10 Most Successful Fintech Startups & Companies in India as of 2020

These top ten fintech startups and fintech companies in India have genuinely transformed the way we perform digital payments over the last decade. Ranging from payment platforms to the insurance platform, read how these fintech companies are remodeling our digital payments every day.


The launch of the Digital India initiative has played an active role in transforming our payment interface. Ten to seven years back, individuals were hesitant and skeptic about online payment services, but today, a large proportion of the public has changed the way it made transactions. 

What gave most fintech companies a kickstart was demonetization that occurred back in 2016. Today, India holds a cumulative digital transaction value of $81,197 million, increasing at a 25.3% YoY with over 553.7 million registered users online. (1)

Note: India is one of the leading fintech startups hubs in the world, followed by the United Kingdom, Singapore, and Germany, according to reports. (2)


What is FinTech?

FinTech or Financial Technology refers to a firm merging the upcoming technological trends to provide better financial solutions to its clients in the form of digital payments and transactions. The ultimate aim of fintech is to ultimately, or in some form, replace the traditional payment methods with digital solutions.


Business Models for FinTech Companies in India

The growing FinTech ecosystem has given rise to some innovative business models being adopted by major firms. Such innovative methods have assisted in reducing the financial pressure over individuals by providing them direct, on app, finance solutions. 


Some of the most excellent business models adopted by FinTech companies in India are:

  • Introduction of digital wallets into the ecosystem
  • Digital insurance for health, travel, etc.
  • Digital banking solutions simplifying banking
  • Peer-to-Peer lending systems making credit reliable
  • Alternative credit scoring allowing individuals to make better lending decisions


Top Fintech Startups & Fintech Companies in India

India has molded itself into a digital economy where privately owned fintech startups and fintech companies are being promoted based on their service quality. The individuals have become more open towards the idea of digital payments, which has led to the success of various fintech startups India and fintech companies in India.

Let’s discuss the top 10 fintech startups and fintech companies in India that have played a prominent role in influencing the digital payments market in our country.


The top 10 fintech startups and fintech companies in India are:

  1. Paytm
  2. PhonePe
  3. MobiKwik
  4. PayU
  5. Policy Bazaar
  6. LendingKart
  7. Freecharge
  8. Billdesk
  9. Mswipe
  10. ezetap


1. Paytm

paytm Fintech Startups & Companies

Paytm is one of the leading & most widely used fintech startup or company that has gained much traction three months after the demonetization in 2016, which increased its user-base from 125 million to 185 million.

Paytm, founded by Vijay Shekhar Sharma in 2010, is India’s leading digital wallet company holding a substantial finance market in India. The fintech startup is looking to double its transaction volume to 12 billion by the end of FY’20. (3)


Paytm allows its users to:

  • Make bank transfers
  • Recharge phone
  •  Pay bills
  • Recharge DTH
  • Recharge Metro card
  • Pay fees
  • Carry UPI transactions
  • Pay at local vendors and more.

Visit Paytm by clicking here.


2. PhonePe

phonepe Fintech Startups & Companies

PhonePe, based in Bangalore, is another one of India’s leading fintech startups that has been able to soar heights despite the cut-throat competition in the niche. It is an ecommerce payment system & digital wallet company that was founded back in December 2015.

The platform is available in over 11 Indian languages and can be used by individuals to transfer money, recharge, pay bills, shop online, and buy from local vendors.


PhonePe has also partnered with the following companies:

  • RedBus (4)
  • Ola (5)
  • Goibibo (6)
  • FreshMenu (7)

Visit PhonePe by clicking here.


3. MobiKwik


Launched in 2009, MobiKwik is another large digital payment and wallet company that allows users to carry transactions on multiple platforms from the MobiKwik account on their phones.

MobiKwik has registered a 90% growth in monthly active users in FY 2019, where it was also ranked as the second-largest platform for merchant payments. The fintech India firm has originated over 350k entirely digital loans with a loan book standing at $24 million. (8)

Visit MobiKwik’s site by clicking here


4. PayU


PayU is a Netherlands-based fintech company that forayed its digital payment services into the Indian marketplace in 2011. The company has its services being unfolded in over 17 countries worldwide.

The company recorded a 92% jump in its revenues in the past couple of years. PayU runs its operations across Europe, Latin America, Africa, and India. 

Visit PayU by clicking here


5. Policy Bazaar

Policy Bazaar fintech startups and fintech companies in India

Policy Bazaar, launched in 2008 by Yashish Dahiya and Alok Bansal, is an insurance aggregator platform that was initiated to provide transparent and accurate insurance information to its consumers.

The introduction of Policy Bazaar has truly opened the eyes of the public towards openly buying desired insurance on their own by conducting a dense comparative analysis of multiple insurances. 

Visit Policy Bazaar here.


6. LendingKart

LendingKart fintech startups and fintech companies in India

The fintech ecosystem has enabled the individuals to gain one-click accessibility to transparent fintech solution right on their screens. LendingKart, launched in 2014 by Harshvardhan Lunia & Mukul Sachan, enables entrepreneurs to gain easy access to working capital finance. 

The company makes use of tools based on big data analysis, which facilitates lenders to evaluate a borrower’s creditworthiness and provides other related services.

Visit LendingKart here


7. Freecharge


The Gurugram-based fintech company was launched in August 2010 by Kunal Shah and Sandeep Tandon. Freecharge allows its users to pay utility bills, pay Landline bills or recharge Mobile, Broadband, DTH, and Metro cards through its platform.

