Inc42 And IAMAI Release List Of 30 Emerging Fintech Startups In India

Inc42 And IAMAI Release List Of 30 Emerging Fintech Startups In India

Inc42 And IAMAI Release List Of 30 Emerging Fintech Startups In India

The Startups Are Selected On The Basis Of Innovation, Total Funding, Yearly Revenue/ Expense Trends And More

Fintech as a sector in India is growing at a rapid speed. Post demonetisation, the impetus Indian fintech startups have gained has placed the Indian fintech ecosystem on the global charts. A report by NASSCOM forecasts the Indian fintech software market to touch $2.4 Bn by 2020, from the current $1.2 Bn.

As suggested on Make In India blog, in 2015, there are over 12,000 fintech startups across the world with a massive investment of $19 Bn. This indicates the opportunity the fintech startups are leveraging in the country.

Further, smartphone penetration is likely to witness an upsurge – from 53% in 2014 to 64% by 2018. This represents an opportunity for fintech startups to reap the rising opportunity in different niche segments.

Thus, in order to recognise the efforts of the fintech startups in India, Inc42 and IAMAI collaborate to release a list of the Top 30 Emerging Fintech Startups in India.

The selection of these fintech startups have been based on the following factors:

  • innovation,
  • total funding (should be less than or equal to Series A),
  • revenue and expense trends,
  • reach of the startup in terms of client in India and global scale,
  • experience and educational background of the founder(s), and
  • any intellectual property right amongst others

Here Are The Thirty Emerging Fintech Startups Across Six Sector

Emerging FinTech Startups In Micro-Lending Category


Rubique, a financial online matchmaking platform was founded in 2014, with a vision to fulfil every financial aspiration in the simplest, shortest and speediest way possible through a wide range of loan, credit card and insurance products. Built on an AI-based recommendation engine, Rubique’s online credit marketplace platform has been integrated with financial institutions’ systems for real-time processing and providing online approvals to the customers.

I2i Funding

i2i is a peer-to-peer (P2P) lending platform that connects verified borrowers with retail lenders. i2i provides alternative investment option to Investors and affordable loans to Borrowers, who can use loans for gamut of reasons like purchase of consumer durable, debt consolidation (i.e. repayment of credit card debt etc.), medical expenses, education expenses, cash cycle optimization etc.  Apart from providing end to end loan services, i2i diligently uses unconventional data points of a borrower like education, employment, transactions, salary, social network etc and not just solely dependent on CIBIL score for lending recommendations. This helps an Investor in a greater understanding of borrower’s riskiness which leads to better credit decisions.

Shubh Loans

Bengaluru-based Datasigns Technologies Pvt. Ltd runs the fintech platform Shubh Loans. Shubh Loans helps borrowers generate proprietary individual credit score using traditional and secondary data points. The Datasigns lending partners use this credit score for lending. Datasigns claims that, since its launch, over 60K customers have built their credit score using Shubh Loans.


Loan Tap follows an agency-based collection model and allows users to make flexible single and bulk payments of loans. Users can avail products ranging from regular EMI-based loans, EMI free loans, to personal line of credit. Borrowers can also choose custom-made loan products like overdraft facility, credit card takeover loans, rental security deposit loans, advance salary loans, and consumer durable loans. The loans are disbursed directly through its in-house, RBI-registered NBFC to ensure a transparent pricing structure. The company combines customer portal, loan origination, loan processing, loan management and accounting at one platform.


RedCarpet provides instant credit scoring and enables purchase financing using advanced AI. Users can avail instant credit for online purchases, they can buy any product from any site and pay back in easy instalments.

It majorly acts as an EMI/instalment payment platform for students for their online purchases in ecommerce, travel, etc.


Mintifi claims to be India’s first online lending platform on the mission of achieving financial empowerment for small and medium businesses. It provides loans and other simple lending solutions to SMBs in the fastest and easiest way possible and looks beyond their credit score. The founders started with the dream of simplifying lending in the country and are using data-driven tools to create a smooth, affordable and transparent lending experience.


EarlySalary is a mobile-first lending platform. It provides salary advances and instant cash loans and provides a smart risk scoring system. These loans are similar to salary/cash advances or credit card cash withdrawal.

The credit scoring is done coupled with social profiling which gives a better risk assessment and helps go beyond financial underwriting and IndiaStack. It has also developed its ‘Underwriting System’ which is a self-learning, algorithm-based decision-making system. The system reviews social media in real-time as well as Credit Bureau data of customers and helps approve the loan.

