Fintech companies in India have seen rapid growth as pandemic has forced the adoption of digital financial services. According to KPMG’s Pulse of Fintech H1’21 report, India’s Fintech companies have raised $2 billion in investment in the H1’21 period, with digital payments leading the space followed by insurtech. Fintech broadly covers segments including Payments, Lending, Wealth Management, Insurtech, Neo Banking, Blockchain.

Below is the list of top Fintech companies we will cover in this post:

1. Payments:

  • Razorpay
  • Cashfree
  • Paytm
  • BharatPe
  • Cred

2. InsurTech:

  • Digit
  • Turtlemint
  • Plum

3. Wealth Tech:

  • Zerodha
  • Groww
  • Indwealth
  • Smallcase

4. Lending:

  • LendingKart
  • OfBusiness
  • Simpl

5. NeoBank:

  • Jupiter
  • Open
  • FamPay

6. BlockChain

  • WazirX
  • CoinDCX
  • CoinSwitch Kuber

In this blog, we will see in detail the different product offerings of the top fintech companies.


1. Razorpay

Razorpay was started in 2014 by Harshil and Shashank after they found the existing payment gateways to be cumbersome for integration. Razorpay began as a payment gateway solution that allowed businesses to collect payments online and has expanded into a full-stack financial product suite offering.

  • Razorpay payment gateway solution accepts all payment modes, including Credit & Debit cards, BNPL, Net Banking, UPI, and wallets.
  • RazorpayX enables businesses to open current accounts, automate payments and compliance, manage their finances with ease from a single dashboard.
  • Razorpay Capital offers collateral-free business loans for their merchants and cash advances to handle recurring cash needs.

Razorpay achieved Unicorn status in October 2020 when it raised $100M Series D Funding from GIC, Sequoia Capital, and few other investors. The company saw rapid growth due to pandemics and tripled its value to $3B in April 2021 when it raised $160M Series E funding from GIC, Sequoia Capital, and few other investors.


2. Cashfree

Cashfree started as a payment gateway in 2015, later in 2016 the founders Akash Sinha and Reeju Datta found the existing bank bulk transfer options to be clumsy and started building Payouts.

  • Cashfree enables businesses to collect payments through payment links and automatic reconciliation.
  • Payouts automate bulk transfers through their APIs to aby bank account/UPI/Wallet with automated reconciliation of failed transfers.
  • Cashfree provides an Account API that enables banking service integration into the product. The API provides various banking services like account opening, KYC, cash transfers.

Cashfree announced that it has recorded a 150% increase in active transacting merchants from July 2020 to July 2021 and merchant sign-ups have increased from 70,000 to 1,30,000 in the same period. In June 2021, State Bank of India has invested an undisclosed amount in Cashfree less than a year after the company has raised $35.3M Series B funding in November 2020 at a valuation of $200M.


3. Paytm

Founder by Vijay Shekar Sharma in 2010, Paytm started as a utility payment platform to pay DTH, electricity, broadband bills. Over time, Paytm went ahead building the following suite of products:

  • In 2014: Paytm Wallet - First Paytm payment instrument.
  • In 2017: India's first payment app to cross over 100 million app downloads. In the same year, Paytm Gold and Paytm Payments Bank were launched.
  • In 2018: Allowed merchants to accept UPI, Paytm payments directly into their account and launched Paytm Payments Bank. Launched Paytm Money - one of the largest contributors of SIP to the MF industry.
  • In 2019: Launched subscription-based loyalty program Paytm First and partnered with Citi Bank to launch Paytm First Credit Card.

Source: Wikipedia.

"Paytm Karo" has become a verb for Indian internet users describing P2P online money transfer. According to an IANS report, in FY21 Paytm’s GMV stood at Rs 4,033 billion – the highest in the payments industry. Paytm is planning to IPO to raise Rs.16,600 Crore($2.2B) as per the filled draft DRHP.


4. BharatPe

BharatPe was launched in 2018 by Ashneer Grover and Shashvat Nakrani with the vision of helping Indian merchants grow their businesses and to make them adopt digital payments.

