Top 32 FinTech Startups In India | Fintech Startups in 2021

Ashwini Ashwini
Feb 24, 2021 20 min read
Top 32 FinTech Startups In India | Fintech Startups in 2021

Fintech, short for financial technology, has become a crucial part of the global economy., all financial tasks were completed through paperwork only, as paper-based medium was considered to be the safest. But with the development of technology, internet has emerged as the preferred platform for financial transactions. It is essentially an economic industry composed of companies that use technology to make financial services more efficient. They are used mainly by individuals to help in mobile payments, insurance, cryptocurrency and blockchain technology, stock trading, digital lending and credit, budgeting and much more. Tech-focused startups and similar new market entrants are disrupting the way in which the financial services industry conducts its operations.

India has world’s second biggest fintech hub with 2,565 startups operating currently, there were only 737 in 2014. India’s largest share from fintech startups is through ‘payments’ and is followed by lending, wealth tech, personal finance, insurtech, regtech and others.

You must read through this list of the top fintech companies in India if the transformation of the finance industry in India interests you.

Paytm
Razorpay
Instamojo
PolicyBazaar
MobiKwik
ZestMoney
Lendingkart
Refrens
Pine Labs
MoneyTap
Cred
Khatabook
Capital Float
Shiksha Finance
Amigobulls
KredX
CreditMantri
Mswipe
Financial Software Systems (FSS)
BankBazaar
Active.Ai
Finly
Ezetap
Financepeer
Loanwalle
Money View
Cube Wealth
Goal Teller
Kuants
ePayLater
PayKun
PaisaDukan

Paytm

Paytm | Payment Startups in india

Paytm was founded in 2010 and is India’s largest payment company that offers consumers multi-source and multi destination payment solutions. They allow consumers to make payments from any bank account to any other bank account free of cost, i.e., 0% fee charges. Over 8 million merchants have availed its comprehensive payment solutions.

Paytm was founded by Vijay Shekhar Sharma and is owned by One97 Communications and is licensed by RBI. The Paytm app allows users to shop for both physical and digital goods, and also pay for DTH plans, bill payments, and mobile recharges.

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.

The following steps are to be executed to use Paytm:
1.    Create a Paytm account using your mobile number and email ID.
2.    You can add money to your 'Paytm Wallet' via 3 alternates  – netbanking, debit card, or credit card
3.   You can transfer money to someone else by selecting the 'pay or send' option.
4.   You can make payments to other individuals or bank accounts on Paytm by scanning a QR code.
5.    You can also send money to other Paytm users via their phone number.


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Razorpay

Razorpay | Bangalore based Fintech Startup

Founded in Bangalore, Razorpay focuses on the payment needs of startups and enterprises. With Razorpay, merchants can easily accept, process, and disburse money to and from their dealers. It was founded in 2014  by Harshil Mathur and Shashank Kumar. Thousands of clients use its service as it allows an online business to accept, process, and distribute digital payment through various modes like debit card, credit card, net banking, UPI, and prepaid digital wallets. It is one the biggest  fintech companies in Bangalore.


Razorpay Success Story- Facilitating the SME’s with effortless online payment mechanisms!
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Instamojo

Instamojo | Fintech Startup in India

Sampad Swain, Akash Gehani and Aditya Sengupta co-founded Instamojo in September 2012. Instamojo started as a solution provider of digital payments which now has progressively grown into a robust online platform for enterprises like micro, small, and medium so that they start, manage, and grow their businesses online. MojoCapital from Instamojo helps disperse bite-sized short-term credit loans which are worth in and around $2 million. MojoCapital caters primarily to its merchants on a monthly basis, and it has shown the projected growth of 25% on the month on month basis.

PolicyBazaar

PolicyBazaar | Fintech Startups in Gurgaon

PolicyBazaar is an online insurance aggregator for comparative analysis of products that are offered by various insurers using parameters like price, quality, and key benefits. It helps users compare insurance policies and assists them in selecting the best or the most relevant policy that can be purchased online or offline.

