Top 7 Fintech Startups in The Indian Startup Ecosystem

The year 2017 so far has been very good for the startup ecosystem in our Country. Especially the Fintech startups have seen tremendous growth and are expected to grow more in the second half of the year. We have rounded up 10 fintech startups of India who have grown monumentally since their inception.

1. FINO Pay Tech:
Founded in 2006 FINO PayTech is a business and banking technology platform who are set to launch their own payments bank and have already received the final approval from RBI. They raised Rs. 400 crores from domestic investors in a bid to reduce its foreign shareholding for the final clearance from RBI. There last round of investments was possible after Bharat Petroleum bought 21% stake in the company for Rs. 251 crores. ICIC Prudential Life Insurance and ICICI Lombard General helped raise the remaining Rs. 149 crores.

2. Paytm: 
In one of the largest funding rounds by a single investor, Paytm raised $1.4 billion from Japanese telecom major SoftBank to increase the number of registered customers. This move came after the demonetization of Rs. 500 and Rs. 1000 notes. Launched in 2010, Paytm is the consumer brand of parent company One97 Communications that deals with electronic payments based out of Delhi NCR.

3. MobiKwiki:
Never one to stay put, MobiKwik also made use of Demonetization improve their standing alongside Paytm. In a recent interview, Mobikwik cofounder Upasana Tapu announced that they are looking to raise $150 million at a valuation of $1 billion to become the second fintech unicorn company in India. MobiKwik was founded in 2009 by Bipin Preet Singh and Upasana Tapu. It is a mobile phone based payment system and digital wallet.

4. ItzCash:
Initially launched as a one of its kind largest nonbank entity that offers prepaid cash cards, Itz Card has grown to become a leading holistic payments solutions company. The United States based SaaS company in May this year acquired an 80% stake in this Mumbai based company with an investment of $123 million. ItzCash provides services such as prepaid cards, digital wallets and corporate disbursements in 3000 cities. They have over 75 million consumers and approximately 6,00,000 transactions per day. They are also partnered with Visa, Mastercard, HDFC Bank, Kotak Mahindra Bank and RBL Bank.

5. MoneyTap:
This fintech startup seeks to provide small loans to salaried and self-employed individuals through its money lending app platform. Founded in 2015 by Bala Parthasarathy, Anuj Kacker, and Kunal Varma, this fintech raised $9 million from Sequoia India in a Series A funding round. The total capital raised by the company increased to $12.3 million after this latest investment. In 2 years the startup has a presence in 14 cities across India and plan to increase it to 50 cities soon.
 
6. LendingKart:
Based in Ahmedabad and Bengaluru, Lendingkart is a lending platform for small and medium enterprises (SMEs.) Founded in 2014 by Harshvardhan Lunia and Mukul Sachan, they don’t connect borrowers and lenders but rather finance the business loans from their own books. This Fintech startup has raised $7.8 million in debt from YesBank to strengthen its loan books and expand operations to 3 Tier cities. They have disbursed over 11,000 loans to over 7,500 SMEs till date. They claim loan application processes take only 15 minutes and loans are disbursed in three days.

7. Capital Float:
Founded in 2013, Capital Float is another lending firm operated by Zen Lefin Pvt., Ltd. This fintech startup was cofounded by Stanford University alumni Sashank Rishyasringa and Gaurav Hinduja. They provide loans to small businesses via a tech led loan origination and credit underwriting platform. Chennai-based financial company IFMR Capital Finance invested $2.5 million in this online lending platform along with its alternative investment fund by allotting nonconvertible debentures. This latest raise takes the total capital raised by the company to $ 9 million.

If you think there are some other startups that we missed out, let us know in the comments section. You can even write to us at info@startupstories.in