Top 10 Growing Digital Fintech Companies in India – 2021

Fintech, or financial technology, has been an essential part of the global economy. Previously, all financial activities were performed by paperwork only, as paper-based medium was thought to be the safest. However, as technology has advanced, the internet has emerged as the preferred platform for financial transactions. It is basically an economic industry made up of businesses who use technologies to improve the efficiency of financial services. Individuals mostly use them to help in mobile payments, insurance, cryptocurrency and blockchain technologies, stock trading, automated financing and credit, budgeting, and other activities. Tech-focused startups and similar new market entrants are disrupting the way in which the financial services industry conducts its operations.

What is FinTech?

FinTech, or Financial Technology, is a company that incorporates emerging technological trends to deliver better financial solutions to its customers in the form of digital payments and transfers. Fintech’s ultimate goal is to finally, or in any way, replace existing payment systems with digital solutions.

Business Models for FinTech Companies in India

The expanding FinTech ecosystem has given rise to several creative business models that have been adopted by large corporations. Such innovative methods have helped in mitigating financial burdens on individuals by supplying them with direct, on-app finance solutions.

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

  • Digital wallets are being introduced into the ecosystem.
  • Digital insurance for health, travel, and other purposes.
  • Banking is being simplified by the use of digital banking solutions.
  • Credit is more secure due to peer-to-peer lending schemes.
  • Alternative credit scoring enables individuals to make more informed lending decisions.

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

India has evolved into a new economy in which privately held fintech startups and fintech companies are marketed depending on the quality of their services. Individuals have been more open to the idea of digital payments, which has resulted in the growth of several fintech startups and fintech companies in India.

Let’s take a look at the top 10 fintech startups and fintech companies in India that have had a significant impact on our country’s digital payments market.

1. BankBazaar

BankBazaar is a Chennai-based online financial portal for product distribution and comparative research created in 2008 by Adhil Shetty, Arjun Shetty, and Rati Shetty. It allows users to get a personal loan, a home loan, a car loan, and an education loan.

BankBazaar also provides debit and credit cards, as well as life and health insurance, vehicle insurance, travel insurance, mutual funds, fixed deposits, and savings accounts. You can review deals and verify your eligibility in minutes because you have several offers from different banks. Users only need to provide basic information in order to register for a product online and monitor its status. BankBazaar’s revenue is generated by application-based commissions from banks. Customers are not required to pay any charges.

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2. ZestMoney

Do you want to make an offline EMI purchase but don’t have a credit card? Zest Money has a ‘buy now, pay later’ scheme and an EMI option that you can use to order items from its affiliate merchants online or offline. Lizzie Chapman, Ashish Anantharaman, and Priya Sharma created it as another Bangalore-based startup.

  • There is no need for a credit card.
  • Zestmoney does not require you to have a credit score.
  • The loan process is so streamlined that it takes only five minutes online.
  • Loans up to one lakh are sanctioned instantly.
  • You can earn 100% cashback on your EMIs
  • You get a gift card from online partners such as Amazon, Flipkart, Makemytrip, and Myntra.

3. Shiksha Finance

Many people have the ability to be excellent teachers, but the exorbitant tuition rates charged by educational institutions prevent them from pursuing a education. Shiksha Finance offers students short-term loans to cover their tuition costs. The debt ranges from INR 10,000 and INR 30,050 and must be repaid within 6-10 months. The loan for a private school or college can range from INR 1 lakh to INR 73.5 lakh and can be paid back over a period of 6 months to 5 years. Jacob Abraham created it in 2014.

4. Paytm

Paytm, India’s largest payment company, was created in 2010 and provides customers with multi-source and multi-destination payment solutions. They encourage customers to transfer money from one bank account to another for free, i.e., there are no fees. Its comprehensive payment solutions have been used by over 8 million merchants.

Paytm was founded by Vijay Shekhar Sharma, is owned by One97 Communications, and is authorised by the Reserve Bank of India. Users can use the Paytm app to shop for both physical and digital goods, as well as pay for DTH plans, bill payments, and mobile recharges.

To broaden the payment network on a global scale, the company partnered with Alibaba’s cloud infrastructure arm, ‘AliCloud.’ Berkshire Hathaway, SoftBank Group, and MediaTek are among their investors, and they received an undisclosed amount from Ratan Tata in March 2015. It is potentially India’s biggest fintech company.

The following steps are to be executed to use Paytm:

  • Sign up for a Paytm account with your mobile number and email address.
  • You can add money to your ‘Paytm Wallet’ with one of three methods: netbanking, debit card, or credit card.
  • By choosing the ‘pay or send’ option, you will send money to someone else.
  • You can use Paytm to make payments to other people or bank accounts by scanning a QR code.
  • You can even transfer money to other Paytm users by entering their phone number.

