Top Indian Fintechs actively increasing in India
Fintech, short for financial technology, is essentially an economic industry comprised of businesses that use technology to improve the efficiency of financial services. Individuals primarily use them to aid in mobile payments, insurance, cryptocurrency and blockchain technology, stock trading, digital lending and credit, budgeting, and other activities. Tech-focused startups and other new market entrants are upending the way the financial services industry operates.
The Indian Fintech enterprise has proven large boom over the past few years. India is steadily turning into a hub for many Fintech startups, the outstanding names in the listing are Paytm, Pine labs, PayU, and Faircent. India has secured the 2nd function in the world with the biggest fintech startups. Government initiative towards promotion digitization of economic structures and cashless economic system has been useful in transferring patron focal point towards digital options for economic transactions and services.
In 2014, Paytm Wallet was the first Paytm payment tool. In 2017, the first payment app in India with 100 million downloads was released. The same year, Paytm Gold and Paytm Payments Bank were launched. Paytm Payments Bank was established in 2018, allowing retailers to receive UPI and Paytm payments directly into their accounts. Paytm Money was launched, and it quickly became one of the top SIP providers to the mutual fund market.
Bipin Preet Singh and Upasana Taku founded MobiKwik, an Indian fintech company, in 2009. Mobikwik, a smaller rival to firms such as Paytm, filed papers in July for a Rs 1,900 crore initial public offering (IPO). This included a new Rs 1,500 crore issue as well as an offer for sale (OFS) for another Rs 400 crore. On October 7, the market regulator SEBI approved the IPO plans.
CoinDCX was founded in 2018 by Sumit Gupta and Neeraj Khandelwal with the goal of bringing more Indians into the crypto sector. CoinDCX allows users to buy, sell, and trade bitcoin and over 250 other digital currencies. The platform has a lot of liquidity for quick order execution and unrestricted trading.
In June 2008, Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar founded PolicyBazaar in Gurugram. They are one of many fintech startups that have sprung up in Gurgaon. As of 2020, they had raised more than $650 million. The online platform began as a price comparison website and an information portal for learning about insurance and related programmes; it later evolved into an insurance policy marketplace.
PayU is a fintech company that offers an online payment gateway as well as payment solutions to merchants. When users visit a specific website or mobile app, the platform provides a seamless experience. It integrates a variety of gateways, including net banking, Visa and MasterCard, UPI, and wallets. PayU has integrated with industry titans such as Netflix, Myntra, and Cred to provide customers with unique payment solutions that allow them to choose any payment option on any platform or website. It also allows customers to accept payments from over 100 countries outside of India.