FinTech stands for Financial Technology, and fintech companies specialize in advancing technology to help the banking and financial industries. It has evolved into a vital component of the global economy. Previously, all financial chores were accomplished only through paperwork, as the paper was seen to be the safest medium. However, as technology advances, the internet has become the favored venue for financial transactions.
With over 553.7 million registered users online, India now has a total digital transaction value of $81,197 million, up 25.3 % year on year. Fintech businesses have had a tremendous impact on our economy and the way we make payments. The way we do business has changed as a result of the payment system. Here are a few FinTech companies that are creating waves in the finance business and reaching out to different sectors with their innovative financial solutions.
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Paytm
Paytm is a financial technology and e-commerce payment system firm headquartered in Noida, Uttar Pradesh, India. They encourage customers to make deposits for free from every bank account, i.e., there are no fees. Its comprehensive payment systems have been used by over 8 million retailers. Vijay Shekhar Sharma founded Paytm, which is owned by One97 Communications and is authorized by the RBI.
To expand its payment network on a global scale, the company collaborated with Alibaba’s cloud computing arm, called “AliCloud.” Berkshire Hathaway, SoftBank Group, and MediaTek are among their investors, and they also raised an undisclosed amount from Ratan Tata in March 2015. It is, without a doubt, India’s largest fintech firm.
Razorpay
Razorpay is a popular payment portal in India because of its excellent support for multiple modes of payment such as credit card, net banking, UPI, and more. It was established by IIT Roorkee graduates Shashank Kumar and Harshil Mathur and has its registered office in Bangalore.
Merchants can conveniently receive, process, and disburse money to and from their dealers using Razorpay. It is one of Bangalore’s largest fintech firms.
Upstox
Upstox, headquartered in Mumbai, Maharashtra, is India’s fastest rising broker, focusing on inspiring buyers and traders for financial growth. RKSV Securities India Pvt. Ltd., a private trading company focusing on a niche clientele, was established in 2010. In 2012, the business was renamed Upstox and opened to the general public.
They are offering nil brokerage on distribution trades and a flat rate of Rs. 20 on all other intraday orders. This highly successful business model won the trust and backing of renowned industry investors like Mr. Ratan Tata and venture capitalists Kalaari Capital and GVK Davix.
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Cred
CRED is an Indian fintech unicorn based in Bangalore, Karnataka, that was founded by Kunal Shah in 2018. The key advantage of CRED is that it allows people to make credit card purchases with its software and rewards them for doing so.
Policybazaar
Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar formed PolicyBazaar in Gurugram in June 2008. They are just one of the many fintech companies that have sprung up in Gurgaon. As of 2020, they have raised over $650 million. The internet network started as a price review forum and an information portal for learning about insurance and related services, before expanding to become an insurance marketplace.
PolicyBazaar has partnered with insurance providers, allowing it to obtain details directly from insurers such as price, benefit, or policy coverage for customers to compare.
Mobikwik
Bipin Preet Singh and Upasana Taku formed MobiKwik, an Indian fintech firm, in 2009. Gurugram is the company’s headquarters. MobiKwik is a digital wallet that provides a variety of features including telephone and internet purchases, phone and DTH recharge, mobile transactions, online shopping, and more.
MobiKwik has made it free to move money from your wallet to your bank account after demonetization. They used to bill 4% for a non-KYC compliant user and 1% for a KYC (know your customer) compliant user before demonetization. They currently have over 100 million users in India, with many more on the way.
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Khatabook
Khatabook is the world’s fastest-growing SaaS firm, founded in October 2018 by Ashish Sonone, Dhanesh Kumar, Vaibhav Kalpe, Jaideep Poonia, and Ravish Naresh. With over 20 million downloads in a very short period, it has become India’s leading market management platform for SMEs.
When money is going to be charged or received, this Bangalore-based mobile app service sends users notifications via WhatsApp and SMS. Khatabook allows micro, mini, and medium-sized businesses to keep track of their purchases safely and stably.
BankBazaar
BankBazaar is a Chennai-based online financial portal for commodity delivery and comparative research created in 2008 by Adhil Shetty, Arjun Shetty, and Rati Shetty. Users can get a personal loan, a house loan, a car loan, or a school loan.
Debit and credit cards, life insurance, dental insurance, vehicle insurance, travel insurance, mutual funds, fixed deposits, and savings accounts are all available from BankBazaar. You can review deals and verify your eligibility in minutes because you have several offers from different banks.
ZestMoney
Do you want to make an EMI purchase but don’t have a credit card? Zest Money has a “buy now, pay later” philosophy and an EMI option that you can use to buy products from its affiliate merchants online or in person. Lizzie Chapman, Ashish Anantharaman, and Priya Sharma formed yet another Bangalore-based company.
ETMoney
Mukesh Kalra founded ETMoney in 2015. An enthusiastic personal finance firm has become the first fintech company in India to launch SIP payments based on Aadhar numbers. The fintech expects to use Aadhar OTP verifications to ease installment payments with over 100 crore bank accounts connected to Aadhar.
ETMoney is a full-stack investing platform that offers a diverse variety of items in the investment, credit cards and loans, insurance, and financial resources categories. It aims to make retail customers’ financial journeys easier.
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Note: According to reports, India is one of the world’s leading fintech start-up hubs, followed by the United Kingdom, Singapore, and Germany.
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