FinTech companies in India are greatly helping the under-served society with their services and are also performing well for India being the most potent market in the world!
Slightly over 50% of the Indian populace is now an internet user!
Our average data consumption per month is 20 GB, which is expected to rise to around 47 GB/month in 2027. Reports also reveal that Indian mobile data consumption is now more than the USA & China combined!
Nokia’s annual MBiT report revealed that in 2022, 70 million 5G devices were shipped to India, and the roll-out of 5G services will enhance the data usage numbers by leaps & bounds.
The internet-dominated society will seek more digitized financial services, and the top FinTech companies in India are leaving no stone unturned in enhancing their service spectrum with each passing day.
As India is the second largest internet-user base, in commensuration with the numbers, India is also the second largest FinTech hub in the world!
Including 25 unicorns, around 2200 FinTech companies are operating in India, and 1/5th of them are in the payment sector alone!
And in this article, we will delve into the details of top FinTech companies in India. So, let’s have a look:
|Perfios is a SaaS-based fintech company that provides a variety of data analytics and credit decisioning solutions to banks, NBFCs, and other financial institutions.|
|Paytm is a digital payments and financial services company that offers a variety of products and services, including mobile payments, online recharges, and more.|
|Lendingkart is an online lending platform that provides business loans to small and medium-sized enterprises (SMEs) in India.|
|Zerodha is an online discount stockbroker that offers a variety of trading and investment products and services to retail investors in India.|
|DMI Finance is a non-banking finance company (NBFC) that provides loans to individuals and businesses in India.|
|Satya MicroCapital Limited is a Delhi-based NBFC serving low-income entrepreneurs in rural and urban areas.|
|PhonePe is an Indian digital payments and financial services company that offers a variety of products and services, including mobile payments, online recharges, and more.|
|Acko is an insurtech company that provides car, bike, and health insurance in India.|
|Unnati is a fintech-based agri platform that offers Unnati banking, supplying agri-inputs, and Agronomy services for farmers.|
|Upstox is an online discount broker offering trading services in stocks and commodities.|
With a vision to develop an ecosystem where financial decisions are backed by real-time data, Perfios has established itself as the biggest SaaS B2B FinTech organization. Leveraging the power of Artificial Intelligence & ML algorithms, Perfios is empowering global financial institutions to make better-informed decisions.
Here, a strong team of the world's best brains of the domain craft state-of-the-art AI-powered digital solutions, and this has garnered them the trust of more than 900 banks & FIs.
Perfios specializes in real-time insurance claim and credit decisions, real-time fraud control, insurance underwriting solutions, onboarding KYC automation, litigation automation, AI-powered cognitive, fraud checks, and other solutions.
With such expertise, Perfios is helping other FinTech companies in India in their day-to-day operations.
The acronym of Pay through Mobile, PayTm is one of the pioneer and most popular payment FinTech Companies in India. It provides consumers with payment, banking, lending, and even insurance services! Though initially, they provided the financial services through their wallet only, but later developed into UPI payments as well.
Now PayTm processes more than 5 million transactions daily and is a key player in the digital economy. PayTM has 450 million registered users and 60 million bank accounts under its PayTM bank. In times of demonetization, PayTM added a record 20 million users.
Approval by RBI greatly enhances PayTM’s credibility, which is already the most popular mobile wallet & UPI app in India.
LendingKart is a top FinTech company in India with its major offering in lending money- as its name suggests! The digital lending services of LendingKart can be broadly compartmentalized into four sections, viz. Business Loans, Working Capital Loans, MSME, SME loans, and special business loans for Women!
While the market is callously competitive, LendingKart, with its competitive edges, has successfully established itself in India. The best part is online approval and quick sanctioning. Following the document verification, which is an easy and smooth process here, loans can be disbursed within 3-4 working days.
Moreover, loans are collateral-free here, with highly flexible repayment options. While there is no hidden cost, the interests are also lenient.
When asked to tell about some top FinTech companies in India operating in the wealth management division, Zerodha's name would top the list!
It is an online platform for investing in stocks, mutual funds, and others- all in one place. The best part is commission-free mutual funds, which can be delivered straight into the Demat account.
This intuitive platform streamlines market data and presents it in the form of easy-to-understand charts.
Being registered with SEBI & CSDL, Zerodha is a completely legitimate platform. On this platform, one can easily choose multiple financial tools like stocks, IPOs, Gift Stocks, mutual funds, government securities, sovereign gold bonds, and others to invest in.
An older player among the FinTech companies in India, DMI Finances was established in 2008 with an outlook to transform credit transfer in India. And now, it is one of the top FinTech companies in India, operating as a NBFC company. With completely digital underwritings & loan management, they particularly work with the FinTech organizations in the B2B divisions.
