India is not only the third largest startup ecosystem in India, but it is specifically a hub for fintech startups as well. It has more than 2k companies and a very high fintech adoption rate around the world. With suitable demographics, a developing middle class, digital infrastructure activities, and many more favorable factors, India has become ‘the place’ to establish fintech startups.
Today let us look at some of the promising startups that are growing fast and making their presence matter in such a competitive field.
CredAvenue
CredAvenue is a Chennai-based startup founded in 2017. The company’s main goal is to look after the needs of investors and borrowers. There are five platforms of the company, CredLoan, CredCoLend, Plutus, CredSCF, and CredPool focused on facilitating the entire process of lending for both parties.
The company has had more than 700 investors, more than a million borrowers, and completed transactions worth more than $9 billion. This makes it one of the notable names on the list of rising fintech startups in India.
Cashfree Payments
To put it in simple words, Cashfree Payments provides a payment platform with features like wage payments, vendor payments, payment collections, e-commerce refunds, handling insurance claims, reward payments, loan disbursements, and more.
It started in 2015 and serves more than 100k merchants, including popular names like Zomato, Xiaomi, Tencent, and Cred. The company annually processes transactions worth $20 billion in total. The company reached a valuation of $200 million after receiving funding from the State Bank of India.
Zolve
The next name on the list of up-and-coming fintech startups in India is Zolve. It is neobanking company started in 2020 that launched its full-scale services in September 2021. Zolve provides immigrants bound to the US with high-limit credit cards, debit cards, and bank accounts based on their credit scores from their country. As of now, it works on the India-US corridor, but it strives to become a full-stack financial service provider offering insurance, loans in the pipeline, and instant remittance.
It has given out its credit cards to more than 2000 customers, secured funding of $40 million in a Series A round, and reached a valuation of $210 million.
GetVantage
GetVanatge was founded in 2019 as a platform providing growth capital to primarily-digital businesses. This included e-commerce entrepreneurs and many startups from India and Southeast Asia.
It is a technology-forward platform with an ML-based credit decision engine, a deal management system to analyze a company’s performance, and more. The startup’s website mentions that it has had funding tickets as high as $500k and has funded 100+ founders.
Smallcase
Smallcase offers an online trading platform with a skilled and licensed team of professionals with numerous portfolios for EFTs and stocks. This wealthtech platform also provides individual investment managers, brokerages, and more. Some of the popular leading stock brokers in India, like Upstox and Kite are supported by Smallcase.
It is one of the finest fintech startups in India; that was founded in 2015 and has more than 3 million users. It has total transactions of around $2.5 billion every year.
These were some of the startups that caught our eye. Do you know any such startups that are set to be ‘the next big thing’ in the fintech industry?