PayMe India

PayMe India offers an option of ‘Advance’ salary to the salaried employees, to help with short-term funding requirements. As mentioned on its website, PayMe India has developed an exclusive lending programme for the corporate employees of organisations that are partnered with them for Advance Salary. Under the Corporate Cash Advance lending programme, employees of any partnered organisations can borrow up to a whopping 50% of their net monthly income, payable against the following month’s salary.


Simpl is an online payment instrument that allows customers to make purchases and settle payments online. It is a data-driven, mobile-first platform that works by reducing the payment flow to a single tap, therefore improving the client’s product experience, and giving users a payment model that’s faster and more convenient than wallets or cards. Instead of having the make payments individually, customers can choose to pay just one bill, with all the online purchases added up.

Paisa Dukaan

PaisaDukaan is a P2P lending marketplace platform wherein borrowers can take loans from individual investors who are willing to lend their own money for an agreed upon interest rate.
The mission is to provide the clients with the finest financial platform to create a smart way of lending or borrowing money in a transparent way.  It’s a part of Bigwin Infotech Private Limited which is a startup duly recognized by Department of Industrial Policy and Promotion (DIPP), Government of India.

Emerging FinTech Startups In SME Lending Category


ORIGA is the first company in the alternative financing ecosystem with respect to asset leasing for high growth business models. ORIGA Leasing was started with a core philosophy of ‘Access to Finance’. The company provides alternative financing through its asset leasing solutions to high growth companies across segments such as healthcare, sanitation, waste management, alternative energy, manufacturing and service-oriented businesses. It focuses mainly on leasing of assets which generate revenues for its clients. For this, it has developed a highly innovative solution of Asset Life Cycle Management (ALCM) that helps its clients conserve their capital for working capital and marketing while ORIGA takes care of their assets in totality

Cash Suvidha

Cash Suvidha offers business loans to small and medium enterprises (SMEs), micro small and medium enterprises (MSMEs), and women entrepreneurs as well as personal loans to individuals. The loans will cater to financing SMEs and individuals particularly in Delhi NCR, Bengaluru, Pune, Hyderabad, Mumbai, and Rajasthan. In an official statement, the company also claims to have attained break-even and hit profitability.

Emerging Fintech Startups In Insurance Category

PolicyX is an insurance comparison portal helping consumers compare, choose and buy policies online. It provides health, motor, life, travel and corporate insurances from a wide range of insurers. The objective is to find users the best plan and a great deal on it. It claims to run complex algorithms to find plans that fit users requirements and return them relevant features and quotes within seconds.

Gram Cover

GramCover is a tech-enabled insurance marketplace for rural India. It is focused on development and brokerage of rural insurance products to farmers. It aims to reduce costs and increase penetration in rural areas by leveraging technology and innovative distribution approach. It leverage the power of JAM (Jan Dhan, Aadhar and Mobile) stack to onboard its customers in rural sector thus bringing the efficiencies and low transaction costs. It also claims to have access to the extensive data sets and strong underwriting capabilities to help insurers and corporates to develop innovative and highly personalized insurance products.

Emerging Fintech Startups In Personal Finance Category


It is estimated that more than 200 Mn households in India have no access to formal savings, insurance and investments. Kaleidofin aims to tap this vast segment of informal sector customers and offers tailored financial solutions using intelligent algorithms to suit their investment needs.

The startup also leverages the full India stack to provide customer and product partners with a seamless integration to the platform, including eKnowyourcustomer (eKYC), eSignature (eSign) and Electronic National Automated Clearing House (eNACH). The startup is currently working through strategic partnerships with the leading non-banking financial companies (NBFCs) and financial institutions


FinMitra is a fintech company which enables financial freedom to mass-market Asian Customers.  It provides multi-lingual, automated advisory and transactions in all five major areas: Investments, Spending, Borrowing, Tax Optimization and Insurance. The customer gets an automated and holistic view of the customer’s finances, suggests automated financial decisions and effortless implementation. Currently, it offers goal based investing, online KYC and investments platform.


Wizely founders aim to combine the best technologies and innovative design thinking to create a banking experience that is engaging, elegant, fun and rewarding. It allows customers to develop a disciplined savings habit to achieve their goals in the simplest and least intrusive way and further aims to change the way Indians bank in the emerging digital age.

Trendlyne Technologies

Trendlyne offers a new platform to financial markets where it provides a Flipboard style business news feed and interactive charts and analytics. It is currently operating in beta phase.

Trading Bells

TradingBells aims to make trading easy, accessible and transparent for retail investors by leveraging cutting edge technology and automation. It is among the few players to offer high leverage of up to 22x on equity and up to 7x on commodity trading, as well as free trading and Demat accounts opening with zero balance for customers.