PolicyBazaar was founded by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar in June 2008 in Gurugram. They are one of many fintech startups to arise in Gurgaon. They have raised over $650 million as of 2020. The online platform began as a price-comparison website and an information portal for learning about insurance and related programs; it then expanded to become a marketplace for insurance policies.

PolicyBazaar has tied up with insurance brokers which helps it procure information such as price, benefit, insurance cover, etc. directly from the insurers for the customer to compare. They do not charge anything from the customer for its service. The revenue for the company is generated from the fees charged for the marketing and advertisement stints done by insurance companies on its platform.

MobiKwik

MobiKwik | Indian Fintech Startup

MobiKwik is an Indian fintech company that was founded in 2009 by Bipin Preet Singh and Upasana Taku. It is headquartered in Gurugram. MobiKwik is a digital wallet service provider that offers services mobile and online payments, phone and DTH recharge, mobile transfers, online shopping and a lot more. It allows users to store up to INR 50,000 in a MobiKwik wallet that can be used to recharge mobile, pay bills, and shop across various channels. Their users can also use the partial payment feature for ticket reservation and cash pick up for bus tickets booking.

MobiKwik's investors include Sequoia Capital, NET1, GMO Venture Partners to name a few. Post demonetization, MobiKwik has made it free to transfer money from your wallet to the bank account. Before demonetization, they used to charge 4% for a non-KYC compliant user and 1% fee for a KYC (know your customer) compliant user. They have over 100 million users across India and many more are being added. Non-KYC compliant users can transfer from INR 1000 to INR 20,000 to their bank account. But once your KYC is done, you can store upto INR 1,00,000 in your MobiKwik wallet.

ZestMoney

ZestMoney | Fintech Startups in Bangalore

Do you want to buy something offline on EMI but don’t own a credit card? Zest Money has a 'buy now, pay later' policy and offers an EMI option that you can use to purchase things online or offline from its partner merchants. It is another Bangalore-based startup founded by Lizzie Chapman, Ashish Anantharaman, and Priya Sharma.

Lendingkart

Lendingkart | Lending Fintech Companies in india

Lendingkart is an online financing company founded by Harshvardhan Lunia and Mukul Sachan in 2014. Lendingkart provides loans for working capital needs for SMEs (small and medium sized enterprises); these loans are quick and collateral-free with minimal paperwork. They are essentially a lending fintech company in India.

The company works across 1300 cities and has disbused loans over INR 3,500+ crores till date (2020). Aditya Birla Capital, Saama Capital, Mayfield Fund, Bertelsmann India Investments (BII), and Darrin Capital Management are some of its prominent funding partners. In March 2016, Lendingkart entered into a strategic partnership with Mahindra’s SmartShift – a digitally enabled aggregator for cargo owners and transporters.

Lendingkart has access to huge amount of data from data partners dispersed across the country. It is one of few lending fintech companies in India. These data partners provide Lendingkart with diverse information about the vendor: educational qualification, family background, reputation, competitiveness in the market, etc.
How does Lendingkart work?
1. Lendingkart does marketing through referrals, print releases, and news releases.
2. SMEs or vendors visit Lendingkart's website to apply for the loan.
3. They need to provide complete information and upload relevant documents.  
4. Once the documents are verified, the analytics team at Lendingkart generates two codes through machine learning systems.
5. Based on those codes, a decision to provide the loan or not is generated and the amount is decided if the loan is approved.
The best part about the whole process is that it just takes 4 hours. A bank generally needs weeks and months for the same process.

Refrens

Refrens | Fintech Startup in India

Refrens is fairly new to 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 system. 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.


