The fintech industry has incredible growth potential in India and is yet to expand its market share. Rising smartphone penetration, a large population without bank accounts, government schemes to promote cashless economy, and development of UPI (Unified Payment Interface) will further increase the investment and business opportunities for the fintech industry.
Till now, the funding activity in fintech firms by venture capitalists has centred around segments like mobile wallets, loan comparison, insurance aggregators, and payment platforms for online lending, payment gateway solutions, and personal finance management.
Here’s a list of the top 11 fintech companies:
- Acko General Insurance: Acko is a digital insurance company, founded in 2017 by Varun Dua. The latest accomplishment of the company is its tie-up with Ola in April this year to provide in-trip insurance to the riders.
- Avail Finance: Avail is a Bangalore-based company, founded by Ankush Aggarwal. The lending fintech startup offers quick and easy access to loans and flexible repayment option to its customers.
- Axis Bank Freecharge: Founded in 2010 by Kunal Shah and Sandeep Tandon, the company provides online facility to recharge any prepaid, postpaid mobile phone, DTH & data card in India. In 2012, Freecharge had claimed to be doing an online recharge of INR 6 million on a daily basis which translates to INR 2.19 billion a year.
- Aye Finance: Aye is a financial service platform catering to micro and small businesses in Northern India. It was founded in 2014 by Sanjay Sharma and Vikram Jetley to remove the barrier of lack of capital access to thousands of SMEs.
- Capital Float: Capital float provides the working capital to SMEs in India to purchase inventories, service orders and optimize cash flow. Founded by Sashank Rishyasringa and Gaurav Hinduja in 2013, the online platform delivers desired repayment terms by the borrowers and also transfer funds within 7 days in borrower’s bank account.
- CASHe: It is a digital fintech company for the millennials, founded by V.Raman Kumar in 2016. The mission of CASHe is to help the young professionals achieve their financial goals effortlessly.
- CashKumar: The 2012 company founded by the trio, Dhiren Makhija, Kannan Kandappan, and Yogesh Joshi, started with dealing in foreign exchange, outward remittances and travel insurance. They ventured into Peer to Peer Lending in India only in July 2016 and became the first company in Bangalore to have secured an NBFC-P2P license from RBI. Having disbursed over 1200 loans and with over 250 positive customer reviews on Google and with a consistent return on investment to lenders, the startup aims to be one of the top P2P lending platform in India.
- PaisaSavvy: PaisaSavvy.com, a Bengaluru-based fintech startup founded by Mehul Marakana, has launched an innovative way to save and invest money. By offering hassle-free and lucrative investment plans, the platform motivates young professionals to start saving early on in their career. A person’s salary account gets linked to the service. And when the next salary gets credited, the last month’s surplus automatically gets invested in money market and equity focused funds.
- ChargeBee Technologies: ChargeBee was incorporated by KP Saravanan, Krish Subramanian, Rajaraman Santhanam, and Thiyagarajan T, in 2011. The aim of the fintech is to become a trusted billing partner for Software as a Service (SaaS) distribution model and provide e-commerce subscription and membership services to various companies globally.
- ClearTax: A product of ClearSharp Technology Pvt Ltd, ClearTax prepares and files income tax returns for its client and promises to do the same with simple and accurate methods. The company’s aim is to break the notion that taxation is a complex system in India.
- Coverfox: Coverfox is an online insurance aggregator that allows a user to easily compare and buy insurance from a range of products from all top insurance brands. The insurtech company is headquartered in Mumbai and was founded by Devendra Rane.
Since 2017, the fintech universe has received substantial seed funding from across the world. With 400 fintechs, more than half of the companies being startups, India will soon become a hub for fintech products and services.