Top 10 Fintech Startups in India

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Fintech, a combination of finance and technology is what has shaken the pillars of the traditional banking system all over the globe. The technology is used to help companies, business owners and consumers manage their financial processes in a better way by utilizing specialized software and algorithms that can be used on computers and smartphones alike. With the changing world, technology is seeping into the core of everything we do. So, why not Finance?

Here’s a list of some of the topmost Fintech Startups in the country -

1. Paytm (Funding-2.77 billion*) - No matter where you are in the country, this is a word you hear at least once every day. Founded in 2010 by Vijay Shekhar Sharma, Paytm is an e-commerce payment system and digital wallet company, based in Noida. Available in 11 Indian languages, it offers online payment services like mobile recharges, bill payments, travel, movies, and event bookings as well as payments at grocery stores, restaurants, parking, tolls, pharmacies and etc with its QR code. As per the company, over 7 million merchants across the country use the Paytm QR code to accept payments directly into their bank accounts. In 2015, Paytm’s wallet changed into a new type of bank licensed by the RBI. As a Payments Bank, Paytm could now accept customer deposits up to Rs. 1 lakh per customer in a wallet, savings or current account and offer other banking services like Debit Cards, Online Banking, and Mobile Banking. However, Paytm Payments Bank had stopped enrolling new customers from June 2018 following an audit by RBI. Recently this year, the payments bank was cleared and is now functioning the way it was. 

2. ItzCash Card (Funding- 174 million*) – According to their website, ItzCash Card Ltd. is the first company which has been issued the Certificate of Authorization by the Reserve Bank of India (RBI) under the Payment and Settlement area. Launched in 2006, the company has been playing a pivotal role in driving India towards a cashless economy. They strive to make every transaction hassle-free and accountable for consumers and businesses. The ItzCash Card is a prepaid card with an account number and password, through which one can pay utility bills like electricity, do online shopping and book travel tickets. The cards are available at 20,000-odd outlets in the country. The card offers anonymity to the users by being an alternative to credit or debit cards. 

3. Incred Finance (Funding- 75 million*) - Founded by Bhupinder Singh and based in Mumbai, Incred Finance is a Non-Banking Financial Company (NBFC) in India. The company focuses on Consumer Loan, Home Loan, Education Loan, and SME Lending. InCred is credit for Incredible India. According to the website, the company uses technology and data-science to make lending quick, simple and hassle-free. According to News Reports, In 2017, NBFC loans grew at 16.6 percent, compared to 8.8 percent for the banking sector. InCred joined the team by giving loans worth Rs 100 crore in just two months of its existence.

4. PolicyBazaar (Funding- 69.78 million*) - Founded in 2008 by Alok Bansal and Yashish Dahiya, PolicyBazaar aims to be the one-stop destination to all insurance and financial needs. The company is specialized in making a comparative analysis of insurance products. The basis for the comparison is price, quality, and key benefits. The company has links with public and private insurance companies across India. They have partners from life insurance, health insurance, car insurance, travel insurance, corporate insurance, and loan sectors. 

5. Mswipe Technologies (Funding- 56 million*) - Mswipe is an independent mobile POS merchant acquirer and network provider. Founded by Manish Patel in 2011, the company believes in serving the smallest of merchants. Currently, in India mobile POS is the only channel which can efficiently link SMEs to mainstream financial services and digital commerce. Mswipe aims to provide seamless mobile POS solutions and create India’s largest financial services platform for SMEs. In April 2019, the company raised an astounding amount of $30 million or 270 crore from existing investors. In their last round in 2017, Mswipe had managed to raise over $40 million.

6. Coverfox (Funding- 29 million*) - Founded in 2013 by Varun Dua and Devendra Rane, Coverfox is an IRDAI authorised insurance broking firm. It aims to be one of the biggest InsurTech platforms in India. They claim to offer simple, quick and hassle-free services. The company has partnered up with 35+ insurance providers to provide the best policies and plans at the best possible premiums. They offer car, bike, health, life, and travel insurance. 

7. FundsIndia (Funding- 15.24 million*) - Founded by C.R. Chandrasekar and Srikanth Meenakshi, FundsIndia is an online investment website with its headquarters in Chennai. The website is owned by Wealth India Financial Services Pvt. Ltd. It was initially created just for mutual funds but later introduced other investment products like stocks, corporate fixed deposits, bonds, and etc. There are 5 services the company offers currently- Mutual Funds, Equities, Super Savings Account, SIP with Insurance and Corporate Fixed Deposits. 

8. MoneyTap (Funding- 12.3 million*) - Founded by Kunal Varma, Anuj Kacker and Bala Parthasarathy and launched in 2016 to the public, MoneyTap is claimed to be India’s first company that provide an app-based personal credit line to customers. Offered in partnership with various banks and NBFCs, it aids the allocation of unsecured, short-term credit to users directly from their phone or desktop. According to their website, the process of applying for credit is dramatically simplified to a few taps on MoneyTap’s free mobile app. Any individual, who has a smart-phone and a PAN, can check his/her eligible limit in less than 15 minutes through the app. The entire process is largely paperless and is trouble free.

9. CreditMantri (Funding- 10.21 million*) - CreditMantri is an India focused Digital Credit Services Management Platform. It enables borrowers & lenders to make better credit decisions by leveraging data and technology. Founded in 2012 by Sudarshan R, Gowri Mukherjee, and Ranjit Punja, the company helps users understand the status of their Credit Health and build their Credit Profile. Once users know their credit score, they can apply for services like Personal Loan, Home Loan, Credit Card, Business Loan, Line of Credit and Short term loan. 

10. Indifi Technologies (Funding- 10 million*) - Founded in 2015 by Sundeep Sahi, Alok Mittal, and Siddharth Mahanot, the aim of their startup is to help small businesses grow by offering loans to those that have potential and intent. Indifi is a technology platform that gathers data of different types of businesses from a variety of sources, analyzes their creditworthiness, and judges their performance in context of the industry they are a part of. By 2018, the company had disbursed over 400 crore in unsecured loans to small businesses and by 2019 they are looking at a threefold increase in the number of customers
Fintech Companies have started a revolution of their own. The companies mentioned in the list are subject to continuous change, considering the constant growth in technology, funds and the economy as a whole. Regardless, it is safe to say that though positions may change, Fintech is here to stay.

*the funding mentioned is from the year 2017 and may have changed in the years 2018 and 2019.

- Vaishnavi Mohan 

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