India is one of the world's leading fintech hubs, with a large and growing number of startups offering innovative financial technology solutions. In this blog post, we will explain the fintech industry and some of the top fintech companies in India that are worth keeping an eye on. From mobile payments to personal finance management, these startups are redefining how people interact with their finances.
Fintech Companies in India
The fintech industry in India is growing rapidly. According to the report by BLinC, India currently stands as the third-largest Fintech ecosystem in the world, behind the US and China. The overall size of the Indian Financial Services Sector in 2021 is estimated at $500 billion, and the Fintech market comprises $31 billion. The report also mentions, that in the next five years the Fintech industry in India is going to grow with a CAGR of 22%.
The Indian government is also supportive of the fintech industry and has taken steps to make it easier for startups to get started and operate. Overall, the future looks bright for the fintech industry in India.
Top Fintech Companies in India 
Below are some of the most successful fintech companies in India.
BharathPe is one of the leading mobile payment companies in India. It was founded in 2018 by Ashneer Grover and Shashvat Nakrani. The company's app allows users to make digital payments using their smartphones. BharathPe works with banks and other financial institutions to provide instant money transfers, bill payments, and other services.
Paytm is an Indian e-commerce payment system and digital wallet company. It was founded in 2010 by Vijay Shekhar Sharma and is headquartered in Noida, Uttar Pradesh. Paytm allows users to make online payments for utilities, such as mobile phone bills, electricity bills, gas bills, and water bills. It also allows users to book train tickets, movie tickets, and flight tickets. In addition to this, Paytm also has a digital wallet feature that can be used to make online payments or transfer money to others.
Cred, founded in 2018 by Kunal Shah, basically provides a mobile application for credit card bill payment. The app allows users to view and pay their credit card bills from their mobile devices. You can use the Cred app to pay your credit card bills, track your spending, and earn rewards. Cred offers cashback and rewards on your purchases.
Razorpay is a payment gateway company based in Bangalore, India. The company was founded in 2013 by Shashank Kumar, Harshil Mathur. Razorpay enables businesses to accept online payments through credit cards, debit cards, net banking, and digital wallets.
WazirX was founded in 2018 by Nischal Shetty, Siddharth Menon, Sameer Mhatre and WazirX allows users to buy and sell cryptocurrencies. The app has quickly become popular in India thanks to the surging popularity of cryptocurrencies in the country. In addition to buying and selling cryptocurrencies, WazirX also allows users to store their cryptocurrencies in a wallet on the app.
PhonePe was founded in 2015 by Sameer Nigam, Rahul Chari and Burzin Engineer. Phonepe is a digital payments platform in India that allows users to make instant, secure payments using their mobile phones. Phonepe also offers a wide range of other financial services, such as recharges, bill payments, and money transfers.
PolicyBazaar was founded in 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar. They offer an online marketplace for insurance products and help users to compare and buy insurance products from a variety of insurers.
ClearTax was founded in 2011 by Archit Gupta, Srivatsan Chari, Ankit Solanki, Raja Ram Gupta. ClearTax is an online tax filing and e-invoicing platform in India. It offers a range of services including online tax filing, GST compliance, e-invoicing, and more.
CoinDcx was founded in 2018 by Sumit Gupta, Neeraj Khandelwal. The CoinDCX app is one of the most popular cryptocurrency exchanges in India. It allows users to buy, sell, and trade cryptocurrencies like Bitcoin, Ethereum, Ripple, and Litecoin. The app also has a built-in wallet that allows users to store their cryptocurrencies securely.
Founded in 2016 by Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, Groww is an investing platform that helps users grow their investments by providing intelligent recommendations and tools to make the best investment choices. With Groww, users can track all their investments in one place, get personalized recommendations, and learn more about investing through articles and video content.
PayU is a financial technology company that offers payment gateway and payment solutions for online businesses in India. It is one of the popular payments partners for nearly 60% of the e-commerce merchants, including all leading e-commerce companies and a majority of airline businesses partners.
CoinSwitch Kuber was founded in 2017 by Ashish Singhal, Govind Soni, Vimal Sagar Tiwari. CoinSwitch Kuber is a digital currency exchange in India that allows users to buy, sell, and trade cryptocurrencies. They offer a secure and user-friendly platform for users to get started with cryptocurrencies.
Founded by Ravi Kumar, Kavita Subramanian, and Srini Vishwanath, Upstox offers a fast, reliable & easy-to-use trading platform for traders in the Indian stock market. They offer online stock trading, commodity trading, currency derivatives trading, mutual funds, and Demat account.
What is a fintech company in India?
A fintech company in India is a financial technology company that provides innovative technology solutions to financial institutions and consumers.
How Fintech Companies are Helping their customers?
In India, fintech companies are playing a major role in transforming the traditional banking and financial system by providing new and innovative products and services. These companies are using cutting-edge technology to provide convenient, affordable, and efficient financial services to their customers.
How many Fintech companies are in India?
There are more than 2,100 FinTech companies existing today, and this number is increasing day by day as the digital economy of India grows rapidly.
Which are the top fintech companies in India?