India FinTech Forum Announces 27 FinTech Startups for IFTA 2020

India FinTech Forum, a not-for-profit FinTech advocacy group representing Indian FinTech companies, has announced 27 FinTech startups that will demonstrate live for a jury from November 30, 2020, to December 2, 2020. These startups will compete for the FinTech Startup of the Year trophy at the fifth edition of the India FinTech Awards (IFTA). In addition, six innovative FinTech companies will contend for the FinTech Scaleup of the Year award. 

Amazon Pay, PayU, CashRich, TransUnion CIBIL, and Deloitte are among the companies supporting this initiative. Over 600 applications from across the world were received this year for the IFTA FinTech Startup of the Year award. The IFTA finalists will demonstrate innovations in FinTech verticals such as banking infrastructure, artificial intelligence (AI), digital lending, cryptocurrency, RegTech, robo-advisory, digital identity, payments, and InsurTech. The winner will be announced at the IFTA ceremony on December 2, 2020, on

The applicants (startups) go through two rounds of shortlisting by event partners, startup accelerators, and experts from the sector. The winners of past editions of IFTA include Capital Float, ZestMoney, and Valocity Global. The past winners of IFTA have cumulatively raised over $1.5 billion in funding to date. 

MEDICI is the knowledge partner to India FinTech Awards and will be releasing its exclusive Banking-as-a-Service 2.0 report on November 30, 2020, at the awards. 

Here are the finalists for the FinTech Startup of the Year award:

  1. AssetVault (UK): AssetVault offers digital legal and financial products (e-wills, insurance referrals, and e-trusts) to financial institutions to help them better retain existing customers and acquire new ones.
  2. Bambu (Singapore): Bambu is a B2B FinTech company that develops technology for financial institutions. It has a platform that helps users save and invest for their future. The company plans to make its platform intelligent, piece-by-piece, to help people manage their spending and money every day.
  3. Cashfree (India): Cashfree is a payments and banking technology company based out of Bangalore. It is backed by Y Combinator, a Silicon Valley investor, and incubated by Paypal.
  4. Chqbook (India):, a Gurugram-based FinTech startup, is India’s first neobank for small business owners. Chqbook helps these business owners through its five pillars—lending, credit cards, insurance, accounts, and rewards.
  5. ConfirmU (Singapore): ConfirmU enables lenders to underwrite people with no credit history using a global configurable game system that is part of a borrower's loan application journey.
  6. Crediwatch (India): Crediwatch is a data analytics platform that deploys scalable deep learning tools across disparate digital footprints (left by large and small private companies) to provide real-time insights on customers, vendors, and competitors and help make appropriate business decisions to prevent revenue leakage and increase efficiency.
  7. DriveWealth (US): DriveWealth is a financial technology firm pioneering embedded finance, fractional investing in US equities, and API-driven brokerage infrastructure. It has created a patent-pending technology to fractionalize US equities and was the first to receive a license to do so in 2015.
  8. Flow (Singapore): Flow is a credit management company that transforms the business of unsecured consumer finance through AI technologies and ethical practices in APAC.
  9. HAPPY (India): HAPPY is the fastest-growing fully digital lending FinTech targeting a multi-billion-dollar credit gap in India’s micro businesses. It delivers flexible and easy short-term access to credit for small business owners and proprietors in urban and city settings.
  10. HyperVerge (India): HyperVerge is a Silicon Valley-based AI company. Its AI models for real-time image and video analysis lead the market on accuracy (99.5%) and are optimized for deployments in low-bandwidth environments. Deep learning networks built by HyperVerge power applications for large enterprise clients in financial services, telecom, energy, security, and defense.
  11. Jupiter Money (India): Jupiter (Jupiter Money) is India’s first and only co-created banking experience dedicated to the millennials. It is building Jupiter with its users based on thoughtful features, honest feedback, and innovative ideas.
  12. Khatabook (India): Founded in October 2018, Khatabook has become India's leading business management app for MSMEs. The app has registered more than 20 million downloads in a remarkably short period.
  13. Leegality (India): Leegality is an e-signing and document workflow platform. It helps businesses digitize, optimize, and automate documentation processes by eliminating the need for paper.
  14. Lokyata (US): Lokyata helps digital lenders grow and enables traditional lenders to become digital lenders. Its novel and repeatable approach to building a data strategy and executing it on its managed services AI lending platform produces results.
  15. MODIFI (Germany): MODIFI empowers small and medium-sized businesses to trade internationally with digital trade finance. It makes trade finance flexible, easy, and transparent and helps its partners grow businesses without hassles.
  16. MyEarth.ID (UK): MyEarth.ID is working toward providing universal identity to everyone and granting seamless access to global services in a secure and borderless way.
  17. Nearby Technologies (India): Incepted in April 2016, Nearby Technologies is a FinTech company offering financial/non-financial services to the underbanked and unbanked segment. The company works on a B2B2C model through its brands such as PayNearby, Insure Nearby, and BuyNearby.
  18. Novopay (India): Novopay enables millions of consumers to remit and withdraw money as well as make payments and avail of a variety of banking- and consumer-related products and services on its merchant network.
  19. Open (India): Open is Asia’s first neobanking platform for SMEs and startups. It aims to deliver a truly seamless business banking experience and simplify managing finances.
  20. Payswiff (India): Payswiff is the leading Indian international FinTech player that offers omnichannel electronic payments acceptance solutions to enterprises, SMEs, banks, and mobile service operators. It is a payment facilitator and provides outsourcing and white label solutions for electronic payments.
  21. Recko (India): Recko aims to streamline every reconciliation flow in the transaction lifecycle for massive efficiency and accuracy gains. It is creating products that will enable it to handle and monitor massive volumes of transactional data without writing a single line of code. These products will ensure that money flows between the right beneficiaries, with the right deductions, and at the right time.
  22. SalaryFits (Brazil): SalaryFits aims to make sustainable credit a reality. Its solution consists of a BI tool that integrates offers from local financial providers to the payroll systems of entities quickly and efficiently, thereby allowing those providers better access to the credit profile of the employees of those entities.
  23. Simpl (India): Simpl empowers merchants to build trusted relationships with their customers, one transaction at a time, through one-click checkout, personalized PoS credit, and intelligent loyalty rewards.
  24. Tala Security (US): Tala (Tala Security) prevents client-side attacks like Magecart, XSS, code injections, and session re-directs. Its innovative solution secures customer data and ensures data privacy without degrading site performance or top-line revenue.
  25. TECH5 (Switzerland): TECH5 is a Swiss technology company headquartered in Geneva, Switzerland, with subsidiary offices in the US and Asia. It designs, develops, and distributes biometrics-based identity management solutions.
  26. WazirX (India): WazirX, India's most trusted cryptocurrency exchange, was built by a team of hardcore traders and passionate blockchain believers. It is on a mission to involve every Indian in the blockchain revolution.
  27. XtraCap Fintech (India): Bridge2Capital is a registered domain of XtraCap Fintech. The supply chain finance model on the principles of ‘reverse factor’ is built on trust and entrepreneurship and managed by high-level technology intervention.

