Top Fintech Companies in India: Updated List 2024

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India has the second-largest base of internet users¹ and this has had a direct impact on the demand for digitised financial services. In fact, India emerged as a global fintech power and ranked third in the world in terms of total fintech companies (as of 2023)². In this blog, we will list the top fintech companies in India.

According to the reports³, over 3,085 companies are currently (as of August 2023) operating in the fintech segment in India. Many of these companies are in the payments sector, followed by lending and wealth tech.

Fintech, as the name suggests, is the amalgamation of finance and technology. A lot of players in the market are using technology to simplify financial services such as lending, insurance, investment, trading, and budgeting among others.

As the fintech ecosystem expands, many players are focusing on niche sectors. Needless to say, the development has been nothing short of rapid.

Fintech Payment Companies in India

The highest number of fintechs in India come under the payments sector.

In this section, let’s have a look at the top fintech payments companies in India.

ZestMoney

Buy Now Pay Later (BNPL) has caused quite a ripple in the payments market.

Capitalizing on this wave is ZestMoney, India’s leading Buy Now Pay Later (BNPL) platform. It helps businesses offer BNPL as a payment option to their customers. The customer in turn can complete the repayment in 3-4 EMIs with 0% interest.

Cashfree Payments

A payment aggregator and payment gateway, Cashree Payments is one of the top B2B fintech companies in India. They offer merchants the ability to collect and disburse payments, verify identity and offer banking as a service product as well.

Here is a quick look at some of their offerings:

Payment Gateway: Domestic and International payment gateway with the lowest payment gateway charges in India and high transaction success rates.
Payouts: They lead the market share for payouts in India. They help merchants make Payouts to any bank account, UPI ID or wallet.
Subscription Services: They allow subscription businesses to accept payments through recurring billing.
Verify Identity: PAN, Bank account and UPI ID verification services
Banking as a Service: Helps merchants create bank accounts for their users instantly.

Fintech Lending Companies in India

Consumer lending fintech companies in India are an important segment of fintech enterprises. From business loans to consumer loans, the demand for credit in India is ever-increasing.

In this section, we will list the top fintech lending companies in India.

Starting with…

LendingKart

LendingKart is one of the most popular lending platforms in India. Its main business offerings can be divided into 4 major categories.

Business Loan- Lending Kart approves business loans for up to 2 crores within 5 minutes. Above all, they provide unsecured loans without any collateral or security. More importantly, they offer fair interest rates and no hidden costs.
Working Capital Loans- are personalized capital loans for SMEs to meet their working requirements. These loans help small businesses offset their working expenses during a period of low revenue.
MSME/SME Loans- These loans are offered to small and medium businesses and women entrepreneurs on a short-term basis. However, the duration of the loan is dependent on the lender.
Business Loan For Women- LendingKart assures unbiased approval of loans across gender, caste or race. The loan approval is on the basis of Big Data technologies and business analytics.

Blacksoil

Blacksoil is a new-age credit platform that propels fast-growing companies. It offers personalized credit solutions for small and medium companies, startups as well as established developers and promoters.

Their main offerings are alternative credit and alternative real estate debt.

Alternative credit are customized and flexible debt product. They can be industry-agnostic and have flexible repayment options and deal structures.
India has a growing shortage of urban housing. This issue may be exaggerated by the fact that 40% of the Indian population may live in urban areas by 2030. In response to this, Blacksoil provides funding support to real estate development partners in Tier 1 cities.

DMI Finance

One of the older players in our list of fintech companies in India, DMI Finance was founded in 2008. They aim to reimagine the transmission of credit in India.

It is one of the leading fintech NBFC companies in India.

Their offerings include digital lending that focuses on personal loans, MSME loans, and consumer loans. They offer 100% online underwriting and loan management systems In fact, they work with mainly B2B organisations, especially fintech companies and technology-driven aggregators.

Apart from that, DMI Finance also offers corporate lending, housing finance and asset management services.

