10 Most Successful Fintech Companies & Startups in India in 2023
The revolutionary fusion of financial services and tech is known as fintech.
Today, wealth doesn’t have to be tangible as it used to be when it came in the form of coins and gold. Future reforms in financial services are necessary to facilitate this new style of wealth.
Mega Boom In Fintech
The global economy has grown remarkably over the last few years. India ranks among the fastest-growing economy in the world, including the Fintech sector. As a result, there are more than 6,000 fintech companies in India.
Push Through UPI Moment
The Indian FinTech business is predicted to be worth $150 billion by 2025. In the last 10 years, India’s payment ecosystem has become the most advanced in terms of digital payment volume (CAGR 50%) and value (CAGR 6%). At a CAGR of 20% and after the huge success of UPI, it is predicted that the value of Fintech transactions will reach US$ 138 billion in 2023.
More About Fintech
Fintech, or financial technology, describes any company that connects to or uses financial services through the internet, mobile devices, cloud services, or software.
That cash you sent your mate via PhonePe? Fintech. Did you use PayPal to make your purchases while you were on a PayPal shopping spree? Fintech. The stocks that you purchased through a user-friendly smartphone app like Groww? Fintech. The loan you acquired for your MSME through OneNDF, Fintech again.
A few main types of FinTech services are listed below:
- Savings and investments
- Money transfer and payments
- Insurance
- Financial planning
- Borrowing
- Business Accounting and Loan
Let’s see how these leading Indian fintech companies are transforming the financial sector.
1. Paytm
The digitization of financial services in India began with Paytm. It was the first financial company in India to receive the title of “unicorn” in 2015. It was founded in 2010 by Vijay S Sharma. Users of Paytm may send money with a single click and at no extra cost. The UI is cutting-edge and easy to use. Everything is offered, including stock market investing and mobile phone charging. The snappy phrase “Paytm Karo” gained popularity in its early years.
2. Razorpay
Founded in 2014 by Shashank Kumar and Harshil Mathur, Razorpay offers a payment gateway for various payment demands because it was developed in Bangalore, India’s IT powerhouse. It largely focuses on the requirements of enterprises and startups. You can access all of your cards — debit cards, credit cards, UPIs, and most mobile wallets — in one place.
3. OneNDF
Leverage India’s fast-growing SME business loan market to satisfy your debt capital demands.
OneNDF aims to help SMEs in their decision-making while creating an ecosystem of more affordable and smarter debt financing options and non-traditional debt financing options.
The company works with small firms that cannot acquire funding to provide them access to capital through non-traditional lending and offers guidance on preparing for organized financing in the future.
4. Pine Labs
Pine Labs, one of India’s most well-known unicorn companies, is estimated to be worth more than $5 billion. It was founded in 1998 and provided technology and financing for final-mile retail transactions. More than 70,000 merchants throughout India have joined it since its inception in 1998, including renowned retailers like Marks & Spencer Retail, Pantaloons, Shoppers Stop, and Westside.
5. CRED
In 2018, Kunal Shah unveiled Cred, a platform that enables people with good credit to manage their credit card bills and receive benefits for making on-time payments. Cred is known for using slashing marketing strategies to draw clients, such as “Indiranagar Ka Gunda” during the last IPL season.
6. BharatPe
BharatPe is a fintech company by Shark Tank alumni Ashneer Grover that caters to small merchants and kirana store owners in India. The company offers a range of fintech solutions, including small business finance, interoperable QR codes for UPI payments, and Bharat Swipe (POS machines) for card acceptance.
7.PolicyBazaar
This multinational financial company was founded in 2008 by Yashish Dahiya, Avneesh Nirjar, and Alok Bansal, which provides people with various insurance solutions and is located in Gurgaon. You have a variety of options, including both health and financial insurance. It provides great long-term investment solutions to safeguard your future for the least expensive monthly payment.
8.ZestMoney
Digital EMIs as a service that ZestMoney, an Indian fintech company, offers its customers. You may now purchase your favourite product on EMI without worrying about your credit card or credit score. This online lender follows RBI guidelines for conducting operations. This Bangalore-based IT company collaborates with some top businesses, including Amazon and Flipkart.
9. Groww
Groww, an investment platform founded in 2016 by Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, helps customers grow their money by providing expert guidance and tools to make the best investment choices. Groww enables users to manage their assets in a single spot, get tailored suggestions, and learn about investing through videos and blogs.
10. Instamojo
To assist small businesses in going online, Instamojo is a full-stack transactional platform. The company paved the way for the introduction of payment links to India. It provides a user-friendly payment system that enables businesses to take payments online. They now have over 500,000 sellers on their site.
Final Words
UPI and new fintech companies are bringing about the kind of progress that was previously difficult to achieve. A variety of underdeveloped areas outside of traditional business sectors are being investigated.
The Indian economy, which depends mainly on finance, has benefited from the Fintech potential in recent years. The variety of services offered with various options, including digital wallets, digital payments, and loans, is helping the financial industry evolve. The insurance and lending sectors are also greatly impacted by the fintech revolution.
