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.


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.

Disclaimer: The views, thoughts, and opinions expressed in the article have been curated for our audience and does not warrant a 100% accuracy. All the information mentioned in the article is subject to change according to the changing viewpoints. Feel free to reach us at [email protected] for any change or copyright issues.

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Saumya Uniyal
Saumya Uniyal
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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