MoneyTap

MoneyTap specialises in personal loans in India. They offer credit lines up to 5 lakhs online. Customers can choose to repay in convenient EMI tenures.

They can go up to 36 months. Moreover, they only need to pay interest on the amount used.

They have diverse loan types for several personal use cases. For instance, there are loans tailored for education, travel, wedding, consumer durable products, renovation, and much more.

MoneyTap stands out for its flexible borrowings, safe and secure credit, and no collateral model.

SATYA Microcapital

SATYA Microcapital’s products aim to answer the credit requirements of the ‘Bottom of the Pyramid’ section. They help them in raising working capital. Hence, empowering them financially and socially.

Their top products are:

Limited Liability Loans- This category follows a Joint Liability Group (JLG) lending model. Basically, a group of people take a loan together for income generation. Thereafter, each member of the group is equally liable for repayment.
Consumer Durable Loans- These aim to help customers purchase consumer durable items. For instance, refrigerators, mixers, mobiles, etc. SATYA offers no-hassle repayment options and affordable EMIs for the same.
Micro Business Loans- These loans are primarily disbursed to the MSME segment. The goals of to drive economic growth and contribute to India’s vision of Aatma Nirbhar Bharat (self-reliant India). These loans are unsecured in nature. Furthermore, the loan disbursal depends on the basis of the nature of collateral and ticket size.
Individual Micro Loans- These loans are for any personal endeavour. It can range from house revamp to expanding a small business.

Fintech Insurance Companies in India/ InsurTech

Another major category of fintech companies in India is Insurtech. It basically refers to the use of technology to improve risk assessment and efficiency in the insurance industry.

Let’s have a look at the big names of the fintech insurance companies in India.

Policybazaar

Policybazaar is one of the most renowned insurance fintech companies in India. Their diverse offering coupled with an easy-to-use platform has made it the top choice of insurance fintech companies in India.

Policybazaar offers almost every insurance product in the market/ However, here are their most popular offerings:

Term Life Insurance- It is paid for a specific term of the year. It offers higher insurance coverage and lower premium rates.
Health Insurance- Pocket-friendly medical insurance for a premium amount covering surgeries, hospitalization, daycare procedures and all.
Motor Insurance- Vehicle insurance policy against unforeseen damages

Apart from this, Policybazaar offers insurance for travel, home, income loss, defence personnel, pets, etc.

Acko

Acko primarily focuses on the insurance of vehicles and consumer durable products. Their comprehensive resources and buying guides have helped customers buy the right car, bike, health and electronics insurance.

Moreover, they have created more tailored offerings for different use cases. For instance, they offer comprehensive, third party and commercial car insurance under the vehicle insurance category.

OneAssist

OneAssist was founded by fintech industry veterans Gagan Maini and Subrat Pani.

It offers quick repair services for consumer durable products like televisions, washing machines, refrigerators, and much more. Their USP is that their technicians are trained experts and their app offers real-time tracking,

Apart from that, they also offer identity or card fraud insurance. Their services include digital protection and dark web monitoring. Moreover, they offer identity theft alerts and emergency assistance.

Agri Fintech Companies in India

In September 2021, the State Bank of India initiated an RFP (request for proposal)⁴. It proposed that agritech companies become the business correspondents for the collection and servicing of agriculture and microloans.

This was considered a huge step towards SBI partnering with tech players to cover a huge population of farmers. It also means reducing transaction costs in the loan lifecycle.

In recent years, the market has seen the entry of various agri-fintech companies in India. Let’s have a deeper look.

Unnati

Unnati aims to bring efficiency to the farming business through digital technologies. Their ultimate goal is to empower farmers through digitization.

