FinTech or fintech stands for Financial Technology, and fintech firms specialize in technology growth to support the banking and financial industries.
Today we all have mobile banking on our phones, which helps us to do all our banking transactions at our fingertips from the comfort of our homes or any place. There are financial applications used to calculate EMIs and insurance premium quotes as well.
Fintech startups brought a significant change in our economy and major changes to how we make payments. The payment system has changed the way we all conduct business. Here are some of the FinTech firms that are making headlines in the finance industry and reaching out to various markets with their unique financial solutions.
Lendingkart is an online financing company founded by Harshvardhan Lunia and Mukul Sachan in 2014. Lendingkart Finance offers working capital loans and company loans to small and medium-sized businesses throughout India. They provide capital fully online, a fast process with minimal documentation and no collateral necessary.
The goal of the company is to make capital funding accessible at their fingertips so that entrepreneurs can concentrate on business instead of thinking about their cash-flow gaps.
As of now, they are based in Ahmedabad, Bangalore, and Mumbai, but work across India.
MoneyTap is India's first app-based credit line. MoneyTap was established in 2015 by Bala Parthasarathy, Kual Verma, and Anuj Kacker. MoneyTap offers small-medium cash loans, fast mobile credit, competitive interest rates, and flexible EMIs.
Any person who has a smartphone and a PAN will check his or her qualifying limit in less than 15 minutes using the app. The whole procedure is completely paperless, with the exception of certain important documentation needed to conform with the KYC legislation of the partner bank. The interesting part is interest rates apply only to the amount you borrow and not to your accepted cap as a whole.
MoneyTap operates only with regulated financial institutions in India controlled by RBI, and they also have our own NBFC license.
In September 2012, Sampad Swain, Akash Gehani, and Aditya Sengupta co-founded Instamojo. Instamojo collects fees, creates free online stores, ships goods, get loans, and more to boost your business.
Micro-entrepreneurs, start-ups, small and medium-sized businesses are using Instamojo to start, market, run and expand instantly, using our suite of services such as payments, free online stores, logistics, credit and finance, and more through mobile and web platforms.
Instamojo allows personalized business tools to help a business expand on the Internet.
Razorpay is a payment solution in India that helps companies with its suite of products to receive, process, and disburse payments. It gives you access to all payment modes, including JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money, and PayZapp, including credit card, debit card, net banking, UPI, and common wallets. It was started by Harshil Mathur and Shashank Kumar in 2014.
Businesses can handle the marketplace, simplify money transactions, receive regular fees, exchange client invoices, and take advantage of working capital loans from a single platform.
Paytm was established by Vijay Shekhar Sharma and is possessed by One97 Communications and is authorized by RBI. Paytm has many partners such as Uber, BookMyShow, Foodpanda, MakeMyTrip and many more. Its investors include Softbank, Ant Financial, AGH Holdings, SAIF Partners, Berkshire Hathaway, T Rowe Price, and Discovery Capital.
Paytm Insurance is a wholly-owned subsidiary of One97 Communications Ltd (OCL) and has received a brokerage license from IRDAI.
PolicyBazaar was founded in June 2008 in Gurugram by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar. Policybazaar.com is now India's largest insurance aggregator and one of the world's top fintech players.
The online platform originated as a website for price comparison and a knowledge source to learn about insurance and related programs. It later grew to become an insurance policy marketplace.
The revenue for the organization is created by the fees paid for the promotion and advertisements of insurance providers on its website
Siksha Finance is India's leading lending in an education finance firm. They also offer loans to educational institutions to develop buildings, buy properties and working capital. The mission of this institution is to fund parents for school fees, thereby reducing school drop-out rates. The debt ranges from Rs 10,000 to Rs 30,050 which must be returned within 6 to 10 months.
Student loans may be used by parents to pay school tuition, books, uniforms, shoes, luggage, etc.
It was founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upaday. An app that transforms your NFC mobile to a card machine and allows you to accept all types of digital payment, including a basic 'Tap n Pay' card.
The network has grown to provide retailers with payment options, risk assessment, multi-channel analytics, leasing & insurance, brand offerings, cashback, automated billing, and more. In 2017, Pine Labs released its full spectrum of services in the South East Asian markets in Malaysia.
Pine Labs' technologies, which are used by merchants from several industries, are used by more than 100,000 merchants in India and many other Asian countries. In India alone, the company's cloud-based technology powers over 350,000 PoS terminals in more than 3,700 cities.
ZestMoney was founded by Lizzie Chapman, Priya Sharma and Ashish Anantharaman in 2015. ZestMoney's unique platform combines mobile technologies, digital banking and artificial intelligence to make life more accessible for millions of Indian customers. ZestMoney's groundbreaking technologies and attempts to make affordable digital finance available have contributed to their designation as the 2020 Technology Leader of the World Economic Forum.
ePayLater was founded by Akshat Saxena, Aurko Bhattacharya, and Uday Somayajula. ePayLater, a digital payment solution offered by Arthashastra Fintech allows a "Buy Now, Pay Later" option for regular online purchasers with a 14-day interest-free credit limit.
EPayLater has collaborated with IRCTC, PVR, MakeMyTrip, Yatra, EaseMyTrip, Tata Croma, Travelyaari, and several others.
The service does not have any hidden charges and the expanded credit line is absolutely collateral-free. This helps companies to continue delivering services to their clients and to generate better sales through shorter inventory times.
This list of top Indian fintech startups should help you understand the change in the field of finance and give you the insight to keep an eye out for upcoming top fintech companies.