  • BharatPe was the first player to build an interoperable QR code to accept payments from 150+ UPI apps with zero transaction fees.
  • BharatPe monetizes by lending unsecured loans to the merchants. The merchants are offered loans up to Rs.7 Lakh at 0% processing fees without any collateral.
  • In H2 2020, BharatPe launched BharatSwipe, a card payment acceptance machine.
  • BharatPe is the third-largest player in the private POS category and is planning to ramp the distribution further.
  • In August 2021, BharatPe has partnered with LenDenClub and forayed into consumer lending by launching a 12% Club app. 12% Club is a P2P lending platform that allows consumers to invest and earn up to 12% annual interest or borrow at a competitive interest rate of 12%.
  • BharatPe has more than 7 million merchants and has disbursed close to $300 million to merchant partners.
  • BharatPe is expected to launch new products and services as it is set to re-launch troubled PMC bank with its partner Centrum Group.

5. Cred

Cred was launched in 2018 by Kunal Shah, positioning itself as a platform for high credit worth individuals to manage their credit bills and receive rewards for bill payments. Cred is known for its customer acquisition strategy through unique marketing campaigns such as "Indiranagar Ka Gunda" during the recent IPL season.

  • Cred claims to improve the credit score of their users by providing a detailed analysis on their credit card bill spends and sending timely bill payment reminder notifications.
  • Cred RentPay - Members can pay monthly recurring rent from the CRED app and receive CRED coins for the rent paid.
  • Cred Stash - Instant credit loans at flexible terms and attractive interest rate.
  • Cred E-commerce - A marketplace to discover uniquely curated products within the Cred app.
  • Cred Pay - Launched in partnership with Razorpay and Visa, this feature allows customers to make payments using CRED coins on the partner platforms.
  • Cred Mint - Launched a P2P lending product in partnership with Liquiloans NBFC offering up to 9% returns

Cred claims to have 7.5M+ members on its platform and is valued at $2.2B.


6. Digit


Digit Insurance was founded in 2016 by Kamesh Goyal and received regulatory approval from Insurance Regulatory and Development Authority (IRDA) in September 2017.

  • Digit aims to simplify the insurance buying and claim process through its digital-first approach.
  • Some of the popular Digit insurance products include motor insurance, life insurance, jewelry, and flight delay insurance.
  • According to the company's transparency report, as of March 2021 it has 17 million customers with its major business coming from motor insurance followed by health & accident cover. During the pandemic, April 20 - March 21, the claim closure rate was 96%.

In July 2021, Digit insurance has raised $200 million at a valuation of $3.5Bn after becoming the first Unicorn of 2021.


7. Turtlemint


Turtlemint was founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai.

  • Turtlemint provides an online platform for individuals to compare and buy insurance at the best price.
  • Turtlemint empowers insurance advisors with digital tools that offer customized insurance product recommendations.  The tool helps advisors to sell different insurance products from the same portal. The tool also offers courses to educate them about various kinds of products.
  • According to the company blog, Turtlemint has served over 1.5 lakh active insurance advisors and sold over 30 lakh policies.
  • Turtlemint has created more than 1,20,000 micro-entrepreneurs with penetration in 16,000+ pin codes out of 19,000 pin codes in India and more than 1.5 million customers and onboarded approximately 80% of insurers.

Turtlemint is India's largest PoSP insurtech platform and has clocked 110% growth in the pandemic year.


8. PlumHQ


PlumHQ was founded in November 2019 by serial entrepreneurs Abhishek Poddar and Saurabh Arora with a mission to build insurance products for small size SMB teams that cannot afford huge premiums.

  • Most small organizations do not offer insurance covers to their employees as it takes a longer time to buy a policy.  Many insurers do not have customized insurance plans for small organizations.
  • PlumHQ aims to bridge this gap by helping small organizations to buy insurance products for their organization. SMBs can get insurance quotes within minutes by entering basic information about the organization, a number of employees, and the required insurance benefits.
  • Plum offers best-in-class health insurance covering pre-existing diseases and no limit on room rent or particular disease treatment.
  • Plum also provides a hassle-free insurance claim experience for the employees with an easy-to-use app interface and live 24/7 chat/phone/email support.

9. Zerodha

Founded by Nithin Kamath and Nikhil Kamath in 2010, Zerodha is the pioneer in the discount broker model and is the biggest stockbroker in India in terms of active retail clients. Zerodha has 6+ million active clients and contributes over 19% of all the Indian retail trading volumes.