This agri-based fintech company in India brings transparency to the farming business thereby reducing risks. Unpredictability is one of the biggest factors for farming losses. Unnati’s products provide crop-specific advisory and handhold farmers through every step of the farming lifecycle

Here are some of their popular offerings:

Answering the Capital Requirements of farmers
Insights on weather, soil, and farming history for optimising the yield
Use of artificial intelligence for finding the right timing for application and arrangement of agri products at cost-effective prices.
Providing farmers with a buyer platform ensures high sales

Ninjacart

Ninjacart is another fintech company in India that aims to revolutionize the fresh produce supply chain.

They use technology to source fresh farm produce and provide them to businesses within 12 hours. Now, the benefit here is threefold:

The farmers get income stability and assurance; 20% more revenue and a one-stop sale
The businesses get doorstep delivery, competitive pricing and high-quality produce
The end customers hygienic produce with assured food safety

Acquaconnect

Acquaconnect is India’s most trusted aquaculture platform. They aim to help shrimp and fish farmers by using satellite remote sensing tech and AI.

They provide unbiased farm advisory that is driven by data and personalized for different use cases. Moreover, They offer an omnichannel marketplace that includes quality brands at affordable prices. As a leading fintech in this space, they also offer formal farm finance and insurance for minimising risk.

Here are some of their offerings:

Acquacred- Offers formal credit and insurance to farmers. It uses AI and satellite sensing to evaluate risk scores and monitor and validate portfolio performance
Acquaconnect app- AI-driven app that collects info on aquatic health, water quality and optimizing feed consumption.
Acquastore- Marketplace for buying all aquaculture needs at the best prices

Wealth Management Fintech Companies in India

The wealth tech solution market is expected to grow up to $137.44Mn by 2028⁵. Essentially, these players use technology to simplify and democratise wealth management services.

In fact, this helps in wider penetration of the market due to more accessible wealth management services.

Let’s have a look at the biggest players in the Indian market.

Kaleidofin

Kaleidofin provides its customers with personalized and intuitive financial solutions to meet their real-life goals.

They create machine-learning-powered customer personas. Thereafter, they offer the right financial solution at the appropriate time in their financial journey. Most importantly, they employ proprietary suitability engines for each persona.

Moreover, their credit analytics offering is called KiScore. It provides credit analytics so vendors can better underwrite customers. It uses AI and big data technology to improve profitability. This technology helps predict future cash flows and offers real-time decision support.

Zerodha

One of the leading fintech companies in India, Zerodha is an online platform for investing in stocks, mutual funds, derivatives and more.

Their suite of intuitive trading platforms includes Kite. It is a flagship platform that streamlines market data and presents them as charts and easy-to-understand UI. The Zerodha console helps customers get insights into their investments with great visualization. Moreover, customers can buy commission-free mutual funds. In fact, it can be delivered straight to the customer’s Demat account.

Through Zerodha, customers can choose to invest in:

Stocks
Future and Options
Direct mutual funds
IPO
Gift stocks
Government securities and Sovereign Gold Bond

Groww

Much like our previous entry, Groww is an online investment and trading platform. It helps customers invest in stocks, US stocks, FDs and mutual funds.

They allow customers to open their accounts within minutes and monitor the top players in the market. Moreover, they can get access to all their investments in one consolidated platform.

Furthermore, customers can choose to place their bids on IPO subscriptions and monitor market movements with the help of charts. They can also access all the news related to stocks and trading at Groww. Additionally, customers can withdraw their investments in mutual funds whenever they want.

Wealthzi

In 2016, 121 million households in India belonged to the middle class. This number is expected to rise to 140 million by 2025. As wealth increases, this section of the population (along with the more affluent ones) actively looks for wealth management services.

Some major fintech companies in India are looking to answer this need. One of them is Wealthzi. It offers a comprehensive platform to help customers achieve their wealth goals by analysing their finances.

In fact, they blend financial expertise with technology to track a customer’s net worth. With this, they ensure that wealth creation moves in the right direction.

