The Indian fintech landscape has undergone significant transformations in recent years, catalyzed first by demonetization in 2016 and further accelerated by the COVID-19 pandemic. These events have not only compelled companies to embrace digitalization and transition payments online but have also witnessed a surge in participation from India’s vast network of small merchants.

Fostering Fintech Innovation in India

With over 2,174 fintech startups currently operating in the country, as reported by MEDICI Global, India has become a hotbed of fintech innovation. Notably, 20 Indian fintech companies have earned a coveted spot on CB Insights’ 2020 list of the world’s 250 most promising startups in financial technology.

Spotlight on Indian Fintech Pioneers

1. Bharatpe: This digital payments startup boasts a network of 40 lakh merchants across 35 Indian cities, with a total payment volume of $3.5 billion.
2. ClearTax: Offering tax solutions and services, ClearTax has assisted over 5 million Indian taxpayers and 6 lakh businesses in tax filing.
3. CRED: Founded by Kunal Shah, CRED has garnered attention for its unique approach to credit card payments and recently secured official partnership with the Indian Premier League.
4. Digit Insurance: Backed by the Fairfax Group, Digit Insurance leverages AI-driven solutions to simplify insurance processes, earning the trust of over 90 lakh customers.
5. Fyle: This Bengaluru-based expense management startup utilizes Artificial Intelligence to streamline expense tracking and reporting.
6. Groww: Founded by former Flipkart employees, Groww is a stockbroking startup with over 40 lakh registered users.
7. INDwealth: Founded by Ashish Kashyap, INDwealth is an AI-driven financial advisory engine, aiming to transform personal finance management.
8. Juspay: This payments technology firm simplifies payment processes for merchants, boasting a daily transaction volume of 4 million.
9. Khatabook: Serving as a digital account book for small and medium businesses, Khatabook enables merchants to manage their accounts digitally.
10. Kissht: Founded by former McKinsey consultants, Kissht offers lending solutions and has raised $49.25 million in funding.
11. MoneyTap: Providing instant credit lines of up to ₹5 lakh, MoneyTap has raised $89.7 million and caters to diverse lending needs.
12. Moneyview: Another lending startup, Moneyview boasts over 1 crore users across 5000 Indian cities.
13. Niyo: With a focus on personal finance management, Niyo has raised $49 million in funding and employs over 800 individuals.
14. Paytm Payments Bank: Led by Vijay Shekhar Sharma, Paytm Payments Bank offers high-interest fixed deposit accounts and flexible savings options.
15. Perfios: Offering data-driven solutions for lending and wealth management, Perfios collaborates with leading banks and NBFCs in India.
16. Pine Labs: Established in 1998, Pine Labs provides point-of-sale solutions and merchant commerce platforms, raising over $207 million.
17. PolicyBazaar: A unicorn startup in the insurtech space, PolicyBazaar has raised over $558 million and attracts millions of visitors daily.
18. Razorpay: This mobile payments solutions startup boasts a 35% monthly growth rate and aims to scale its partner businesses to 15,00,000 by the end of the year.
19. Rupeek: Specializing in online gold loans, Rupeek has raised over $81 million and offers competitive interest rates.
20. Zestmoney: Founded by Lizzie Chapman, Priya Sharma, and Ashish Anantharaman, ZestMoney facilitates consumer lending for individuals with limited credit access.

Driving Financial Inclusion and Innovation

These 20 Indian fintech startups exemplify the nation’s burgeoning fintech ecosystem, driving financial inclusion, and innovation on a global scale. With their diverse offerings and innovative solutions, they are poised to shape the future of finance both in India and beyond.