insurance products based on user consumption patterns.
Acko's primary focus is on vehicle and consumer durable product insurance.
Customers have used their extensive resources and buying guides to find the right car, motorcycle, health, and electronics insurance.
Furthermore, they have developed more customized offerings for various use cases. For example, under the vehicle insurance category, they provide comprehensive, third-party, and commercial car insurance.
It is headquartered in Mumbai, Maharashtra. As of now, the amount of funding raised by Acko is 458 million dollars.
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14. DMI Finance
DMI Finance was founded in 2008. It is one of the oldest FinTech companies on the Indian scene.
The vision of DMI Finance is to reimagine credit transmission in India.
Digital lending, which focuses on personal loans, MSME loans, and consumer loans, is one of their services.
In fact, they primarily work with B2B companies, particularly fintech firms and technology-driven aggregators.
DMI Finance also provides corporate lending, mortgage lending, and asset management services. It has raised funding to the tune of 400.7 dollars. Its headquarters is located in New Delhi.
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15. Zest money
Zest money was founded in the year 2015.
ZestMoney is a fast-growing consumer lending FinTech startup that uses digital EMI to fund loans without the need for a credit card or a credit score.
The company’s vision is that EMI payments should be available to everyone, not just those with a credit card or a good credit score.
ZestMoney uses AI, mobile technology for making it available to millions of Indian consumers. It is the most popular Buy Now Pay Later platform in India. It enables businesses to accept BNPL as a form of payment from their customers.
The customer, in turn, can repay the loan in three to four EMIs at no interest.
It is headquartered in Bengaluru, Karnataka. As of now, it has raised funding to the value of 118.4 million dollars.
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16. Pine labs
Pine labs were founded in the year 1998. It is headquartered in Noida, Uttar Pradesh.
It has raised funding to the tune of 1.2 billion dollars as of now.
It is a developer of an online payment and loyalty platform with the goal of transforming the point of sale into a point of service.
The company's software allows retailers to acquire and engage customers, simplify payment acceptance, and create business opportunities by processing easy monthly installments (EMI) transactions across banks, tenures, and product categories using a single sale point terminal.
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17. Zeta
Zeta is a modern banking technology company founded by Bhavin Turakhia and Ramki Gaddipati in 2015 under the Directi Group of companies.
Modern credit and debit processing, BNPL, core banking, and mobile experiences are all part of the company's Omni Stack.
Banks and fintech all over the world use Zeta's products. It was founded in the year 2015. It is headquartered in Mumbai, Maharashtra.
It has raised 340 million in funding amount as of now. Employee expense management, corporate gifting, and co-branded debit and credit cards are among the services offered by this fintech platform.
The company's platform offers businesses a cloud-based neo-banking platform that allows them to issue co-branded debit, credit, and prepaid cards to employees, as well as manage employee benefits and allowances, allowing businesses to increase employee engagement through retail and corporate products.
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18. Digit
In the year 2016, Digit was established. It is the owner and operator of a Bengaluru-based insurance brokerage firm.
The company provides auto, travel, property, and commercial vehicle insurance, allowing customers to make well-informed decisions and obtain coverage.
The mission of our company is to make insurance as simple as possible so that our customers can access it anywhere and anytime.
As of right now, Digit has served over three crore plus customers who have trusted Digit to provide them with their insurance needs. As of now, it has raised $585.6 million.
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19. Paysense
Paysense was founded in the year 2015. It is headquartered in Mumbai, Maharashtra.
It is a developer of a financing platform that allows customers to apply for loans and credit.
The company's platform provides data science-related services via an electronic documentation process that allows customers to obtain instant loans by simply using their phone or laptop.
There is no requirement for any documents and there is no requirement for credit history in order to obtain one of these loans.
It is possible to obtain a personal loan from Paysense at minimum rates starting from 15.96% for a maximum tenure of 60 months at minimum rates starting from 15.96%. It has raised 26.6 million dollars in funding as of now.
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Conclusion
In conclusion, Fintech has piqued the interest of venture capitalists interested in investing in Indian startups.
The primary reason for sustained investor confidence in fintech startups over the last few years has been the rising demand for technology-enabled fintech products across a rapidly growing addressable market.
Think about it. In 2021, the country's fintech startups raised $8 billion
($7.97 billion, to be exact) in 280 funding deals, a record high in both cases, with an average investment ticket size of $33 million.
Lending technology and digital payment startups received the most venture capital inflow among fintech subsectors in 2021. They accounted for 68 percent of the total funding and 44 percent of the total number of deals.
It can be safely assumed that the fintech sector is booming and with the examples stated above the cutting-edge innovation in the sector is also clearly evident.
I hope you liked our article on Top Fintech Companies in India, if you have any comments or suggestions do share them in the comments below.
Frequently Asked Questions
Q1. How many FinTech startups are there in India?
It is estimated that there are 6,636 FinTech startups in India, a country that is among the fastest-growing Fintech markets in the world. It is estimated that the market size of the Indian FinTech industry will be $50 Billion by 2021 and will grow to $150 Billion by 2025.
Q2. What is the number 1 FinTech company in India?
Zerodha. As one of the country's leading fintech companies, Zerodha is an online platform that assists retail investors in investing in stocks, mutual funds, derivatives, and a variety of other financial products.
Q3. What are FinTech startups?
Fintech startups are companies that are focusing on increasing the use of technology to address consumer needs when it comes to financial management.
Their main objective is usually to compete with or completely replace the traditional financial service providers by offering a superior experience or simply by offering better solutions to the existing problems that exist rather than simply replacing them completely.
Q4. Which are the biggest fintech startups in India?
There is no doubt that Paytm is now dominating the Fintech space in India and is the largest fintech company in the country.
The growth of the industry has been undeterred by the pandemic, which has seen the emergence of three new Unicorns and five new Soonicorns (valuations between USD 500 million and USD 1 billion) since January 2020.
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