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successful fintech startups in india

The Most Successful Fintech Startups In India

The Fintech industry in India is booming, and these top companies are leading the charge.
September 25, 2022

The demonetisation drive in 2016 is considered to be one of the most landmark moments which redefined India’s Fintech ecosystem as it was understood until then and put many local startups on map. The ban imposed by government forced citizens move exclusively towards digital payments or online transactions, leading them all over again for change with innovative ideas like mobile wallets popping up overnight.


Fintech is a rapidly-growing industry that was once considered just an experiment. The digitization of this sector has led to the success stories we know today, with many established companies making claims on their own turf and new startups rushing into subsectors where they think there could be opportunity for growth.


The rapid adoption of Fintech products in India is exceptional worldwide, with the country’s rate standing at 59%. This number significantly higher than the global average according to analysis by DataLabs by Inc42.


Here are the most successful Fintech startups in India:


Paytm Money

Launch Year: 2018

Key Investors: SoftBank, Alibaba, Berkshire Hathaway, SAIF Partners

In 2018, Pravin Jadhav collaborated with Paytm’s Vijay Shekhar Sharma to create a company that offers mutual funds. The product promises better returns than other financial products on their platform and they recently received approval from PFRDA for this new service too.

Headquartered in Bengaluru, Paytm Money has partnered with 40 AMCs (asset management companies) covering 100% of industry AUM. According to Jadhav the average SIP amount is reported at about INR 5K-6K per month but he stressed that this will vary depending on how much you’re willing to invest and where your money goes; 85 percent or more transactions happen under 500 dollars.



Launch Year: 2016

Total Funding Till Date: $27 Mn

Key Investors: Avana Capital, 3one4 Capital, India Quotient, Shunwei Capital

LoanTap is a company that helps customers choose and compare loans on consumer-friendly terms. They do this by offering customised products for salaried professionals as well as businessmen, such the option to have an instant loan from their online platform with flexible interest rates or monthly payments options included in every transaction processed through it.



Launch Year: 2015

Total Funding Till Date: 291,700,00

Key Investors: Flipkart

PhonePe is a company that offers both digital payments and other services such as bill pay to their customers. They have been ranked number one for UPI based on data released in August 2019 by the government of India.

PhonePe’s single app offers users the ability to send or receive money, make mobile recharges from credit card payments for utility bills (including electricity), shopping through online vendors like Amazon PrimeNow. All this is made possible by linking bank account with Phone Pe and using their unified platform that automatically handles all transactions.



Launch Year: 2015

Key Investors: Times Internet

ETMoney is a financial services company in India that provides solutions for consumers to protect themselves and their families. The app has over 7 million users, which makes it one of the most popular apps on mobile devices there. It also offers free investments through direct mutual funds as well low-cost loans with no fees or commissions involved at all (once again making this service more affordable than ever).



Launch Year: 2014

Total Funding Till Date: $216 Mn

Key Investors: Fullerton Financial Holdings, SBI, Bertelsmann India, Alteria Capital

LendingKart is a leading NBFC that provides SME loans to Indian companies in need of capital. They use big data analytics and other cutting-edge tools for quick decision making, ensuring efficient disbursal processes with minimal collateral requirements – all while maintaining high credit standards.


Capital Float

Launch Year: 2013

Total Funding Till Date: $118 Mn

Key Investors: Amazon India, Ribbit Capital, SAIF Partners, Sequoia Capital

Capital Float is a company with the mission to bridge what they see as an unnecessary credit gap for small and medium-sized enterprises. They offer flexible short term loans that can be used both purchasing inventory, or increasing cash cycles through new orders: all within 3 days. Borrowers simply need online access in order apply – there’s no paperwork needed whatsoever.



