Top 10 Indian startups in Fintech
1. Cashfree Payments
Cashfree Payments is a Bangalore-based payment and banking technology company that was founded in 2015. It offers a complete payment platform that assists businesses in collecting and sending money, including payment collections, vendor payouts, wage payouts, instant loan disbursements, e-commerce refunds, insurance claims processing, expense reimbursements, loyalty, and rewards payments. Cashfree Payments serves over 100,000 merchants annually, including Cred, Zomato, Xiaomi, and Tencent, and processes over $20 billion in payments. The company operates in eight different countries, including the United States, Canada, and the United Arab Emirates (UAE).
2. CredAvenue
CredAvenue, based in Chennai, was founded in 2017 and is a leading online lending specialist. The company operates five main platforms to meet the needs of both borrowers and investors: CredLoan is a business lending platform; CredCoLend is a co-lending partnership origination platform for banks and non-banking financial companies (NBFCs); Plutus is a bond issuance and investment platform for institutional and retail participants; CredSCF is a supply chain platform, and CredPool is an end-to-end securitization and portfolio buyout platform. To date, the company has facilitated $9 billion in transactions and has worked with over 1,500 institutional borrowers, 750 investors, and 1 million end-user retail borrowers.
CredAvenue is backed by notable investors such as Sequoia Capital and LightSpeed Venture Partners. The company raised a US$90 million Series A equity funding round in September 2021, valued at US$410 million.
3. GetVantage
GetVantage, based in Mumbai, was founded in 2019 and is a financing platform that provides growth capital to digital-first businesses such as e-commerce entrepreneurs and startups in India and Southeast Asia.
GetVantage evaluates and forecasts a company’s future revenue performance using a proprietary machine learning (ML)-based credit decision engine and a deal management system, and then provide a term sheet based on its findings. According to its website, funding ticket sizes can range from the US $5000 to US$500,000.
So far, the startup has funded over 100 founders, including e-commerce and direct-to-consumer (D2C) brands. According to the Digital Fifth, GetVantage has raised $5 million in funding.
4. Hyperface
Hyperface, founded in 2021 and headquartered in Bengaluru, is the creator of a card platform designed to simplify credit card issuance for fintech and e-commerce companies. The company provides customizable software development kits (SDKs) and application programming interfaces (APIs) to customers to allow them to design credit card programs and manage the entire customer experience, from know-your-customer (KYC) requirements to loyalty programs, allowing businesses to launch credit card programs in a matter of weeks. Hyperface raised US$1.3 million in October 2021, which it plans to use to strengthen its tech platform, launch card programs, and hire and grow.
5. Mahila Money
Sheroes is a women-only social network based in Delhi. Sheroes Money is the digital banking arm of Mahila. Mahila Money offers small business loans and other financial services to women and female microentrepreneurs. The funding tick sizes range from US$135 to US$2,693. No collateral or co-guarantor is required, and the application process is entirely online.
Since its inception last year, Mahila Money has grown to a community of over 150,000 women and formed alliances with banks and NFBCs such as Transcorp, Visa, My Shubh Life, Avail Finance, and Shivalik Bank.
6. Multipl
Multipl, founded in 2020 and headquartered in Bengaluru, offers a mobile app that allows users to invest their savings in mutual funds and other market instruments for future expenditures.
Multipl also collaborates with lifestyle brands to offer customers exclusive deals on travel, jewelry, bikes, home furnishings, career courses, electronics, and other items. Furthermore, it has a loyalty program that rewards customers with Mbits when they reach certain savings milestones, which can be redeemed for over 200 brands such as Amazon, Myntra, and Jio-Saavn.
The app had over 10,000 downloads on the Google Play Store as of November 2021, and users had set savings goals totaling more than US$3.33 million.
7. Onsurity
Onsurity, a health tech startup founded in 2020, provides monthly, comprehensive employee healthcare to small and medium-sized enterprises (SMEs), micro-businesses, startups, and growing businesses.
TeamSure plans from Onsurity include benefits such as group health insurance, discounts on medicine orders and health check-ups, fitness rewards, doctor teleconsultation, and much more. Subscription plans are available to contractors, interns, and consultants in addition to full-time employees.
According to the company, it serves over 1,000 SMEs, startups, and emerging businesses. It raised US$16 million in a Series A round in August 2021.
8. Smallcase
Smallcase, founded in 2015 and headquartered in Bangalore, is a wealth tech startup that offers an online trading platform. The company employs a team of licensed professionals who provide investors with over 100 portfolios of stocks and exchange-traded funds (ETFs). It also provides access to independent investment managers, brokerage firms, and wealth management platforms.
Smallcase works with a dozen of India’s leading stock brokers, including Upstox and Kite.
The company has over 3 million users who transact over $2.5 billion annually. In August 2021, it closed a US$40 million Series C funding round, bringing its total funding to more than US$65 million.
9. FPL Technologies
FPL Technologies, based in Pune and founded in 2019, is a fintech startup specializing in consumer credit. The company launched OneScore in 2019, a digital credit score platform that provides free credit score checks and personalized insights. It launched OneCard in 2020, a credit card that works in tandem with a mobile app to allow customers to lock their card, manage their features and active services, pay their bills, and more.
In January 2022, FTP Technologies closed a US$75 million Series C funding round at a post-money valuation of US$750 million. The round brought the startup’s total funding raised to US$125 million.
10. Zolve
Zolve, a neobanking startup founded in 2020, focuses on migrant workers. The startup currently serves the India-US corridor, providing immigrants bound for the US with access to bank accounts, high-limit credit cards, and debit cards based on their home country credit score while they are still in their home countries.
Zolve aspires to be a full-stack financial services provider, with the instant remittance, insurance, and loans in the works.
By October 2021, the startup had reached 2,000 customers with its credit card. Zolve closed a US$40 million Series A funding round in October 2021 at a valuation of US$210 million. top 10 Indian startups in Fintech