Their major offerings include business loans, housing finance, and asset management services.
DMI Finance is a registered NBFC under the 1965 Companies Act of India and is regulated by RBI, and these facts bolster its candidature for those looking for lending services by top FinTech companies in India.
Smaller shops and vendors, in most cases, are out of loan eligibility criteria; this bottom-of-the-pyramid section is, therefore, primarily underserved. To assist them in raising capital and empowering them monetarily and societally, Satya Microcapital, one of the leading Fintech companies in India, is providing lending facilities online.
The Delhi-based NBFC firm is on a mission to catalyze the socio-economic development of low-income entrepreneurs.
Major offerings include
Limited Liability Loans: In this, a group of people can take a loan combined, and each member is equally liable for the repayment.
Micro Business Loan: These special unsecured loans are for the MSME segments- the backbone of the Indian Economy and the driving force behind the outlook of self-reliant India.
Consumer Durable Loan: These small amount loans are to help consumers purchase durable household goods. The hassle-free payback options with flexible & affordable EMIs make them a popular choice among the masses.
Individual Micro Loans: these are a kind of personal loan, disbursed for any necessity or financial emergency.
PhonePe is one of the most renowned FinTech companies in India, with over 440 million users! Headquartered in Bengaluru, A digital payments and financial services company, PhonePe offerings are availed through a UPI-based app that went live in 2016.
With this app, available in 11 Indian languages, the users can send/receive money, recharge services, pay utility bills, invest in funds, buy insurance products, and even digital gold.
PhonePe is licensed by RBI for the issuance and operation of a semi-closed Prepaid Payment system, and mobile transactions with its services are secured by Cloudflare.
From 2018 to 2022, PhonePe has won several awards and recognitions for its innovative services. Now PhonePe has incorporated the Account Aggregator system in its framework, and this will help customers in availing loan services with much ease and pace.
Acko is operating in the insurance division but is primarily for motor insurance. They also offer advice and loans for getting the right vehicle. Their comprehensive resource guide has helped numerous individuals get the right product.
Acko has revolutionized the car insurance concept with its digital-only model. With Acko, one can easily purchase an insurance plan without the involvement of any third-party medium. Other special benefits include Financial Protection against medical emergencies, No room rent capping, No deduction on claim amount, and several other additional coverages.
Personalized offerings for different use cases are also the competitive edges at Acko.
Unnati is a top-notch Agri-Fintech organization. Empowering farmers through digital technologies, Unnati is bringing efficiency to farming practices. Leveraging advanced techniques and offering transparency in the farming business, Unnati is also lessening the losses to the farmers, as unpredictability is the biggest threat in this business.
Unnati not just offers the right advice for every crop and land and weather but also supports farmers at every step of the crop lifecycle.
Other important offerings include:
2. Insights for better yield
3. Correct Advisory
4. Providing buyer’s information and platform for better deals
One of the newbies among FinTech companies in India, Upstox is also an online investment platform. Here the equity delivery, account opening, and 3-in-1 account everything comes for free, and the per-trade cost is also less.
With this low-cost broker platform, one can save a huge amount of money with Upstox.
Upstox’s transparency and highly affordable fees make it a popular choice among investors of all domains and dimensions. This platform is perfectly apt for long-term investing and intraday investments as well.
IPO applications and mutual fund investments are very easy here, so beginners can easily give it a try. All these features have made Upstox a unicorn in the FinTech division.
With the advancements in digital technologies, FinTech services are on the rise, and in India, the FinTech adoption rate is 87%, which is significantly higher than the global average rate of 64%. In 2021, the FinTech Market size was about $50 Billion, which is estimated to rise to $150 Billion by 2025.
India Stack, Technical Innovations, Internet & Smartphone Penetration, Favorable Demographics, and Financial Inclusion initiatives are the main growth drivers of the FinTech division, and with these factors, we are hopefully going to witness much more favorable disruptions in the market.
In this article, we covered some of the Top Fintech Companies in India. Hopefully, the information will help many to select the best-suited alternative among the plethora of choices!
Perfios Software Solutions is India’s largest SaaS-based B2B fintech software company enabling 900+ FIs to take informed decisions in real time. Headquartered in Mumbai, India, Perfios specializes in real-time credit decisioning, analytics, onboarding automation, due diligence, monitoring, litigation automation, and more.
Perfios’ core data platform has been built to aggregate and analyze both structured and unstructured data and provide vertical solutions combining both consented and public data for the BFSI space catering to their stringent Scale Performance, Security, and other SLA requirements.
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