The platform also provides savings, payments, insurance, and lending services to its users.

Visit Freecharge by clicking here.


8. Billdesk


You are directed to an online payment gateway whenever you make a transaction. BillDesk is one of the most prominent Indian online payment gateway firms that has been serving the digital payment interface in India for over two decades.

The Mumbai-based company was founded by M.N. Srinivasu, Ajay Kaushal, and Karthik Ganapathy back in 2000 when online payments were nothing but a heard story you heard from your NRI relatives. However, today it has received total funding of $257.5 million and is valued over $1 billion.

Visit BillDesk here


9. Mswipe

fintech startups and fintech companies in India mswipe

Mswipe is one of the leading fintech companies in India that provides retailers and businesses with their latest smart POS terminal that accepts all payments – card, chip, magstripe, NFC, and Scan-to-pay QR. 

Mswipe assists owners in making faster transactions and also has an added advantage of a 15hours battery life with just one single charge. 

Visit Mswipe here


10. ezetap

ezetap fintech startups and fintech companies in India

Ezetap, cofounded by Abhijit (Bobby) Bose and Bhaktha Keshvachar, provides businesses and financial institutions with smart technological transaction solutions. Ezetap’s Universal Payments platform has been built to offer the unique ability to let businesses accept any mode of payment, anywhere, through any device, along with any banking partner of the customer’s choice.

Visit ezetap here.


Future of Fintech Startups post COVID-19

In the financial world, Fintech companies in India seem to have been a buzz word for some time now. Fintech startups have influenced other finance domains, be it savings, insurance, or financial planning, considerably, beginning with banking. Fintech companies’ field should continue in a post-COVID 19 world to play a very crucial role. Nevertheless, Fintech companies in India must evolve and adapt to a new world to be able to do so.

The following are five approaches that Fintech startups can expect to remain relevant in a post-pandemic world in which ‘the new standard’ is the order of the day:

1. Developing Customer Trust

Before people feel safe to revisit banks and other offices, it will be a while before banks and other financial transactions are likely to move online in a significant way. But clients who are used to face to face experiences would like to know that the virtual commodity they use has a real face, especially where significant amounts of money are involved.

For Fintech companies in India to build customer confidence and to engage their customers to have to fill this loophole. More can be expected from video conferencing tools that facilitate communication between banks, insurance companies, and mutual fund suppliers and their customers.


2. More Senior Citizens in the Conflict

Fintech companies were thought to have been used mostly by the millennials, but the pandemic has changed all that. Senior citizens are more vulnerable to coronavirus, so they use more equipment to handle so purchase supplies from their residences. Fintech startups would need to customize their goods to the desires of this demographic group. Watch for new apps that consider senior citizens.


3. Super Smart Apps

Thanks to COVID-19, people have tried more applications to get their business done if they want to collect food, visit a surgeon, and so on. Apps that are clunky and less user-friendly will, therefore, not work. Fintech companies in India require not only a quality product but also applications that have a fantastic user interface and a secure consumer service.


4. Boosting Security

More digital purchases mean more damage to records. More than ever, consumers would want to keep their data and confidential details safe. Fintech startups would have to inform their customers on the threats and how to stay secure against ransomware and other associated fraud. For the same purpose, Fintech companies would also need to rely further on security functionality to handle consumer data in a safe to protected manner.


5. Communication is the focus

Fintech companies in India ought to move beyond conventional forms of contact, such as phone calls and emails, for businesses operating with limited staff. Although social networking is a platform for connectivity, specific platforms, such as chatbots, push alerts, in-app FAQs, and other apps, need to be set up so Fintech startups users can answer their questions and address their grievances.


Fintech Companies in India: FAQs

1. Is Paytm a Fintech company?

Initially, Paytm was only a payments company, but today, as it provides its users with financial services from banking to loans, it indeed has transformed into a Fintech company. Fintech makes use of technology to offer better and instant financial services to its customers with the help of technology at hand. 


2. How can I open a Fintech Company in India?

Starting a Fintech company in India requires thorough planning and the right execution for success. There are a number of steps that you would be required to go through to start up your Fintech company in India. Some of these steps are:

  • Incorporating a legal entity for Fintech in India
  • Tax Registration for financial technology Startup
  • Legal Agreements and Contracts for financial technology Startup
  • Intellectual Property Rights – Trademarks, Copyrights & Patents for financial technology Startup


3. Where is the headquarter of Fintech company?

Headquarters for Fintech companies are usually located in metropolitan cities where it is easier for companies to operate. Some of the headquarters for companies like Paytm, MobiKwik, and Policy Bazaar is located in Noida and Gurugram.


4. What is an example of FinTech?

Fintech is any app or service that uses technology to provide its users with relevant financial services. For example, platforms like Policy Bazaar provides its users with the best insurance, ranging from home insurance to car insurance, with minimal human interference. Fintech helps ease out the process of finances by providing one-click services to its customers.


5. Does Fintech pay well?

Yes, Fintech mostly pays well to its employees (depending on the job role you have). Moreover, the demand for jobs in the Fintech sector is rising because of which the candidates can expect a higher CTC than that for normal business.  


These were the top ten fintech startups and fintech companies in India that have assisted in our country by providing support for better financial solutions with their high-quality services. The fintech sector is expected to grow further with multiple AI technology being discovered every other day.

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A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

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Aakriti Suri is a MBA student who has been effectively handling a Real estate and Construction house from the past 3 years. She has always had an eye for the emerging startups and dreams to have her own someday.

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