India, with its own set of challenges and opportunities, stands out as a unique market for FinTech, especially payments. Keen interest from the government to reduce cash transactions is seen as a major positive factor for FinTech entrepreneurs with India being one of the largest cash-driven markets. With low but rapidly increasing levels of digital/Internet penetration coupled with the government initiatives of digital India, the country is attracting investments and interest in FinTech.
Young entrepreneurs have taken this challenge head-on and have created and expanded some flourishing and promising start-ups in India which have been mentioned below in various FinTech categories.
Note : The start-ups mentioned below are not exhaustive.
Given below are the major FinTech startups in India who have raised some robust funding over the last few years.
|FinTech Categories||Definition||Major Players (not exhaustive)||Total Funding of Major Players|
|Payments||Includes transaction gateways, payment providers, payment platforms, mobile wallets, mobile payments, mobile commerce, ATMs, etc.||Suvidhaa, Prizm, OnEMI, Ezetap, MobiKwik, JusPay, Citrus, MoneyOnMobile, Razorpay, Paytm, Paynear, PayMate, Mswipe, Chillr and The Mobile Wallet||$1,195 Mn|
|Lending||The emerging online lending start-ups are empowering customers to apply from anywhere through the Web or smartphone, and have their creditworthiness analyzed within minutes using sophisticated algorithms that are drawn from various data sources.||Capital Float, Faircent, NeoGrowth, ApnaPaisa, Lendingkart, Rubique and Cloud Lending||$ 102 Mn|
|Personal Financial Management (PFM)||PFM (personal finance management) websites and apps act as effective tools to compare information and track data across multiple sources like banks accounts, payment cards, etc.||MoneyView, CreditMantri, MyUniverse and BankBazaar||$101 Mn|
|InsurTech||FinTech is disrupting the wider financial services globally and recently it has started to make its mark on insurance.||Agile Financial Technologies, Coverfox, Policybazaar and Easypolicy||$92 Mn|
|Prepaid||Prepaid cards are payment cards with a stored value on the card itself unlike debit cards, where an external account is maintained by a financial institution, or credit cards, which are subject to the credit limits set by the issuer. Gift cards are also prepaid cards but are differentiated in its purchase and usage.||Qwikcilver, ItzCash, Oxigen and Zaggle||$61 Mn Note: Funding details of Oxigen & Zaggle are not disclosed|
|Investments Platform||Online investment platform for providing mutual funds and other financial products. It also include players in robo-advisory, analytics, deal origination tools and real-time financial information.||FundsIndia, Scripbox, 5nance, Heckyl, Cogencis, RKSV and BankerBay||$49 Mn|
|Other Categories||This would include start-ups in Banking Technology, RegTech, Security, Loyalty Management, e-tax filing and SaaS based subscription billing, etc.||Fino PayTech, Eko India Financial Services, Fintellix, ComplyGlobal, Customer XPS, Chargebee, ClearTax and Loylty Rewardz||$125 Mn|