The Finanacial technology, or simply called Fintech is an economic industry consisted of companies that uses technology for the effective procedures of financial services. The fintech ecosystem in India has significantly evolved over years with considerable efforts from startups, financial institutions, the government, venture capitalists, and regulators.
The fintech ecosystem in India has significantly evolved over years with considerable efforts from startups, financial institutions, the government, venture capitalists, and regulators.
According to a Yes Bank report, 2018, the transaction value for the Indian fintech sector was estimated to be approximately US$33 billion in 2016 while it is forecasted to reach US$73 billion in 2020 growing at a five-year CAGR of 22%.
Here is the list of India’s top10 fintech companies increasingly contributing to the country’s fintech revolution:
PolicyBazaar was initially founded in 2008 as an information portal to learn about insurance; however, now it operates as India’s leading digital insurance brand and a marketplace for aggregating and selecting deals from across the industry. PolicyBazaar at present accounts for almost 25% of all life insurance policies in India and processes nearly 300,000 transactions per month.
Founded in 2014, Lendingkart permits entrepreneurs to get easy access to working capital finance options. Utilizing big data analysis and technology tools, the platform creates a more competent and operative way to evaluate credit worthiness. The company now aims for expanding its reach to over 1,200 cities across India.
PaySense, founded in 2015, is a consumer lending platform giving users credit in a customized manner. PaySense EMI, their custom-made line of credit, is similar to a personal loan and can be used to make immediate purchases both online or offline, through reasonable EMI plans.
Founded in 2009, MobiKwik was initially started as a digital payment establishment, providing a mobile phone-based payment system and digital wallet. Over the years, the startup has grown into a digitalized financial services platform with a customer base of around100 million. MobiKwik has also begun offering digital insurance on its app.
Capital Float is owned by CapFloat Financial Services and offers specialized credit and financial loans to businesses. It utilizes its own proprietary loan underwriting system to lend to prospective borrowers. The company has over 50,000 customers across 300 Indian cities. In August, 2018 the company acquired another major startup Walnut.
BankBazaar is a digital financial marketplace, where consumers get access to credit cards, customized rate quotes on loans, or personal finance products such as insurance policies, credit card, bank loans and such offers. The company operates in overseas in Singapore and Malaysia.
InCred Finance is a non-banking finance company providing consumers various loans such as, home loans, small and medium-sized enterprise (SME) loans, education loans, and two-wheeler loans.
Razorpay, founded in 2014, provides payment solutions to online merchants based in India. It allows online business platforms to accept, process and distribute digital payments through a number of payment modes like credit cards, debit cards, UPI, net banking, and prepaid digital wallets.
ClearTax, founded in 2011, provides support to individuals and businesses file online tax returns. The company is targeting around 4 million users by March 2019.
ZestMoney, run by Camden Town Technologies, is a lending platform, where users could buy products online using digital equated monthly instalments (EMIs). For this, ZestMoney uses technologies like artificial intelligence (AI) and machine learning to do risk profiling of e-commerce consumers and work with financial institutions to offer loans.
- The Finanacial technology, or simply called Fintech is an economic industry consisted of companies that uses technology for the effective procedures of financial services.
- The top 10 Fintech start-ups in India are- Policy Bazaar, Lending Kart, Pay Sense, Mobi Kwik, Capital Float, Bank Bazaar, Incred Finance, Razor Pay, Clear Tax, and Zest Money
- Policy Bazaar is India’s leading digital insurance brand and a marketplace for aggregating and selecting deals from across the industry.
- ZestMoney uses technologies like artificial intelligence (AI) and machine learning.