FinTech is an abbreviation for Financial Technology, and fintech companies specializing in technology development and promoting the banking and financial industries.
The payment system has altered how we all do business. Today, we all have mobile banking on our phones, which allows us to conduct all of our banking transactions from the comfort of our homes or anywhere else. Financial applications are also used to calculate EMIs and insurance premium quotes. Fintech startups have brought about significant changes in our economy as well as major changes in how we make payments.
Here are a few FinTech companies that are making waves in the financial sector and reaching out to different markets with their innovative financial solutions.
Lendingkart was founded in 2014 by Harshvardhan Lunia and Mukul Sachan as an online lending platform. Lendingkart Finance provides small and medium-sized businesses in India with working capital loans and company loans. They provide capital entirely online, in a quick and painless process that requires little documentation and no collateral. The company’s goal is to make capital funding available at their fingertips so that entrepreneurs can focus on their businesses rather than worrying about cash flow gaps. They are currently located in Ahmedabad, Bangalore, and Mumbai, but they work all over India.
Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar founded PolicyBazaar in Gurugram in June 2008. Policybazaar.com has grown to become India’s largest insurance aggregator and a global fintech leader. The online platform began as a price comparison website and a learning resource for insurance and related programs. It later evolved into a marketplace for insurance policies. Fees paid for the promotion and advertisements of insurance providers on the organization’s website generate revenue for the organization.
Instamojo was founded by Sampad Swain, Akash Gehani, and Aditya Sengupta in September 2012. To help you grow your business, Instamojo collects fees, creates free online stores, ships goods, obtain loans, and more. Microentrepreneurs, start-ups, small and medium-sized businesses, use Instamojo’s suite of services, including payments, free online stores, logistics, credit and finance, and more, to start, market, run and expand their businesses instantly via mobile and web platforms. Instamojo provides personalized business tools to help a company grow online.
Razorpay is an Indian payment solution that helps businesses receive, process, and disburse payments through its suite of products. It allows you to use any payment method, including JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money, and PayZapp, as well as a credit card, debit card, net banking, UPI, and common wallets. Harshil Mathur and Shashank Kumar founded it in 2014. Businesses can use a single platform to manage the marketplace, simplify money transactions, and receive regular fees, exchange client invoices, and access working capital loans.
Vijay Shekhar Sharma founded Paytm, which is owned by One97 Communications and is regulated by the RBI. Uber, BookMyShow, Foodpanda, MakeMyTrip, and others are among Paytm’s many collaborators. Softbank, Ant Financial, AGH Holdings, SAIF Partners, Berkshire Hathaway, T Rowe Price, and Discovery Capital are among its investors. IRDAI has granted Paytm Insurance a brokerage license. It is a wholly-owned subsidiary of One97 Communications Ltd (OCL).
This list of top Indian fintech startups should help you understand how the finance industry is changing and give you insight into how to spot upcoming top fintech firms.
0 thoughts on “5 Indian Fintech Startups Making a Spike in the Finance Sector”