Founder(s): Aditya Singh, Jonathan Bill, Ashish Doshi

Founded In: 2016

Based In: Mumbai

Category: Online Lending

Total Funding: $1.58 Mn

Stage: Seed

CreditMate is an online lending platform focussed on the used two-wheeler market in India. It has a technology-based credit engine, which uses data-driven algorithms that allows assessing customers’ viability for loans quickly, as compared to the traditional lending solutions.


Eduvanz Financing aims to make education universally accessible by providing easy, transparent and speedy financial assistance using innovative technology solution. It fosters partnerships with established educational institutions to enable management of study loans and facilitate the repayment of the Loans. The process is transparent and collaborates with various Educational Institutes.


Kuvera is a data driven investment and financial planning website running in beta phase. It aims to offer solutions around fund selection, goal planning, tax optimisation, rebalancing, in a transparent and unbiased way.


Wealthy is built on the main idea of providing online wealth management in a simplified manner, built from the ground, up with a focus on the needs of customers. With tax saving as their first offering, the founders claim to help investors save tax and complete the entire process in less than 3 minutes. It works on the basic concept that every taxpayer can save INR 1,50,000 under section 80C and calculates the available tax savings through a simple and interactive interface. After analysing the amount that can be invested, the user is given choice to invest the whole amount or a part of it across three algorithmically selected tax-saver mutual funds.

Emerging Fintech Startups In Digital Payments Category


Numberz is simplifying running the business (cash-flow) by integrating business workflows with banking services. According to its official website, the startup offers business owners a common-sense approach to cash flow management. A web/mobile platform, it works with the small businesses to create estimates, invoices, track receivables & payables, reconcile accounts amongst other things.

ePay Later

ePayLater offers a “Buy Now, Pay Later” facility to users for purchases done through online and offline merchants. Through its offering, the company provides users a greater, convenience, security, and ability to organize and pay for purchases in a more effective manner. With this innovation, ePayLater would bring Digital Credit in the hands of most consumers. It aims to completely change the way digital consumer credit is handled in India.


FTcash provides seamless solutions for micro-merchants to accept payments through multiple payment instruments including debit cards, credit cards, and mobile wallets. It additionally also provides short-term loans to these merchants.


Payswiff was formerly Paynear Solutions and was rebranded in December 2017. Payswiff Solutions, offers an omnichannel payment solutions platform in India that can be operated through a single application. Payswiff’s proprietary technology platform enables omnichannel payments which is device and platform agnostic. It enables merchants, ISOs and Banks to accept payments through point-of-sale (POS) terminals, app-based or any new-age payment solutions. ‘PayswiffOne’ the company’s flagship plug and play payments solution encompasses multiple forms of digital payments either in-store or at home-delivery by accepting Cards, Net banking, Bill payments, Wallets, UPI, EMI, Rewards and Loyalty points. The platform is multi-lingual and can be ported and deployed rapidly in the new international geographies, seamlessly. Payswiff has till date deployed POS devices across 600+ locations across India.

Emerging Fintech Startups In Technology Category


Moneytor is looking to automate and digitise all the processes related to debt collection, post a consumer or organisation defaulting on their loans. This is a major hurdle that most financial institutions and organisations with business receivables face as they strive to get a defaulter to pay back while trying to maintain a consistency in communication, especially when outsourcing to third-party agencies. Moneytor is leveraging machine learning and proprietary algorithms to make the currently fragmented stressed receivables market more efficient, improve default recovery rates and, in the long run, be able to price such portfolios correctly.


CoinGeto is one of India’s most advanced digital assets exchange. It’s the first complete exchange supporting multiple cryptocurrencies/ tokens on a single platform. It aims to simplify buying/ selling of bitcoins & Ethereum. The platform makes it easy to trade cryptocurrency with Indian rupees and with easy 3 step transfer process. Proprietary trading engine, wallet and platform architectures, grade A security, user-centric UI/UX, and tons of user-demanded features are some of the things which define CoinGeto.


OptaCredit makes use of a hybrid approach wherein as part of its core strategy to scale, it retains a certain percentage of the loan assets generated via its platform on its balance sheet as it has a lending license. It has deployed machine learning algorithms on various customer data-sets which help analyse and capture complex patterns in repayment data. This helps the startup in making better credit decisions eventually leading to lower portfolio delinquency rates without negatively affecting approval rates.

This list of the Top 30 Emerging Fintech Startups In India has been curated by Inc42 Datalabs, the research and analytics wing of Inc42 Media along with IAMAI. Inc42 Datalabs works to provide a deep understanding of the startup economy through data-backed analysis and reports.

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