Top 53 Fintech Startups in India | Popular Finance Companies in 2023

“Fintech” is the revolutionary integration of financial services with technology. The wealth that used to exist in the form of coins and jewels back in time does not even have to be physical today. Henceforth, this new form of wealth demanded modifications in financial services. The global economy has developed remarkably in the last few years. India, one of the most populous countries, has performed exceptionally well in this sector. It has one of the world’s largest and most significant markets for fintech. Over 2000 fintech startups are currently operating with huge success rates in our country.

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Top Fintech Listed Companies in India

Fintech companies are those companies that have their own software and algorithms that help other businesses manage their financial operations and investments more efficiently. The fintech sector in India has grown over the last 5 years. Fintech companies in India have doubled their growth from 1.2 billion in 2014 to 2.4 billion by the year 2020. According to the various sources, the Indian fintech companies are expected to reach a valuation of 150 to 160 dollars USD by the year 2025. Some of the top Indian fintech companies in various fields are listed below:

Top Fintech Listed Companies in India
Best Fintech Companies in India

Importance of Fintech Start-ups in India

Digitalization is one of the widespread revolutions that has affected every industry, including banking. Massive technological and structural changes are quickly emerging as the new norm. The emergence of digital-only banks with fintech companies in India has increased efficiency and convenience.

Digital-only banks are now set up to allow account opening and money transfers at any time and from any location in India, lowering expenses and broadening accessibility. This has been made possible by fintech start-ups in India.

Fintech start-ups in India have also changed the nature of financial transactions. The majority of payments are now made via online internet banking or other payment apps, eliminating the need for you to visit banks for such needs.

Finally, fintech services provided by fintech startups India are flexible, cheap, and achieved through high-end technology. Fintech is efficient with lower pricing.

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Top 12 Fintech Start-ups in India

Let’s learn in depth about the leading top fintech startups in India.

1. Volopay 

VoloPay is one of the best new fintech startups in India. Founded in 2019 by Rajith Shaji and Rajesh Raikwar, Volopay was born out of the goal to make spending a more pleasant experience for businesses. Motivated by this goal, Volopay has grown rapidly over the years to now offer a whole host of financial services such as expense management, accounts payable, corporate cards, accounting automation, and multicurrency business accounts. You can use Volopay to automate your entire accounts payable process, from the point where invoicing is done straight to the final task of bookkeeping. In fact, Volopay is one of the only financial solutions out there that provides an unlimited number of virtual corporate cards completely free of cost.

2. Paytm

Paytm was the first step toward the digitalization of financial services in India. Founded in 2010 by Vijay Shekhar Sharma, it was the first fintech startup in India to earn the title of “unicorn” in 2015. Paytm allows customers to transfer money at no additional cost with just a click. The interface is advanced yet easy to use. Customers are provided with various facilities for making bill payments. From mobile recharge to investing in the stock market, it offers everything. “Paytm Karo” is an attractive tagline that gained popularity in the initial years.

3. Razorpay

Razorpay was founded by Shashank Kumar and Harshil Mathur in 2014. Incubated in the IT hub of India, Bangalore, Razorpay provides its customers with the fulfillment of various payment needs. It focuses primarily on the needs of businesses and startups. You can have access to your debit cards, credit cards, UPIs, and popular mobile wallets all in a single place.

4. Bill Desk

Bill Desk is one of the best fintech companies in India, which got into online payment processing in 2000. Karthik Ganapathy, Ajay Murthy, and M.N Srinivasu founded Billdesk after previously working for Arthur Andersen LLP. Bill Desk has acquired more than six companies, including Ezetap. Currently, Bill Desk was acquired by PayU in the year 2021, which is also one of the largest fintech companies in India.

5. PolicyBazaar

This multinational fintech company was founded in 2008 by Alok Bansal, Avneesh Nirjar, and Yashish Dahiya. Headquartered in Gurgaon, PolicyBazaar is one of the best fintech companies in India that provides people with various types of insurance. You can opt for anything from health insurance to insurance for materialistic things. It offers excellent policies in terms of long-term investments to secure your future for the smallest possible monthly amount.

6. Lendingkart

Lendingkart, founded in 2014, is a non-bank financial company registered with the RBI is one of the Indian Fintech companies. It primarily aims to provide small and medium-sized enterprises with funds to help them grow. It offers great analytical tools to assist businesses.