Furthermore, their platforms allow customers to invest in mutual funds, PMS, stocks, FDs and other investments. It also provides AI-based insights and allocates portfolios based on the risk profile.

threedots

Marrying the idea of social networking and wealth management, threedots is one of the more unique fintech companies on the market.

threedots offers its platform to customers who want to get in touch with experienced traders. They offer daily insights and create communities for long-term financial health.

In fact, customers can get guidance on their investments, analyze trends and even trade with friends.

Tyke

This is another investment platform on our list of top fintech companies in India. But here’s the catch.

Tyke allows its customers to invest in early-stage startups. It helps them discover these startups by industry. Thereafter, it also helps them track their KPIs with a user-friendly dashboard.

Furthermore, it helps startups build a personal and professional network to raise capital. Additionally, they can keep an eye on their user engagement and investor updates.

Upstox

One of the younger fintech companies in India, Upstox is also an online investment platform. They offer powerful tools for easy trading of stocks, mutual funds and IPOs.

Moreover, they have a transparent and pocket-free pricing structure. Their platform is suitable for long-term investing and Intraday trading.

Additionally, they offer easy IPO applications and mutual fund investment services.

Top NFT Fintech Companies in India

NFT or non-fungible token has been in the news lately.

Basically, they are associated with digital files like videos, photos or audio. They are a form of digital ledger that is uniquely identifiable because of a token.

As NFTs make waves worldwide, here is a company bringing them to the Indian audience.

Diginoor

Diginoor is one of the youngest NFT fintech companies in India. Essentially, they offer customers the ability to own a piece of cinema history.

The authenticity of this artwork is assured through blockchain technology. Diginoor offers an in-built authentication with every piece of artwork.

On the other hand, the actors, production houses and creative partners associated with that art are paid royalties on every sale. Diginoor holds the official licence for any art that is sold on their platform. They have collaborated with production houses like AVM Productions, Reliance Entertainment, etc.

Furthermore, Diginoor is built using a polygon blockchain. This is a side chain of the most secure and popular Ethereum. This ensures that every piece of art bought on Diginoor is uniquely authenticated to the customer.

Top Cryptocurrency Fintech Companies in India

The cryptocurrency market is expected to touch $4.94 billion by 2030⁶.

This has led to the emergence of many players in the market. Here are some notable ones that stand out.

WazirX

WazirX is one of the most popular fintech companies in India. It is a Bitcoin and cryptocurrency exchange platform. They offer secure services by ensuring regular security audits. Moreover, they have faster sign-up processes as they use identity verification systems to process KYC procedures.

Their trading platform is available on the web and mobile apps. Moreover, WazirX has a hyper-scalable platform that helps them meet the surging demand within seconds. Furthermore, their easy-to-use platform showcases graphs and visualization for a better trading experience.

Zebpay

Another crypto platform on our listicle has made quite a noise recently.

One of the hottest topics surrounding cryptocurrencies is the risk associated with their security. Zebpay ensures the highest level of security with the following measures:

Cold wallets signed using HSM on air-gapped machines store 98% of ZebPay’s crypto.
Third-party security testings
Use of firewalls so no third party or service provider can access it
Compliant with ISO, GDPR and Bitcoin Association Switzerland regulations

Furthermore, one of Zebpay’s most popular offerings is returns on Zebpay Earn. Customers can earn a fixed return just for holding the crypto in the account.

Top Budgeting Fintech Companies in India

With the rise in income levels, the demand for personal budgeting apps has grown immensely.

Here are some players that are answering that demand and providing value to users.

Money Manager

Money Manager is a budgeting app that allows customers to track all their expenses in one place.

It is based on manual input of expenses. As a result, customers do not have to link their bank accounts with the app. This provides much relief to customers who prefer not to link payment accounts due to security reasons.

Some of Money Manager’s top features are:

Easy reporting of the weekly, monthly and total budget
Option to save receipts and bill with expenses
Filters for all transactions
Embedded calendar so transactions can be viewed date-wise
Visualization with charts and graphs
Doubt entry booking to track savings, insurance, loans, etc.