Launch Year: 2011

Total Funding Till Date: $105 Mn

Key Investors: B Capital Group, DSG Consumer Partners, Epiq Capital, Matrix Partners India

Mswipe develops point-of-sale (PoS) terminals for merchants. The company works with smartphones, tablets, computers, and links to bank accounts. Mswipe recently picked up $31 Mn in funding and looks to triple its base from 500K customers at the moment. Mswipe’s biggest advantage has been cheaper terminals than the competition, and the ability to work on limited internet connections, even 2G. This helps merchants and retailers in remote areas.



Launch Year: 2011

Total Funding Till Date: $51 Mn

Founders: Abhijit Bose, Bala Parthasarathy, Bhaktha Keshavachar, Sanjay Swamy, Shripati Acharya

The company launched the Ezetap card reader – a lightweight and affordable option for retailers to accept payments from customers on their smart devices. The second product they released in 2018 was called EzeSmart – this open platform enabled with GPRS services, Aadhaar pay and eKYC. 



Launch Year: 2010

Total Funding Till Date: $2.5 Bn

Key Investors: SoftBank, Alibaba, Berkshire Hathaway, SAIF Partners

Paytm is an Indian company that has produced two decacorns (companies worth more than $10 Bn). It was started by Vijay Shekhar Sharma in 2010 to create a digital wallet for India. Over time, he expanded into different segments such as payment gateway and investments with his business expanding across North America too.

Paytm had its turning point with the demonetisation in November 2016. After this event, their user base grew from 125 Mn users before to 185 million three months after – an increase by over 50%. Since then PayTm has continued growing and nows have even entered eCommerce through ‘Paytm Mall’.



Launch Year: 2009

Total Funding Till Date: $162 Mn

Key Investors: Sequoia Capital India, Net 1 UEPS Technologies Inc, GMO Payment Gateway

MobiKwik is an innovative financial services platform that has broken ground in the industry with its fast, easy and cost-effective loans. The company offers various products including digital wallets for stored value accounts as well wealth management solutions to protect your money from inflation or savings towards emergencies such a natural disasters.

Mobiciklw was one of few companies who disbursed loan amounts within 90 seconds providing customers quick access even without waiting days unlike other platforms where you have wait up until 30+ business days.



Launch Year: 2008

Total Funding Till Date: $346.6 Mn

Key Investors: Wellington Management, PremjiInvest, Tiger Global Management, Inventus Capital Partners

PolicyBazaar is a platform that provides transparent and accurate information about different types of insurance to consumers. They have two pillars: Reliability and Security, which are the reasons for their success in this industry. It offers tools which would not only suit consumers best for insurance but also compare products and choose the most viable option.

PolicyBazaar claims a 100% YOY growth, since its inception catering to more than 100 Mn consumers.


Fino PayTech

Launch Year: 2006

Total Funding Till Date: $58 Mn

Key Investors: Bharat Petroleum Corp, Blackstone, ICICI

Fino PayTech is a software company that provides banking solutions to the government and insurance industry. They offer customer enrollment, hardware solutions for banks with ATMs on site as well as operations support so  business can stay focused in an ever changing landscape of financial technologies.

Featuring: portable & stable data storage solutions for all  needs – from high traffic targeted markets to uniquely customized environments.



Launch Year: 2002

Total Funding Till Date: $70 Mn (India)

PayU is a Payments Company that provides payment processing to small and medium sized businesses. The company’s multi-functional mobile app allows them be able receive payments, manage inventory levels as well monitor business performance from customers or vendors all in one place.



Launch Year: 2000

Total Funding Till Date: $257.5 Mn

Key Investors: Clearstone Venture Partners, State Bank of India, Visa

Billdesk is the most comprehensive, easy to use platform for managing your bills. It takes care of everything from receiving them in one place and helping you remember when they need payment all while making it super simple pay without leaving.

When banks and merchants start offering recurring payments to their cardholders, Billdesk will be there for one-time enrollments. This is an example of how the company has evolved over time by incorporating new technology into its offerings so that it can better serve customers’ needs in today’s marketplace.


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