Major Players in Indian FinTech Industry

 

                            Major Players in Indian FinTech Industry

There are 6,636 FinTech companies in India which play a crucial role in fulfilling the financial needs of underserved population of India with its wide range of services. Top 11 FinTech companies in India and their part in transforming finance sector are given below.

1)     Paytm (pay through mobile)

Paytm founded in 2000 by Vijay Shekhar Sharma, provides consumers and sellers with payment, banking, lending, and insurance services. This company offers online transactions such as mobile recharges, utility bill payments, travel, movie, and event bookings, in-store payments at grocery stores, restaurants, parking, tolls, pharmacies, and educational institutions.

2)     Lendingkart

This company was founded in 2014 by Harshavardhan and Mukul Sachan as a digital lending platform for SMEs. Lendingkart uses data analytics tools and machine learning algorithms to assess customer creditworthiness, identify risks, detect fraud, and disburse loans within 72 hours.

3)     PhonePe

One in three Indians uses the PhonePe app to send money, recharge, and pay bills in just a few clicks.PhonePe also offers a wide range of financial services, including insurance, investments, and lending.

4)     Pine Labs

Pine Labs provides a comprehensive merchant platform for both online and offline businesses. It offers a suite of solutions including point-of-sale systems, online payment gateways, and prepaid/gift card programmes. This fintech company helps businesses digitize commerce, process payments, manage offers, and access financial services like merchant financing and payouts.

5)     Moneytap

Moneytap founded in 2015 by Bala Parthasarathy, Kunal Verma, and Anuj Kacker provides instant collateral free personal loans up to Rs.5 lakhs through its mobile app and by collaborating with banks and with the loan period ranging from two months to three years.

6)     Instamojo

This company brings together small businesses online and provides simple-to-integrate payment solution that enables businesses to collect payments online. The company has over 5,00,000 sellers on its platform.

7)     Razorpay

Razorpay is an online Payment Solution platform in India that provides businesses with a quick, safe, simple, and secure way to accept and disburse payments digitally.

8)     Shiksha Finance

Shiksha Finance provided loans to educational institutions for asset creation, working capital, and infrastructure development and to students for their school fees. Study loans and Asset Finance are the two main products of this company.

9)     ZestMoney

ZestMoney is a digital lending company which do not consider the credit history of the borrowers while lending loans. The AI-based Machine Learning Decision Engine of the company evaluates the borrower’s credibility and lends him money.

10) Policy Bazaar

This company is India’s leading insurance product aggregator and market place. Policy Bazaar was founded in 2008 to compare insurance policy prices and provide insurance related information. Now, the company also offers services like policy cancellation, renewal and settlement of claims.

11)  InCred

InCred is a Non-Nanking Financial Corporation (NBFC) that provides personal, education, home, and MSME loans. This company uses technology to improve data analytics and risk management.

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