Payments

Promising Indian FinTech Startups That Won Investors Confidence

MEDICIFounder and Chief Strategy & Innovation Officer

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.

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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

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.”