Here are the finalists for the FinTech Scaleup of the Year award:

  1. Asset Vantage (US): Asset Vantage (AV) is a next-gen technology platform that automates performance reporting and accounting to create a real-time, consolidated, and reconciled view of a family’s net worth.
  2. BCT Digital (India): BCT Digital is driving digital transformation for banks and financial institutions through rt360, its risk management product suite. It focuses on the risk management and regulatory needs of the banking, financial services, and insurance (BFSI) sector on a global scale.
  3. ClearTax (India): ClearTax GST empowers MSMEs, large enterprises, and chartered accountants to manage compliance and maximize tax savings. Since the launch of GST, ClearTax has equipped MSMEs with data formalization via invoicing, GST filing, and e-way bill; it will soon launch e-invoicing. ClearTax GST software saves taxes with the help of an AI-powered reconciliation module and reports.
  4. OneAssist (India): OneAssist was founded with a vision to provide a ubiquitous platform for assistance and protection services to customers in areas relating to financial products, travel, household products, healthcare, and gadgets, among others. It provides consumers the convenience of reaching out to one place and assists them with products, services, and secure solutions, making their lives easier.
  5. Paytm Money (India): Paytm Money is a 100%-owned subsidiary of One97 Communications. It is the fourth consumer brand from One97 after Paytm, Paytm Mall, and Paytm Payments Bank. It is a wealth advisor on a mission to make investing simple, transparent, and accessible for millions of Indians.
  6. Perfios (India): Perfios is a leading product technology company enabling businesses to aggregate structured and unstructured data, curate, and analyze. It helps businesses in decision-making as well. Its product offerings help companies build vertical applications across various domains.