Monefy

A listicle on top fintech companies in India would not be complete without a budgeting app like Monefy.

Today, almost every transaction is made through a different mode of payment. Herein, a budgeting app becomes a necessity for reporting. Monefy helps its customers track money by breaking them down in an intuitive and understandable way.

In fact, this helps customers identify their spending patterns and start effectively saving funds. Moreover, customers can group expenses under a pre-existing category or create their own.

Crowdfunding Fintech Companies in India

Ketto

Ketto is one of the leading fintech companies in India when it comes to crowdfunding. They charge a 0% platform fee and 55 lakh+ donors.

It allows customers to start a fundraiser after providing just a few details Thereafter, they can choose to share the fundraiser with their entire social circle and more. Once the funds are raised, they can be directly withdrawn to the bank account.

Ketto has very easy-to-manage tools and accepts all popular payment methods. In fact, it has the highest success rate of any fundraising platform in India. Additionally, it also has a smart dashboard and a 24×7 expert advice hotline.

Milaap

Another popular crowdfunding platform in India, Milaap was founded in 2010 with the aim of raising funds for important causes.

Milaap charges a 0% platform fee and allows people to donate to any cause easily. Donors can choose to refine their search by checking out causes that need urgent help or can help in tax savings. Moreover, they can choose to filter on the type of cause they wish to support.

Another interesting offering by Milaap is the Lending feature. Apart from donations, donors can also choose to lend money to people or organizations in need.

Neobanks Fintech Companies in India

One of the most popular sectors of fintech companies in India, Neobanks has been all the rage lately.

In fact, the global market value for neobanks is expected to grow to 2.05 trillion U.S. dollars by 2030⁷. Let’s have a look at some of the players making waves in India

Related Read: Top Neobanks in India

Slice

One of the latest unicorns in India, Slice is one of the fastest-growing fintech companies in India. It uses Banking as a Service to offer credit card services in the most user-friendly way possible. It offers cashback of up to 2% on every transaction.

Furthermore, Slice simplifies transaction tracking through an easy-to-use dashboard. Moreover, no annual, hidden or joining fees. Customers can also choose to split the bill between each other by adding tags or taking notes.

Jupiter

Jupiter and neobanks in general are the new talks of the town. It aims to provide banking that keeps pace with the modern customer.

Here are some of Jupiter’s main offerings:

Customers can create multiple financial goals. Once they meet those goals. They are eligible for rewards.
Moreover, they can quickly move money with no pesky fees involved. Smart notifications allow customers to keep an eye on their spending and earnings.
Furthermore, customers can get a Jupiter debit card as well that has no annual charges and a 1% reward on purchases.

FAQs on Top Fintech Companies in India

What are the top 10 fintech companies in India?

Here is a list of the top 10 fintechs in India, according to valuation

Paytm
PhonePe
Pine Labs
Policy Bazaar
Cred
Zeta
Billdesk
Digit Insurance
Groww
ET Money

Apart from that, India has a lot of businesses that are being touted as soon-to-be unicorns. This includes companies like Cashfree Payments and CredAvenue.

How many fintech companies are there in India?

There are over 2000+ fintech companies in India. Moreover, 1800+ of these fintech companies are startups.

Additionally, 42% of the fintech companies in India are based in Bangalore and Mumbai.

What are the unicorn fintech companies in India?

There are a total of 20 unicorn fintech companies in India.

Bharat Pe
CoinDCX
CRED
Digit Insurance
Five Star Business Finance
Groww
Chargebee
Zeta
Paytm
Policybazaar
PhonePe
Pine Labs
Billdesk
Razorpay
CoinSwitch Kuber
MobiKwik
Acko
Mensa
Upstox
Slice

Moreover, 11 fintech companies in India became a unicorn in 2021.

Who regulates fintech companies in India?

Any organization offering fintech services needs to be registered with the RBI. No NBFC can start a business without obtaining registration from RBI under section 45-IA of the RBI Act.