Fintech startups in India | Top Fintech Startups in India 2021

Hey everyone! You must have been aware of the term startup. But, did you ever heard about the Fintech Startups? Fintech, which is short for financial technology, has become an important part of the global economy. Financial technology is an industry that makes use of technology to make financial services more efficient, focusing on fields like mobile payments, insurance, cryptocurrency and blockchain technology, stock trading, and much more. India is one of the fastest-growing markets in the world. As of 2020, India has around 2174 Fintech startups. In this article, we will be discussing some of the “Top Fintech Startups in India 2021” and their story.

Let us have a look over the top fintech startups in India 2021 mentioned below.

10 Top Fintech Startups in India

1. Paytm

Paytm was founded by Vijay Shekhar Sharma in 2010 and is owned by One97 Communications and is licensed by RBI. The Paytm app allows users to shop for both physical and digital goods, as well as to pay for DTH plans, bill payments, and mobile recharges. Paytm allows consumers to make payments from any bank account to any other bank account with 0% fee charges. Over 8 million merchants have availed of its comprehensive payment platform.

Paytm has many partners such as FoodPanda, BookMyShow, Uber, MakeMyTrip, and many more. Its investors include Softbank, AGH Holdings, Ant Financial, Berkshire Hathaway. Paytm is one of the most popular top fintech startups in India 2021.

2. Cred

Cred was initiated by Kunal Shah, the founder of FreeCharge. The app aims to make paying credit card bills simpler and gives rewards for paying your credit card bills on time. The app uses your phone number to check your credit score using CRIF, Cibil, and Experian. As of April 2021, CRED offers CRED RentPay, CRED Pay, CRED Store, CRED Cash, and CRED Travel Store for users. As of April 2021, it is currently valued at $2.2 billion.

3. Razorpay

Harshil Mathur and Shashank Kumar founded Razorpay in 2014. Razorpay focuses on the payment needs of startups as well as enterprises. Using Razorpay, merchants can easily accept, process, and disburse money to and from their dealers. Thousands of clients use its service as it allows online businesses to accept, process, and distribute digital payment through various modes like debit cards, credit cards, net banking, UPI, and prepaid digital wallets. It is one of the biggest fintech startups in India.

4. Instamojo

Sampad Swain, Akash Gehani and Aditya Sengupta started Instamojo in 2012. Instamojo started as a provider of digital payments, but now it has progressively grown into a robust online platform for entrepreneurs, start-ups, small and medium-sized businesses to start, market, run and expand instantly, using their suite of services such as payments, free online stores, logistics, credit and finance, and more through their mobile and web platforms.

Instamojo allows personalized business tools to help online businesses expand. MojoCapital from Instamojo helps disperse short-term credit loans which are worth less than $2 million.

5. Lendingkart

Lendingkart is one of the fintech startups in India which was founded by Harshvardhan Lunia and Mukul Sachan in 2014. Lendingkart provides loans for working capital needs for small and medium-sized enterprises. These loans are quick and collateral-free with minimum paperwork.

Lendingkart has access to a huge amount of data partners dispersed across the country. These data partners provide Lendingkart with diverse information about the vendor such as their educational qualification, family background, reputation, competitiveness in the market, etc.

The goal of the company is to make capital funding accessible to entrepreneurs so that they can concentrate on their business instead of thinking about their cash-flow gaps. It is one of the few lending top fintech companies in India 2021.

6. MoneyTap

MoneyTap is India’s first app-based credit line. It was launched in 2015 by Bala Parthasarathy, Kunal Verma, and Anuj Kacker . It provides the user credit so that they can repay their credit amount in flexible EMIs of 2 to 36 months. MoneyTap is the top fintech startups in India 2021 that aim to make credit accessible to people who use internet banking in India. It uses customers’ details to evaluate the user’s eligibility and decides the credit limit. Any person who has a smartphone and a PAN can check his or her qualifying limit in less than 15 minutes using the app.

The whole procedure is completely paperless, with the exception of some important documentation needed to conform with the KYC legislation of the partner bank. Moreover, 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 which are controlled by RBI. MoneyTap also has its own NBFC license.

7. ZestMoney

ZestMoney is another of fintech startups in India which was founded by Lizzie Chapman, Ashish Anantharaman, and Priya Sharma in 2015. ZestMoney combines mobile technologies, digital banking, and artificial intelligence to make banking more accessible for millions of Indian customers. Zest Money has a ‘buy now, pay later’ policy and offers an EMI option that you can be used to purchase things online or offline from its partner merchants.

 ZestMoney’s groundbreaking technologies and attempts to make digital finance affordable and readily available have contributed to their designation as the 2020 Technology Leader of the World Economic Forum.

8. BharatPe

BharatPe focuses on providing QR codes for UPI payments, POS machines for card acceptance, and loans to small merchants. Digital payments startup Bharatpe has been improving steadily in the fintech landscape. The startup claims to have more than 40 lakh merchants across 35 Indian cities. Also, the startup claims to have grown by 30 times in 2019. It has a total payment volume of $3.5 billion. It is one of the fastest-growing top fintech startups in India 2021.

9. Policy Bazaar

Policy Bazaar was founded in Gurugram by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar in 2008. Policybazaar is now India’s largest insurance aggregator and one of the world’s top fintech players. The online platform started as a website for price comparison, and a source to learn about insurance and related programs. It has now become an insurance policy marketplace. The revenue for the organization is earned by the fees paid for the promotion and advertisements of insurance providers on its website.

It has to date raised over $558 million from leading investors. The startup, on its website, claims to get about 2,73,973 visitors in a day and about 11,416 visitors every hour.

10. Pine Labs

Pine labs were founded by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay in 1998. It is an app that transforms the user’s NFC mobile to a card machine and allows them to accept all types of digital payment, including a basic ‘Tap n Pay’ card. Pinelabs offers point-of-sale machines and solutions to merchants. Until now, the startup has raised over $207 million.
Pine Labs’ technologies are used by more than 100,000 merchants from different industries in India and many other Asian countries.

To wrap it up

The fintech industry in India is especially advantageous since many people have no association with a bank and carry most of their transactions through cash. Fintech will make finance and banking more accessible and efficient.

We hope this blog gives insight on advancements in the world of finance and the “Top Fintech Startups in India 2021”. Please share your valuable reviews.