The term used to characterize new technology that tries to analyze the performance and usage of financial services is referred to as financial technology (Fintech). Essentially, fintech is used to assist organizations, business owners, and individuals in better managing their income and expenses, processes, and lives through the use of software applications and analytics that are run on computers and increasingly on mobile devices such as Fintech Companies in India. Financial technology and financial services are combined to form the phrase “Fintech,” which is a contraction of the words “financial technology and financial services.”
As soon as the term “Fintech” was coined in the twenty-first century, it was immediately applied to the technology used by established financial institutions in their back-end systems. Although there have been some incremental improvements, there has been a significant change toward more consumer-oriented services and, consequently, a more consumer-oriented definition. The term “fintech” currently encompasses a wide range of industries and sectors including education, retail banking, and fundraising, non-profit fundraising, and investment management, to mention a few.
Fintech also covers the invention and use of cryptocurrencies such as bitcoin, which are decentralized digital money. While that particular section of fintech may garner the most attention, the real money is still in the traditional global banking business, which has a market valuation in the multi-trillions of dollars.
Financial Technology firms are those that use technology to improve the efficiency and effectiveness of banking and financial transactions. This might be accomplished by altering the way consumers pay for goods and services – or by giving online investment and lending capabilities. These companies are called Fintech Companies in India.
Various ways in which these technology businesses are innovating in the financial sphere are available. Here is a list of the best Fintech Companies in India.
Paytm
Paytm, which was formed in 2010, is one of the largest Fintech Companies In India, providing users with payment solutions that are multi-source and multi-destination in nature. These services let consumers send money from any bank account to any other bank account at no cost to them, i.e., there are no transaction fees. More than 20 million merchants have taken use of the company’s complete payment solutions.
Vijay Shekhar Sharma founded Paytm, which is owned by One97 Communications and is licensed by the Reserve Bank of India. Users may use the Paytm app to purchase both physical and digital goods, as well as pay for DTH plans, bill payments, and cellphone recharges, among other things. In order to develop its payment network on a worldwide scale, the company has teamed with Alibaba’s cloud computing branch, known as “AliCloud.” In addition to Berkshire Hathaway, SoftBank Group, and MediaTek, they have raised an undisclosed amount of money from Ratan Tata, who invested in them in March 2015.
Razorpay
Razorpay is a Bangalore-based company that specializes in meeting the payment needs of startups and small businesses. Merchants may collect, process, and distribute money to and from their dealers in a streamlined manner with Razorpay. It was formed by Harshil Mathur and Shashank Kumar in 2014, and it is based in New Delhi.
Razorpay is a Fintech Company in India situated in Bangalore. Its service is used by thousands of customers because it enables an online business to collect, process, and distribute digital payments through a variety of payment methods such as debit card, credit card, net banking, UPI, and prepaid digital wallets, among others. One of the largest fintech startups in Bangalore, it was founded in 2012.
Upstox
Upstox provides financial services such as stock and mutual fund investments, as well as derivatives, commodities, exchange-traded funds, and digital gold. It ensures complete transparency in pricing by charging no commission on equities trades and charging up to INR 20 per order for intraday, commodities, and currency transactions. Upstox is a leading fintech startup.
The founders, Ravi Kumar, Kavita Subramanian, and Srini Vishwanath, came up with the notion of making trading and investing easier and more affordable, and they built Upstox specifically for other young Indians to implement their vision. The Mumbai-based company is backed by industry heavyweights such as Tiger Global and Ratan Tata, and it currently employs more than 250 people. Fintech is aiming to make trading second nature for its users by leveraging artificial intelligence.
Cred
Cred is a project spearheaded by Kunal Shah, the founder of FreeCharge, and others. Using the app, you can simplify the process of paying credit card bills while also earning benefits for doing so on time. In order to check your credit score with Cibil, CRIF, and Experian, the app will ask for your phone number. It is an upcoming financial business in India that we will undoubtedly keep an eye on in the coming months.
ETMoney
ETMoney is a heavy investment platform that provides a diverse range of products in the regions of assets, loans and credit cards, healthcare, and financial tools, among other things. It is based in Hong Kong and operates globally. Ultimately, it wants to make the financial path of retail clients as straightforward as possible.
money is a finance and investment platform that allows you to invest in a variety of financial instruments. It is one of the biggest Fintech Companies in India. Mukesh Kalra founded ETMoney in 2015, and the company is based in India. It is the first fintech firm in India to introduce SIP payments based on Aadhar numbers, thanks to the efforts of an enthusiastic company that specializes in personal finance. Aadhar OTP verifications would be used to streamline installment payments, according to fintech, which has more than 100 crore bank accounts linked to Aadhar.
In addition, the company has teamed with Google Pay to provide a more straightforward way to participate in mutual funds and the National Pension System.
Instamojo
In September 2012, Sampad Swain, Akash Gehani, and Aditya Sengupta came together to form Instamojo. Instamojo began as a digital payment solution provider and has now evolved into a powerful online platform for companies of all sizes, including micro, small, and medium-sized businesses, to help them establish, manage, and develop their operations online.
MojoCapital, a service provided by Instamojo, assists in the distribution of bite-sized short-term credit loans with a value of up to and including $2 million. In order to serve its merchants on a monthly basis, MojoCapital has forecasted a 25 percent increase in monthly revenue from last month to the month before that.
PolicyBazaar
PolicyBazaar is an online insurance aggregator that allows users to compare packages offered by different insurers based on several criteria such as pricing, quality, and major advantages. It enables consumers in comparing insurance policies and in picking the best or most relevant coverage, which may be acquired either online or offline, according to their needs.
In June 2008, Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar established PolicyBazaar in Gurugram with the help of a group of investors. They are one of a slew of fintech startups that have sprung up in Gurgaon. By 2020, they will have raised more than $650 million. Beginning as a pricing comparison website and an information hub for learning about insurance and related programs, the online platform has evolved into a marketplace for buying and selling insurance plans. As one of India’s most successful Fintech companies, it has earned a reputation for excellence.
PolicyBazaar has formed partnerships with insurance brokers, which enables it to obtain information such as pricing, benefit, insurance coverage, and other relevant data directly from insurers for the purpose of comparing policies. They do not charge any fees to customers in exchange for their services. The costs charged by the company for the marketing and advertising campaigns performed by insurance companies on its platform create the majority of the company’s revenue.
Conclusion
This list of top Indian fintech startups should assist you in better understanding the changes taking place in the field of finance, as well as provide you with the knowledge to keep an eye out for forthcoming top fintech businesses.
It’s interesting to see how Fintech Companies In India are broken out by source. India’s fintech companies are scattered over a wide range of areas, including payments and lending; insurance; personal finance management; investment platforms; and others. In India, there are more than 2000 Fintech businesses, with Payments being the most popular sector. The reason for this is that everybody has debts to pay, invoices to process to pay, and online purchases to pay for no matter what their work title, gender, or age may be.