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Pine Labs

Pine Labs | Fintech Startups in india

Pine Labs is a Gurugram-based fintech platform that provides PoS (Point of Sale) software solutions for offline retailers and brands. It was founded in 1998 by Lokvir Kapoor, Rajul Garg and Tarun Upaday. They initially offered a smart card-based payment and loyalty solution for the petroleum sector. It then introduced a PoS machine for offline merchants. Its 'Plutus PoS' solution is a cloud-based software that can be integrated with a generic POS terminal to allow retailers to accept debit and credit cards, e-wallets, QR codes, and UPI-based payments.

Pine Labs' offerings include marketing tools, reporting and analytics, payment gateway API solutions, mobile payment solution (via myPlutus), loyalty and gift card programs, value-added solutions like EMIs, discounts, pay by points, loyalty solutions, e-wallets and others. The mobile app of Pine Labs is available on Android and iOS and can be used for targeted promotions, dynamic currency conversion and more. In 2017, Pine Labs launched its complete suite of services in Southeast Asian markets; it is present in Malaysia.

MoneyTap

MoneyTap | Fintech Startups in India

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 .


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Cred

Cred | Fintech Startups in India

Cred is an initiative of Kunal Shah, founder of FreeCharge. The app aims to make paying credit card bills simpler and rewards you for paying them on time. The app asks for your phone number to check your credit score with Cibil, CRIF and Experian. It is an upcoming fintech startup in India that we will definitely keep an eye out for.

Khatabook

Khatabook | Business Management Fintech Startup in India

Founded in October 2018, by Ashish Sonone, Dhanesh Kumar, Vaibhav Kalpe, Jaideep Poonia, and Ravish Naresh, Khatabook is the world's fastest-growing SaaS company. It has become India's leading business management app for MSMEs with 20M+ downloads in a remarkably short period of time. This Bangalore-based mobile app service shares WhatsApp and SMS reminders to users when money is due to be paid or collected. Khatabook enables micro, small and medium merchants to track business transactions safely and securely.

Capital Float

Capital Float | Finance Startup in India

Capital Float is a Bangalore-based digital finance company founded by Sashank Rishyasringa and Gaurav Hinduja that provides working capital loans and term loans to small businesses via a technology-led loan origination and credit underwriting platform. Capital Float offers loans ranging from INR 1 lakh–INR 1 crore with terms between 1 – 12 months. The offered loans are based on cash flows, expected receivables, financials, CIBIL score, and bank statements. Individuals can apply online for the loan and once the loan is approved, it is disbursed to their bank account.

If you have orders from well-reputed corporate customers, you can borrow up to 80% of the value of a outstanding invoice, and repay only after you receive payment from your customer. The company has partnered with startups like Shopclues, Paytm, and Uber.

Shiksha Finance

Shiksha Finance | Fintech Loan Companies in India

Many individuals have the potential to become great students but the exorbitant tuition fees of educational institutions hinder them from pursuing education. Shiksha Finance provides short-term loans to students for their fees. The loan ranges from INR 10,000-INR 30,050 and must be paid between within 6-10 months. For a private school or college, the loan can range from INR 1 lakh-INR 73.5 lakh and can be paid within 6 months to 5 years. It was founded by Jacob Abraham in 2014.

Amigobulls

Amigobulls | Fintech Startups in India

Founded by Chandu Sohoni and Poorna Nayak in 2013, Amigobulls provides solution to wealth management-related problems. You can get the daily stock analysis in the form of short, personalized videos. The personalized videos are created automatically using Amigobulls' technology; thousands of videos can be created in a few minutes! This fintech company offers investment advice and news to stock market investors through a patent-pending video generation technology.  

KredX

KredX | Financial Technology Startups in India

KredX is India’s first invoice discounting marketplace platform. It helps businesses gain quick access to working capital in around 24 to 72 hours by selling their unpaid receivables while providing investors with an opportunity to earn low-risk high returns through a unique short-term investment. Founded by Anurag Jain, the company provides a technological platform that connects investors, both institutional and individual, with high-growth businesses looking for working capital through invoice discounting.

KredX's objective is to facilitate short-term working capital to the SMEs raised against blue-chip companies to a network of financiers. KredX's recent acquisition of Hummingbill – a New York-based startup – to strengthen technological capability has assisted the former to progress its growth curve in the lending space.

