FinTech or fintech meaning Financial Technology is a fintech firm specializing in the growth of technology to support the banking and financial industries. In this article, we will be discussing the top 5 fintech startups in India in 2021.
Today we all avail of mobile banking which allows us to do all our banking transactions at our fingertips from our comfortable location. Other than that there are financial applications that help us to calculate the insurance premium quotes and EMIs as well.
Top 5 Fintech Startups In India
The advent of Fintech startups brought an important alteration in our economy and major changes to the way we make payments today. The payment system has revolutionized the way we all carry out our businesses. Here is a list of some FinTech firms that are making headlines in the finance sector and reaching out to several markets with their varied financial solutions.
Lendingkart is a financing company that operates online and was founded by Harshvardhan Lunia and Mukul Sachan in 2014. Lendingkart Finance provides company loans and working capital loans to small and medium-sized businesses across the country. They offer capital completely online, which is a fast process with very little documentation and no collateral necessary.
The aim of this entity is to make capital funding available at their fingertips so that entrepreneurs can fully concentrate on business other than thinking about their cash-flow loopholes.
MoneyTap is the first app-based credit line in India. MoneyTap was founded in 2015 by Kunal Verma, Bala Parthasarathy, and Anuj Kacker. This company provides fast mobile credit, small-medium cash loans, flexible EMIs, and competitive interest rates.
Any user who uses a smartphone and a PAN card can check his or her qualifying limit in less than fifteen minutes using the application. The whole procedure is fully paperless, with the exception of some crucial documentation required to confirm with the KYC regulations of the partner bank. The exciting part is the rate of interest is applied only to the amount the user borrows and not to your accepted capital as a whole.
In September 2012, Akash Gehani, Sampad Swain, and Aditya Sengupta co-founded Instamojo. This fintech startup accumulates fees, formulates free online stores, dispatches goods, receives loans, and more to increase your business.
Start-ups, micro-entrepreneurs, small and medium-sized businesses are using Instamojo to initiate, market, operate, and expand instantly, by availing their suite of services such as free online stores, payments, credit and finance, logistics, and more via mobile and web platforms.
Razorpay is a payment gateway in India that allows companies with its array of products to process, receive and disburse payments. It provides the users, access to all the modes of payment including Mobikwik, jioMoney, FreeCharge, Airtel Money, etc. It also allows credit cards, debit cards, UPI, and also net banking. This fintech startup was initiated by Shashank Kumar and Harshil Mathur in 2014.
Through this application, businesses get the ability to handle the marketplace, simplify transactions of money, exchange invoices of the clients, receive regular fees, and take the advantage of working capital loans from one single application.
Paytm was founded by Vijay Shekhar Sharma and is owned by One97 Communications and is authorized by the Reserve bank of India (RBI). Paytm has many partners such as BookMyShow, Uber, MakeMyTrip, Foodpanda, and many more. Its investors are Rowe Price, Ant Financial, AGH Holdings, SAIF Partners, Softbank, Berkshire Hathaway, Tand Discovery Capital, and many more.
Paytm Insurance is a completely owned subsidiary of One97 Communications Ltd (OCL) and has got a brokerage license from IRDA.
Fintech is booming that everyone thinks about presently, especially investors. The explosion of fintech entities and startups is not surprising. There are enormous fintech startups in Toronto and fintech startups in Nigeria as well. As the generation is moving more towards being tech savvy, evolution in the financial and banking sector is also taking place rapidly. This list of top 5 Indian fintech startups should help you evaluate the alterations in the field of finance and will offer you the information to keep an eye out for emerging top fintech companies 2021.