  • Zerodha allows investors to trade stocks, futures&options, invest in mutual funds and bonds, gift stocks, apply for IPO through their powerful investment platforms.
  • Kite - Sleek investment and trading platform for buying, selling, analyzing, and managing your portfolio of stocks.
  • Console - Central dashboard for Zerodha account with in-depth reporting and analytics on trades and investments.
  • Coin - Mutual fund platform to buy mutual funds online directly from asset management companies without any commission.
  • Kite Connect - Trading APIs to build a trading platform with the ability to execute orders in real-time,manage user portfolios, stream live market data
  • Zerodha Varsity is a popular collection of stock market lessons with in-depth knowledge.

Zerodha is a bootstrapped unicorn without any venture capital funding.


10. Groww

Groww was started as a direct mutual fund distribution platform in 2017 by four Flipkart employees – Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh.

  • Groww added stock trading to their platform in the early half of 2020 and in the same year added digital gold, ETFs, Intraday trading, IPOs in quick succession to their product suite.
  • Groww allows users to open a free international trading account without any account opening or brokerage charges to invest in US stocks.
  • According to their company blog, Groww records more than 1.5 lakh new SIPs every month and has seen a meteoric rise with more than 1 lakh demat accounts getting added on a monthly basis, within three months of the launch.
  • Groww has achieved Unicorn status in April 2021 and their deal to buy Indiabulls housing's mutual fund is approved by the CCI.

11. INDmoney

INDmoney was founded in 2018 by Ashish Kashyap, who co-founded ibibo Pay. IND SuperMoneyApp helps users to organize money, recommends actions to increase savings using robo advisory engine.

  • INDwealth delivers private family offices, tax services, succession planning, and trust services as part of private wealth management offering.
  • The company allows customers to invest in India and US-listed stocks, mutual funds, fixed deposits, bonds.  The company also allows customers to buy cryptocurrency using the reward points earned by customers on the app.
  • The company provides loans against property, commercial property loans, and personal loans. The company has raised $58M in funding and reported that 60% of new users are from tier II and tier III towns this year, compared to 30% eight months ago.

12. Smallcase

Smallcase was founded in 2015 by Vasanth Kamath, Anugrah Shrivastava, and Rohan Gupta. Smallcase allows users to invest in a basket of stocks that track a theme or strategy created by experts.

  • Smallcase bridges the gap between Mutual Funds and PMS by providing the best of both worlds. The users can invest in a basket of stocks created by experts with low capital compared to PMS.
  • Smallcase provides a platform infrastructure for industry experts to create stock baskets. They have integrated with major brokerage firms allowing traders to invest in smallcases.  
  • Amazon made its first investment in wealth management space by participating in a $40Mn round investment in Smallcase as part of Series C funding and claims to have more than 3mn customers.

13. Lendingkart

Lendingkart is a a digital lending platform for SMEs founded in 2014 by   Harshvardhan Lunia and Mukul Sachan. Lendingkart Group compromises Lendingkart Finance Limited and Lendingkart Technologies Private Limited.

  • Lendingkart Technologies Private Limited has developed technology tools based on big data analysis which facilitates lenders to evaluate borrower’s creditworthiness and provides other related services.
  • Lendingkart Finance Limited unlike other NBFC's does not focus on the vendor’s old records to evaluate the credit risk profile of a potential client. The NBFC focuses on the client's current year’s cash flows and business growth to evaluate the credit risk profile.
  • The company's objective is to make capital funds available for clients so that they can focus on business instead of worrying about cash flows.

As per ET report, the company has doubled its profit to Rs 42 crore in FY 2020 and expanded the loan book by 80% to Rs 2,400 crore in the period.


14. Ofbusiness

OFBTech was founded in 2015 by Asish Mohapatra, Bhuvan Gupta, Ex Chandranshu Sinha, Nitin Jain, Ruchi Kalra, Srinath Ramakkrushnan, Vasant Sridhar.

  • OFB Tech (OfBusiness) provides a platform for SMEs to procure raw materials and offers collateral free credit.
  • OFB Tech uses technology to understand SMEs buying patterns to offer them better products at better prices.
  • Oxyzo, NBFC arm of OfBusiness  provides collateral free cash flow based credit for SMEs to procure raw materials and expand their business.

In July 2021, the startup has raised a funding of $160 million round at a valuation of $1.5 billion. As reported in the company blog, commerce contributes 55% of its total net revenue, lending, and SaaS have a pie of 43% and 2%, respectively.


15. Simpl

Simpl is a leading buy now pay later platform founded in 2015 by Nityanand Sharma and Chaitra Chidanand.