How does KredX work?
1. SMEs have to submit certain documents. KredX checks on the credit health of the SME through the latter's balance sheets, etc.
2. Physical verification is performed where the KredX team checks on the office and credentials provided by the company.
3. KredX calculates the risk involved using the invoices uploaded by the SME. It then relays this information to the financiers of the ecosystem.

CreditMantri

CreditMantri | Fintech Startups in India

Founded by Ranjit Punja, Gowri Mukherjee and Rajasundaram Sudarshan in 2011, Credit Mantri is a credit facilitator which uses data and technology to help people make better financial decisions. It provides an Equifax credit score that is one of the four credit bureaus authorized in India by the RBI. Anyone who needs credit can create a credit profile on CreditMantri's website to apply for loans and credit card offers based on his or her credit profile. The Equifax score is used by CreditMantri to analyse the individual's credit profile.

Mswipe

Mswipe | Fintech Startups in Mumbai

Headquartered in Mumbai, Mswipe provides software solutions and payment devices to merchants. Mswipe works with all kinds of bank accounts; hence, merchants don’t have to open a new account for their devices. The company was funded in 2011 by Manish Patel.

Financial Software Systems (FSS)

FSS | Financial Services Startups in india

Financial Software Systems Pvt. Ltd. was founded in 1991 and is a Chennai-based fintech venture that provides electronic payment and financial transaction processing solutions and services globally. Financial Software Systems records all of the financial activities within a business organization.

Its products include card management, merchant management, mobile payments, financial inclusion, messaging middleware, and value added solutions. FSS also offers software services that include systems integration, offshore development, project management and implementation, and 24/7 global helpdesk support services. Financial software is divided into two categories:
1. Financial management (money management): It typically provides the tools to manage banking, income flow, investing, and planning.
2. Tax software: The software provides importing tools, tax form preparation, and the e-filing of your taxes.

BankBazaar

BankBazaar | Personal Finance Startups in Chennai

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 loan, home loan, auto loan, and education loan.

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 commission from banks. Customers don't need to pay any charge.


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Active.Ai

Active.Ai | Financial Startups in India

Active.Ai provides chatbot solutions to all types of banks and other financial institutions. Although it is a Singapore-based startup, it has a lab in Banglore and was founded by 3 Indians - Ravishankar, Shankar Narayan, and Parikshit Paspulati in 2016. The main focus of Active.Ai is on the banking sector.

Finly

Finly | Financial Startups in India

Finly lets companies and startups analyse their expenses. Besides expense management, Finly also eases the process of fund disbursement, vendor payment, and helps with the automation of collection. It builds financial software products to save the companies’ money and time. It was ounded in 2015 by Vivek AG.

Ezetap

Ezetap | Financial Services Startup in India

Ezetap, co-founded by Abhijit (Bobby) Bose and Bhaktha Keshvachar, provides businesses and financial institutions with smart technological transaction solutions. The Company develops and commercializes a mobile point of sale (PoS) solution that allows mobile devices to be converted into PoS terminals by connecting a card-reader into the headphone jack of the device.

Financepeer

Financepeer | Loan lending Fintech Startup in India

helps to pay the entire year fees upfront to the School in one installment and collects fees in 3 to 12 monthly installments from parents at 0 Interest and 0 Cost. It is a Google incubated School (K-12) Fee Financing Company. Rohit Gajbhiye, Naveesh Reddy, Sunit Gajbhiye and Debi Prasad Baral launched Financepeer in 2017 to cater to an audience that cannot afford to pay the school fees all at once.


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Loanwalle

Loanwalle | Loan lending Fintech Startup in India

Loanwalle.com founded by Sachin Mittal in 2015. It  deals in payday loans which are quick emergency loans disbursed in 30 minutes from the time it is applied for. To fulfill the fast money requirements of the customers, the loan approval process is fully automated and is based on an algorithm that assesses the applicant’s creditworthiness.