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5. PolicyBazaar

PolicyBazaar is an online insurance aggregator that evaluates premiums sold by different insurers based on factors such as price, cost, and main benefits. It allows consumers to compare insurance plans and pick the right or most appropriate policy that can be purchased online or offline.

In June 2008, Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar formed PolicyBazaar in Gurugram. They are one of several fintech startups that have sprung up in Gurgaon. As of 2020, they had raised more than $650 million. The internet network started as a price comparison website and a knowledge portal for learning about insurance and related programmes; it later evolved into an insurance policy marketplace.

PolicyBazaar has partnered with insurance providers, allowing it to obtain details such as price, benefit, policy coverage, and so on directly from insurers for customers to compare. They do not charge the client anything for their services. The company’s revenue is provided by the fees paid for insurance companies’ marketing and advertising stints on its platform.

6. MobiKwik

MobiKwik is an Indian fintech company established in 2009 by Bipin Preet Singh and Upasana Taku. It is headquartered in Gurugram. MobiKwik is a digital wallet service provider that provides mobile and online payments, phone and DTH recharge, mobile transactions, online shopping, and much more. It helps users to store up to INR 50,000 in a MobiKwik wallet, which can be used to recharge mobile phones, pay bills, and buy through several platforms. Their users can also use the partial payment feature for ticket reservations and cash pick up for bus ticket booking.

Sequoia Capital, NET1, and GMO Venture Partners are among MobiKwik’s investors. MobiKwik has made it free to move money from your wallet to your bank account after demonetization. Prior to demonetization, they charged 4% for non-KYC compliant users and 1% for KYC (know your customer) compliant users. They have over 100 million users in India, with many more on the way. Non-KYC users can switch between INR 1000 and INR 20,000 to their bank account. However, once your KYC is completed, you will be able to store up to INR 1,000,000 in your MobiKwik wallet.

7. Lendingkart

Lendingkart is an online lending company created in 2014 by Harshvardhan Lunia and Mukul Sachan. Lendingkart offers loans for SMEs’ (small and medium-sized enterprises’) working capital needs; these loans are simple, collateral-free, and need little paperwork. They are basically an Indian lending financial technology company.

Lendingkart has access to massive amounts of data from data partners located all over the country. It is one of India’s few lending fintech companies. These data partners provide Lendingkart with a variety of details about the provider, such as educational qualifications, family background, credibility, market competitiveness, and so on.

How does Lendingkart work?

  • Lendingkart uses referrals, print releases, and press releases to market itself.
  • SMEs or vendors apply for a loan on Lendingkart’s website.
  • They must provide full details and upload all necessary documentation.
  • After the records have been checked, the Lendingkart analytics team produces two codes using machine learning systems.
  • Based on those codes, a decision is generated whether to provide the loan or not, and the amount is determined whether the loan is accepted.

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8. MoneyTap

MoneyTap is India’s first credit line. The best part is its no-use-no-interest feature which has made it more affordable to take out credit. Due to this feature, interest is only paid on the sum used. It’s a personal loan app that offers consumers with a credit line that acts like an online deposit or a credit card.

MoneyTap is essentially a flexible interest rate money lending company, currently serving customers in Delhi NCR, Mumbai, Bangalore, Hyderabad, and Chennai as well as 30 + cities in India.

9. Financial Software Systems (FSS)

Financial Software Systems Pvt. Ltd., headquartered in Chennai, was established in 1991 and is a global provider of electronic payment and financial transaction processing technologies and services. Financial Software Systems keep track of all payment information within a business.

Card management, merchant management, electronic transfers, financial inclusion, messaging middleware, and value added applications are among the offerings. FSS also provides software services such as system deployment, offshore production, project management and implementation, and global helpdesk support 24 hours a day, seven days a week. There are two types of financial software:

1. Financial management (money management): It typically provides the tools to manage banking, income flow, investing, and planning.
2. Tax software: The software provides importing tools, tax form preparation, and the e-filing of your taxes.

10. Razorpay

Razorpay, which was founded in Bangalore, focuses on the payment needs of startups and businesses. Merchants can conveniently receive, process, and disburse money to and from their dealers using Razorpay. Harshil Mathur and Shashank Kumar created it in 2014. Its service is used by thousands of clients because it enables an online business to receive, process, and deliver digital payments through different modes such as debit card, credit card, net banking, UPI, and prepaid digital wallets. It is one of Bangalore’s biggest fintech companies.


Startups focus their efforts on their products, marketing, and other company practises, but they overlook one critical aspect: finance. It is important to manage one’s finances. Business is all about money ; you can’t run a business if you don’t think about money. This list of the top Indian fintech startups should help you recognise the developments in the field of finance and provide you with information on India’s largest and top fintechs to keep an eye on.

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