  • Simpl offers small tickets, easy credit at points of sale, and e-commerce checkout. The company aims to simplify the user experience of BNPL service and offers a one-click checkout for customers.
  • Simpl aims to address the credit supply limitation by offering small-size credits to the customer who does not have a credit history and has no possibility of acquiring a credit card.
  • Simpl uses various user's features and runs them through credit models before approving the credit.

Simpl claims to have partnered with 4500+ merchants and 7M users using their product.


16. Jupiter

Jupiter, a neo bank was founded by Jitendra Gupta who co-founded CitrusPay and served as managing director of PayU.

  • Jupiter provides products including savings accounts, investments, and lending services to its target audience.
  • Jupiter helps customers to autosave money to meet specific financial goals using Pots. The app also provides an easy view of money spent across categories.
  • Jupiter offers 1% cashback on UPI and debit card spends. Jupiter is focused on retail customers and launched "Bullet"(UPI now Pay Later) offering micro-credits for small UPI transactions similar to BNPL products.

Jupiter has raised $44 million from investors in Series B funding and is valued at $300 million.


17. Open

Open was founded in 2017 by Anish Achuthan and Mabel Chacko.

  • Open is a neo-banking product that allows businesses to collect payments, do bulk payouts, automate accounting. Open provides a better banking experience allowing businesses to manage all current accounts in single dashboard.
  • The platform also offers APIs for developers to integrate banking and payments into their business workflows.

Open serves over 1 million SME's in their platform. As per Entrackr's report, Open has raised around $62 million in Series C funding at a valuation of around $480 million.

18. Fampay

Fampay is a neo-bank for teenagers founded in August 2019 by Kush Taneja and Sambhav Jain.

  • Fampay aims to provide financial literacy to teenagers and help them to make better financial decisions in their later years.
  • Fampay allows teenagers to make online purchases using the mobile app. Fampay provides FamCard, a numberless prepaid card for offline transactions.
  • Famcard can be personalized and there is no fear of security issues as the card does not have number/CVV information printed in it.
  • Fampay provides discounts and cashback on certain brands. For every payment activity in the app, Fampay provides  Famcoins which can be exchanged for giveaways.

In June 2021, FamPay has raised $38 million in its Series A round making it one of the largest Series A rounds in India.


19. WazirX

WazirX was founded in 2017 by Nischal Shetty, Sameer Mhatre, Siddharth Menon.

  • WazirX is India's largest cryptocurrency exchange to buy, sell and trade cryptocurrencies such as Bitcoin, Ethereum, Litecoin.
  • WazirX launched the first auto-matching P2P (Peer-to-Peer) engine to help traders to convert INR to crypto and vice versa.
  • In November 2019, WazirX was acquired by Binance, the largest cryptocurrency exchange in the world. This will allow users to trade any digital asset available on Binance using USDT purchased from the WazirX marketplace.
  • In June 2021, WazirX launched NFT marketplace for non-fungible tokens (NFTs) to help creators across India trade digital assets such as artwork and music. NFTs are digital assets tracked on blockchain networks as proof that someone owns a unique virtual item.

WazirX has reported a 2648% growth in sign-ups from Tier-II and Tier-III cities of India and claims that over 7.3 million users have registered on the platform.


20. CoinDCX

CoinDCX was founded in 2018 by Sumit Gupta and Neeraj Khandelwal with an aim to bring more Indians into the crypto space.

  • CoinDCX allows users to buy, sell, trade bitcoin along with 250+ other digital currencies. The platform has high liquidity for instant order execution and limitless trading.
  • Apart from spot trading, CoinDCX allows users to trade crypto futures and earn interest by lending crypto.
  • CoinDCX launched DCXLearn, a educational platform to educate users on blockchain and cryptocurrency.
  • In August 2021, CoinDCX has entered the Unicorn club after raising $90 million in a Series C funding round. The company aims to expand its user base to 50 million users in upcoming years.

21. CoinSwitch Kuber

CoinSwitch Kuber was founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari.

  • CoinSwitch Kuber provides a simple app to buy, sell, trade 100+ cryptocurrencies like Bitcoin, Ethereum, Ripple.
  • CoinSwitch Kuber signed up around 1 million users within the first year of launch, inviting investments over ₹2,000 crores (20 billion INR).
  • CoinSwitch's trading volumes in the Indian market had increased 500% in a year by March 2020.
  • In April 2021, the company has raised $25 million at a valuation of more than $500 million. According to a recent report from the company, it claims to have hit 10 million registered users with an active user base of 7 million users.