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Money View

Money View | Finance management Fintech Startup in India

Money View was launched in 2014 by two IIT friends, Sanjay Aggarwal and Puneet Agarwal. Money View is a loan financer, and also helps in planning overall finances. It caters the user with personal finance management, to keep a check on everyday finances and also provide loans ranging from INR 10,000-5,00,000 within a day or less. The application provides the user with a view of their bank balance, income spends, and income dues by pulling from their SMSes. The app run and be updated even without internet connectivity.


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Cube Wealth

Cube Wealth | Fintech Startup in India

Cube Wealth was founded by Satyen Kothari in 2016, who had previously founded Citrus Pay. Cube Wealth provides comprehensive portfolio management solutions to help busy professionals achieve their goals through investments. The app helps individuals to invest in multiple asset classes including equities, mutual funds, P2P lending, gold, and even charitable investing to build a well-rounded portfolio. It  is a subscription-based automated wealth technology application that works on the concept of disciplined long-term wealth creation.


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Goal Teller

Goal Teller | Fintech Startup in India

Goal Teller founded by Vivek Banka in 2020 is a financial planning platform that allows users to build their own financial plans.  It is the newest fintech in this list. Goal Teller is a fintech startup in the investment planning space and is operating in the B2C space.

Kuants

Kuants | Fintech Startup in India

Kuants was founded in the last month of2017, by Ayush Gangwar and Mohit Bansal. Their inspiration for the startup was to ensure that technology never acts as a barrier to a stock trader while exploring the domain of algorithmic trading. It is Fintech based in Gurugram, making algorithmic trading easy for those who cannot code themselves.


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ePayLater

ePayLater | Buy Now, Pay Later Fintech Startup in India

Akshat Saxena, Aurko Bhattacharya and Uday Somayajula are the founders of ePayLater. ePayLater is a Fintech startup which provides credit at the point of sale. It offers a simple checkout experience by providing customers with the ability to conclude a transaction with just one click of a button. It is a ‘Buy Now, Pay Later’ solution through which customers can get access to an instant credit limit to make faster purchases.


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PayKun

PayKun | Fintech Startup in India

PayKun was launched by Nikunj Yadav, Prashant Kambad, Vijay Yadav, Deepak Dabhi and Nirav Solanki, who were five friends from Gujarat. It was founded in the year 2018, with the primary intention to introduce ease and integrity into the online payment system. PayKun is an online payment gateway integrator that allows merchants to integrate any payment gateway they prefer. It is an affordable and secure solution for sellers. And what's more, it does not require the user to have any technical skills to use it.

PaisaDukan

PaisaDukan | P2P Fintech Startup in India

PaisaDukan was established by Rajiv M Ranjan in 2017 . It is a p2p platform that acts as a mediator between investors and borrowers. The company serves as a digital marketplace to enable borrowers to meet their financial needs, provide investors a safer and smarter investment option and aid financial inclusion.


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Conclusion

Startups work hard on their products, marketing, and other business activities but forget about one crucial aspect: finance. Managing one's finances is of utmost importance. Business is all about money, you can’t run a business if you don’t think about money. This list of the top Indian fintech startups should help you understand the advancements in the world of Finance and give you an insight on India's biggest and top fintechs to keep an eye out for.

Frequently Asked Questions- FAQ

What is FinTech Company India?

Financial technology is abbreviated to FinTech and it comprises of companies that use technology to offer financial services. It has emerged as a relatively new industry in India.

What are examples of FinTech?

Some examples of FinTech are mobile banking, mobile payments, trading, cryptocurrency,insurance, trading, lending to name a few.

What are some Fintech companies in India?

Some Fintech companies in India are:

  • Paytm
  • Cred
  • Razorpay
  • Instamojo
  • Lendingkart
  • MoneyView
  • Paykun
  • PaisaDukan
  • Mswipe
  • Kredx
  • Refrens
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