7. MoneyTap

MoneyTap is one of the best best fintech startups in India that provides customers with the facilities of instant personal loans. It offers loans for up to Rs 5 lakh with flexible terms and reasonable interest rates. It is the first app-based company that provides loans with just a “tap.” Founded in 2015 by Bala Parthasarathy, MoneyTap is one of the leading companies that provide people with personal credit lines in India.

8. Instamojo

Instamojo aims to provide MSMEs, independent businesses, and startups with satisfactory payment solutions. Founded in 2012 in Bangalore, it has served over 800,000 businesses in different states of the country. The fact that it has over 10 million registered users on its platform explains its rapid growth.

9. ZestMoney

ZestMoney is a fintech company in India that provides customers with digital EMIs. You no longer have to worry about your credit card or credit score while shopping for your favorite items on EMI. This digital lender works under the guidelines of the RBI. This tech-based firm in Bangalore has partnerships with some of the leading companies, like Amazon and Flipkart.

10. Cred

Cred is a leading fintech startup in India, founded in 2018 by Kunal Shah. It is a members-only platform that provides rewards for paying credit card bills on time. It offers cred coins to people for clearing bills, which can be further used for unveiling exclusive offers and rewards from premium brands.

11. Zeta

It was founded by Bhavin Turakhiya and Ramki Gaddipati in 2015. It is a cloud-based banking technology company that has given many fintech products to the world. Valued at over 300 million dollars, Zeta provides BNPL, core banking facilities, easy issue of credit and debit cards, and much more.

12. Pine Labs

Valued at over 5 billion US dollars, Pine Labs is one of the most famous unicorn companies in India. It was founded in 1998. This cloud-based solution provides customers with payment facilities like a unified payment interface, credit and debit card access, and much more. Pine Labs has played a significant role in the development of the global economy.

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Other FinTech Companies in India

A few other fintech companies apart from the above list are as follows:

  1. Upstox
  2. Etmoney
  3. Mobikwik
  4. Refrens
  5. Khatabook
  6. Capital Float
  7. Shiksha Finance
  8. Amigobulls
  9. Kredx
  10. Creditmantri
  11. Mswipe
  12. Financial Software Systems (Fss)
  13. Bankbazaar
  14. Active.AI
  15. Finly
  16. Ezetap
  17. Financepeer
  18. Loanwalle
  19. Money View
  20. Cube Wealth
  21. Goal Teller
  22. Kuants
  23. Epaylater
  24. Paykun
  25. Paisadukan
  26. Cashfree
  27. Coindcx
  28. Easy Home Finance
  29. Recko
  30. Fypmoney
  31. Avail Finance
  32. Upwards
  33. Kreditbee
  34. Finin
  35. Sqrrl
  36. Moneyfront
  37. Cleartax
  38. Groww
  39. Loantap
  40. Revfin
  41. Payu

FAQs on Fintech Startups in India

The frequently asked questions on Fintech Startups in India are given below:

Q1: What do you understand by a “Fintech” startup?
A1: “Fintech” is an abbreviated form of financial technology. A fintech startup aims to develop a product or platform that can either solve or ease existing financial problems by means of technology. It is a great step for the ease and betterment of people.

Q2: What are the obstacles in the way of fintech startups?
A2: Fintech startups need to deal with multiple challenges in the initial years of the startup. It includes demand, compliance, trust, security, lack of awareness among people, and much more.

Q3: Why are fintech startups important?
A3: One cannot rely on traditional or manual finance services in such an era of advancement. The advent of AI has significantly affected each and every sector of the world, including finance. Therefore, developing and modifying the platforms according to the current requirements is necessary. Hence, fintech startups are essential for any country to cope with the competition globally.

Q4: How much capital do you need to establish a fintech startup?
A4: You can start according to the availability of capital. No amount is lesser or higher when it comes to innovation. Having an idea is easier than working hard to achieve it. Everything will go right if you are passionate enough to achieve your goals.

Q5: What are some leading fintech companies in India?
A5: Some of the top fintech companies in India are Paytm, Razorpay, Pine Labs, Policy Bazaar, Cred, Zeta, and much more.

Also Read,

These tech-based companies provide commendable financial services. All of these services are available at the touch of a button on your smartphone. These companies have worked remarkably well to provide the nation with a cashless economy. Apart from these, many other startups have contributed a lot to making the fintech market in India the second largest in the world.

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