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Top 10 FinTech Startups in India

Top 10 FinTech Startups in India
Top 10 FinTech Startups in India

India is amongst the fastest growing FinTech markets in the world. The overall transaction value in the Indian FinTech market is estimated to jump from approximately US$65 Billion in 2019 to US$140 Billion in 2023. India has overtaken China as Asia’s top FinTech funding target market with investments of around US$ 286M across 29 deals, as compared to China’s US$ 192.1M across 29 deals in Q1 2019 (Source: National Investment Promotion & Facilitation Agency).

Let us have a look at the TOP 10 FinTech Startups in India in this article:

1. CRED

CRED
CRED

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

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.

2. Razorpay

Razorpay
Razorpay

Founders: Harshil Mathur, Shashank Kumar

Founding Year: 2014

Headquarters: Bengaluru, Karnataka

Funding received: US$ 206.6M

Investors: Y Combinator, Matrix Partners, Tiger Global Management, Sequoia Capital Management, Soma Capital, GIC, Ribbit Capital, Matrix Capital Partners, GMO Venture Partners, Mastercard and 20 other investors

Fintech startup Razorpay enables businesses to accept, process, and do payments with its product suite. It gives users access to all payment methods such as credit card, debit card, net banking, UPI and popular wallets including JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money, and PayZapp.

3. Pine Labs

Pine Labs
Pine Labs

Founders: Rajul Garg, Tarun Upaday

Founding Year: 1998

Headquarters: Noida, Uttar Pradesh

Funding received: US$ 138.2M

Investors: Sequoia Capital India, Temasek Holdings, Actis, Mastercard, Altimeter Capital, PayPal Ventures, Flipkart, Lone Pine Capital, Madison India Capital

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.

4. Kinara Capital

Kinara Capital
Kinara Capital

Founders: Hardik Shah

Founding Year: 2011

Headquarters: Bengaluru, Karnataka

Funding received: US$ 63.1M

Investors: Michael & Susan Dell Foundation, Patamar Capital, Gaja Capital, responsAbility, GAWA Capital, Induslnd Bank, 1to4 Foundation, Sorenson Impact Foundation, Halloran Philanthropies

Kinara Capital is a financing startup that provides flexible collateral-free loans to small business owners. It focuses on giving loans to budding businesses that need funding for working capital, capital assets, and other miscellaneous needs. The startups it caters to belong to the agri-products, handicraft production, water, food, and energy industries. Kinara claims to be providing personalized customer service with a fast turnaround time by using data-driven insights.

The startup has been named by IFC/World Bank as ‘Bank of the Year-Asia’ in 2019 and Financial Times featured it among the Top 100 High-Growth Companies in Asia-Pacific.

5. Groww

Groww
Groww

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

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.

6. Cashfree

Cashfree
Cashfree

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

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.

7. slice

slice
slice

Founders: Deepak Malhotra, Rajan Bajaj

Founding Year: 2016

Headquarters: Bengaluru, Karnataka

Funding received: US$ 33M

Investors: Blume Ventures, Kunal Shah, Tracxn Labs, Better Capital, Northern Arc, Das Capital, Simile Venture Partners, EMVC, Gunosy Capital, InCred and 6 other investors

Fintech startup slice builds financial products for the youngsters of India. Its first product is a slice card that provides seamless credit payments, a high-quality mobile experience & customer service to first-time credit card users. It is aiming to transform the future of finance for young Indians.  

8. Fisdom

Fisdom
Fisdom

Founders: Anand Dalmia, Ramganesh Iyer, Subramanya S.V.

Founding Year: 2015

Headquarters: Bengaluru, Karnataka

Funding received: US$ 23.5M

Investors: Quona Capital, Saama Capital, Aprameya Radhakrishna, Raghunandan G, Rajeev Chitrabhanu (MAGNETIC), Sumit Jain, PayU Finance India

Fisdom is a leading personal finance brand that helps users invest in mutual funds and make money. The fintech startup also provides customized investment recommendations. It plans to earn money by charging a commission from financial services companies and mutual funds.

9. Eduvanz

Eduvanz

Founders: Atul Sashittal, Raheel Shah, Varun Chopra

Founding Year: 2016

Headquarters: Mumbai, Maharashtra

Funding received: US$ 17.5M

Investors: Sequoia Capital, Unitus Ventures, Michael & Susan Dell Foundation, Northern Arc, Vistra ITCL, InCred, Vivriti Capital, QED Innovation Labs, Redwood Trust, Blinc Advisors

Eduvanz is a non-banking fintech startup for students in search of financial assistance. Its platform collaborates with various educational institutes to offer loan products that can be availed through a rapid and easy online process to students and academic aspirants. The startup aims to make education universally accessible.

10. OPEN

Eduvanz
OPEN

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

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. 

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Aishwarya writes about the startup ecosystem on VCBay. She is a third-year Computer Science engineering student who looks forward to exploring the world of startups and finance.

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