Financial Technology or FinTech is the amalgamation of innovative technological solutions and classic financial problems to expand the financial services market. FinTech has seen tremendous growth in the past decade and India has its fair share of startups jumping on the bandwagon. With 2174 active Fintech startups (as of June 2020), the Indian Fintech sector gained USD 1.47 billion in investments during H1 2020.
Here are the alive and kicking startups in FinTech that have managed big investments since 2018
KhataBook is a digital ledger app for entrepreneurs to replace the traditional Udhar Bahi Khata and assist them to manage their business and personal credits.
Latest Funding type- $60 million series B round in May 2020
Investor- B Capital Group
Earlysalary provides salary credits and instant cash loans and provides a smart risk scoring system. These loans are similar to salary/cash advances or credit card cash withdrawal.
Latest funding type- $1.2 million Series B round in May 2019
Investor- Chiratae Ventures
Setu is a fintech API infrastructure provider that connects regulated financial institutions to other companies that wish to offer financial services to their customers.
Latest funding type- $15 million Series A in April 2020
Investor- Lightspeed Venture Partners and Falcon Edge Capital
Recko AI-powered reconciliation of digital transactions & keeps track of the complete business lifecycle for organizations.
Latest funding type- $6 million series A in April 2020
Investor- Vertex Ventures Southeast Asia and India
Homecapital is a tech firm converged on helping people buy their first home with down payment assistance at zero interest cost.
Latest funding type $1 million Seed round in December 2019
Investor- Venture Catalysts
KredX is an online invoice discounting marketplace for Small and Medium Enterprise lending.
Latest funding type- $26 million Series B in December 2019
Investor- Tiger Global Management
Kaleidofin is based on a neo bank start-up that provides complete financial solutions for excluded individuals and households.
Latest funding type- ₹360 million Series A round in December 2019
Investor- Oikocredit International
Indian payments company BharatPe empowers merchants to accept UPI based payments for free via Bharat QR.
Latest funding type- $75 million Series C round in February 2020
Investor- Coatue Management and Ribbit Capital
Headquarters- New Delhi
Just to highlight our process here, this list is neither exhaustive nor does it represent larger investments in now-defunct startups. We also want to highlight that in Q1 2020, India even beat China in the total investment in Fintech. With an adoption rate of 87% in Fintech, where the Global adoption rate is 64%, India will continue to be the battleground for FinTech startups for some time. Until that time, get your FinTech startups ready and funded.