Enabling Technologies

36+ Consumer FinTech Companies in India (Non-Banks): Infographic

MEDICIFounder and Chief Strategy & Innovation Officer

Bank customers in India have traditionally visited branches for opening an account, getting loans, insurance, investments and wealth management. This is changing fast as we can see that the consumer FinTech startups (B2C non-bank companies) shown in the simple infographic below are empowering customers to take charge of their finances. In the next five years, we will see a lot of new digital banking experiences as the focus shifts from banks as the sole providers of such services to banking as a service.

FinTech is disrupting consumer finance by providing people better access to spending, credit and investing information for them to make rational decisions. They are increasingly focusing on customer experience (better design, data flows, less clutter, fewer steps, cloud, mobility and more) which acts as a differentiator compared to banks. FinTech startups’ efforts are focused on simplifying and innovating transactions in the digital platform so that they can rapidly change the way customers are transacting.

In many cases, FinTech startups are providing customers access to finances at lower rates compared to traditional banks/FIs and are reducing the friction of engaging in financial transactions.

36+ Consumer FinTech Startups in India

Note: This is not an exhaustive list and we may have missed out some startups. It is purely unintentional and we would be happy to include any such suggestions in the future.

As the majority of the Indian Internet population are millennials; they are demanding and naturally use technology centred around Internet and mobile technology. They are keener on experiences and seek innovative products and services which reduce their time and effort to make payments. Millennials are continuously looking for products and services that empower them to satisfy their demands in few clicks. Therefore, the FinTech startups shown above have a promising opportunity to grow successfully in the Indian market. Please note that a more elaborate list of FinTech startups which cater to both B2C and B2B customers can be found here on our website.

Amit Goel

MEDICIFounder and Chief Strategy & Innovation Officer

“Amit Goel is the Founder & Chief Strategy & Innovation Officer for MEDICI. Amit’s vision is to build a strong FinTech market network that involves financial institutions, banks, startups, investors, analysts & other key stakeholders across the ecosystem – helping each one of them in a meaningful way by removing the asymmetry of information and providing a platform to engage & transact.\ \ Amit is passionate about bringing actionable FinTech-focused insights, innovative products & services for the FinTech ecosystem. Some of his work involves startup scores, bank scores/assessments, predictive viewpoints & other innovations that have helped MEDICI’s customers and the ecosystem. He has been named amongst the Top 100 FinTech thought leaders/influencers in the world & Top 10 in Asia multiple times by reputed agencies, consulting firms as well as financial institutions. Amit has built MEDICI (formerly LTP) as a new-age, tech-enabled advisory/research firm, which is now considered the #1 global research & innovation platform for FinTech in the world.\ \ Amit has been writing pioneering viewpoints on financial technology space that have been ahead of the curve since 2010. His data-driven predictions have helped the customers as well as the ecosystem. His past work experience includes a strong background in strategy & market analysis and advisory to clients (from big business houses to Fortune 500 firms) in payments, commerce, financial services & IT/technology. In the past, Amit had also founded a successful consulting & research practice called GrowthPraxis and has worked at Boston Analytics, Frost & Sullivan, and Daimler Chrysler in strategy & research.”