TOP 10 FINTECH COMPANIES IN INDIA

WHAT IS FINTECH?

Fintech refers to companies that utilize technology to improve or automate financial services and operations. The phrases “financial” and “technology” are combined to form the term. The phrase refers to a sector of the economy that is expanding quickly and meets the needs of both businesses and consumers in different ways. Fintech offers a plethora of uses, ranging from mobile banking and insurance to cryptocurrency and investing apps.

The Function of Fintech

Financial technology services and products have different internal workings. Some of the most recent developments use data science, blockchain, and machine learning algorithms to assess credit risks and manage hedge funds, among other things. Even a whole subgroup of regulatory technology called reg tech exists to help businesses in sectors like — you guessed it — fintech negotiate the thorny world of compliance and regulatory challenges.

TOP 10 FINTECH COMPANIES IN INDIA

1. Paytm

One of the first and most well-known Indian mobile payment and financial services providers is Paytm, which stands for “pay through mobile”. Payment, banking, lending, and insurance services are offered by Paytm to customers and businesses. The business accepts payments in-person at pharmacies, grocery shops, dining establishments, parking lots, toll booths, and educational institutions as well as online transactions including cellphone recharges, utility bill payments, travel, movie, and event reservations using the Paytm QR Code. 

2. Lendingkart

As a digital financing platform for SMEs, Lendingkart was established in 2014. To evaluate consumer creditworthiness, identify risks, uncover fraud, and distribute loans within 72 hours, the firm employs big data analytics tools and machine learning algorithms. The core underwriting process uses data models developed by Lendingkart’s data science and data engineering team.

3.MoneyTap

For the first time in India, MoneyTap is providing its customers with immediate lifetime credit of up to Rs. 5 lakhs. It does not call for a trip to the bank and offers immediate loans through a fully paperless approach. Additionally, just the amount borrowed is subject to interest. Their app offers loans with periods ranging from two months to three years with no requirement for collateral.

4. Instamojo

Small companies may get online with Instamojo, a full-stack transactional platform. The firm was the first to introduce payment linkages to India. It gives businesses an easy-to-use payment system that makes it possible to accept payments online. They provide a variety of services and goods for sellers in addition to payments, allowing them to set up an online store, analyze the effectiveness of their store, and utilize that data to expand their enterprises.

5. Razorpay

An easy, quick, secure, and affordable method for businesses to receive and disperse payments digitally is offered by the India-based online payment solution platform Razorpay. Numerous online payment options are available, including credit and debit cards, net banking, UPI, and a number of popular wallets in India, including JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money, and PayZapp.

6. Shiksha Finance

Shiksha Finance offers loans to students as well as educational institutions (for the production of assets, operating capital, and infrastructure development) (for their school fees). Study Loans and Asset Finance are its two primary offerings. More branches will be opened in neighboring towns and villages to significantly reduce the school dropout rate. It seeks to support entrepreneurs in the field of education who wish to increase low- and middle-income populations’ access to high-quality education.

7. Pine Labs

In addition to influencing the growth of a global digital economy, Pine Labs has transformed the payments and fintech industries. The business is now obsessively working on creating a platform for goods and services that expands access, speeds up trade, and automates small-town retailers. More than 100,000 merchants represent Pine Labs in India and other Asian nations. More than 355,000 PoS terminals are powered by it in India alone.

8.ZestMoney

By fusing mobile technology, digital banking, and artificial intelligence, ZestMoney makes getting loans straightforward. ZestMoney does not view the absence of credit history as a barrier to borrowing money, although many lending institutions are reluctant to do so. With the use of its AI-based machine learning decision engine, ZestMoney develops a risk profile for each borrower. 

9.PolicyBazar

India’s top marketplace and product aggregator for insurance is called Policy Bazar. When the business was first established in 2008, it compared the costs of insurance policies and offered insurance information. The business grew quickly and has subsequently grown in numerous directions. The organization assists with policy cancellation, renewal, and claim resolution in addition to serving as an insurance marketplace.

10. Incred

An NBFC called InCred offers loans for SME, housing, personal, and educational purposes. Technology will be used to enhance analytics and risk management skills. It is supported by the US asset management Moore Capital, Elevar, and Alpha Capital, as well as the Dutch development financing organization FMO.

Conclusion

Because of the internet’s explosive expansion in the 1990s, the fintech sector underwent a tremendous upheaval. Examples include electronic payment methods, web-based business models, online shopping, portable banking, and bank digitalization. The amount of progress that was once impossible to attain is now being brought by new Fintech enterprises. In addition to conventional commercial sectors, they are sifting through a number of untouched areas.