7 Fastest Growing and Successful Fintech Companies in India

Fintech stands for financial technology, and it plays a vital role in the global economy. Earlier, every financial task was performed on paper only; it was considered the safest medium. But with technology development, lots of platforms have been developed for financial transactions. Individuals primarily use apps that help in mobile payments, budgeting, insurance, and blockchain technology, cryptocurrency, stock trading, digital lending and credit, and much more. Let’s look at top fintech companies in India.

Top Fintech Companies in India

1. MobiKwik

MobiKwik is one of the finest Indian fintech companies. In 2009, Bipin Preet Singh and Upasana Taku founded it. Its headquarter is in Gurugram. As we know that MobiKwik provides an e-wallet service in which you can make online payments, mobile recharges, DTH recharge, mobile transfers, online shopping, and much more.

It has a unique feature in which you can add up to INR 50,000 to your MobiKwik wallet and use the same to recharge mobile, pay bills, and shop across multiple channels. You can use that money to make partial payments for ticket reservations and pick up cash for bus ticket booking.

Before demonetization, they charged 4% for a non-KYC compliant user and 1% fee for a KYC (know your customer) compliant user. But after demonetization, they made money transfer from wallet to bank account free. They have huge popularity as more than 100 million people are using them. Even if you are a Non-KYC compliant user, you can transfer INR 1000 to INR 20,000 to the bank account. Once your KYC is done, you can add up to INR 1,00,000 to the MobiKwik wallet.

2. Pine Labs

Pine Labs provides POS software solutions to offline brands and retailers. It is a Gurugram based fintech platform, started by Rajul Garg, Lokvir Kapoor, and Tarun Upadhyay in 1998. Initially, they started offering a loyalty solution along with smart card-based payment for the petroleum sector. After that, they tried their hands in POS software for offline retailers. Pine Labs’s advance ‘Plutus PoS is a cloud-based software solution that can easily be integrated into a generic POS terminal to enable retailers to accept debit and credit cards, QR codes, e-wallets, and UPI-based payments.

Pine Labs provides multiple tools such as
Reporting and analytics
Marketing tools,
Payment gateway API solutions
Mobile payment solutions (via my Plutus),
Loyalty and gift card programs,
Value-added solutions like EMIs, pay by points, discounts, loyalty solutions, e-wallets, and others.

Pine Labs is one of the top fintech companies in India; their mobile application is available on Android and iOS. Moreover, it can be used for targeted promotions, dynamic currency conversion, and more.

3. Cred

Cred is an initiative of FreeCharge’s founder, Kunal Shah. The purpose behind cred is to make credit card bill payments simpler, and it also rewards you whenever you make a timely payment. This app requires users’ phone numbers to verify their credit scores with Cibil, Experian, and CRIF.

4. Capital Float

Gaurav Hinduja and Sashank Rishyasringa founded Capital Float. It is a Bangalore-based digital finance company. Capital Float aims to provide term loans and working capital loans to small businesses through credit underwriting and technology-led loan origination. It extends loans that range from INR 1 lakh–INR 1 crore with terms within 1 – 12 months. Capital Float’s loans are based on CIBIL score, expected receivables, cash flows, financials, and bank statements. You can apply for the loan online, and once the loan gets sanctioned, it gets disbursed to your bank account. It has some reputed partners like Paytm, Uber, and Shopclues.

5. Financial Software Systems (FSS)

In 1991, this Chennai-based fintech venture was founded. Financial Software Systems aims to provide electronic payment and financial transaction processing solutions and services. This System records all financial activities that occur within your business organization.

It offers various products such as

Card management,
Merchant management,
Mobile payments,
Financial inclusion,
Messaging middleware, and
Value-added solutions.

Not only they offer above-mentioned products but also offers software services that include

Systems integration,
Offshore development,
Project management and implementation, and
24/7 global helpdesk support services.

Financial software has been divided into two segments

Financial management (money management): It provides banking, income flow, investing, and planning tools
Tax software: The software presents importing tools, preparation of tax forms, and the e-filing of your taxes.

6. Lendingkart

In 2014, Lendingkart was founded by Harshvardhan Lunia and Mukul Sachan. Now, it has become one of the top fintech companies in India. It offers loans to fulfill SMEs’ working capital needs. These loans are swift and collateral-free with the least paperwork. It operates in more than 1300 cities, and till 2020 it has disbursed loans of more than INR 3,500+ crores. Its funding partners comprise

Aditya Birla Capital,
Saama Capital,
Mayfield Fund
Bertelsmann India Investments (BII),
and Darrin Capital Management.

It also owns access to a massive amount of data from data partners spread all over the country. Its data partners provide distinct information about the vendor: educational qualification, family background, reputation, market competitiveness, etc. Let’s see how it works.

How does Lendingkart work?

It does marketing through print releases, referrals, and news releases.
SMEs or vendors go to Lendingkart’s website to apply for the loan.
Appliers have to put complete information and upload relevant documents.
Once the uploaded documents get verified, the analytics team at Lendingkart generates two codes through machine learning systems.
Based on codes, a decision to provide the loan or not is generated, and the amount gets decided if the loan gets approved.

The whole process takes around just 4 hours.

7. Paytm

Paytm is one of the most popular fintech companies in India. It is the largest payment company in India, which was founded in 2010. Paytm allows its users to multi-source and multi-destination payment solutions. It enables users to make payments free of cost from any bank account to another bank account. More than 8 million merchants have accepted this

payment solution.

Vijay Shekhar Sharma is the founder of Paytm and is held by One97 Communications and is licensed by RBI. It enables users to buy physical and digital goods and pay for bill payments, DTH plans, and mobile recharges. Let’s see how it works

1. Firstly, you need to create a Paytm account by adding your mobile number and email ID.

2. You will be getting three options – a)net banking, b) debit card, or credit card – to add money into your ‘Paytm Wallet.’

3. You can transfer money to anyone by choosing the ‘pay or send’ option.

4. You can pay to other users or bank accounts on Paytm by scanning a QR code.

5. You can further transfer money to other Paytm users via their phone number.

Conclusion

In this blog, we have learned about the top 7 fintech companies in India. These companies are making it easier for users and merchants to make payments and transfer money. I hope you find this blog useful.

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