India is among the most competitive FinTech apps markets on the planet right now. Along with China, it has attracted the most investment in the market. Two major government-led missions, one for financial inclusion and the other for Digital India are propelling innovation. Though it may be difficult to transform India into a fully cashless economy due to the country’s large population and dispersed geography, digital payments have expanded rapidly, thanks to the rapid growth of mobile and e-commerce penetration. A new world of financial services has found a place to prosper in a country where cash has traditionally been the preferred form of transaction.

It’s best to continue with confidence while keeping an eye on some of the bigger names, as there’s always the opportunity to benefit from their successes and occasional missteps.

What is Fintech and How Does it Work?

Fintech is seen as a potentially transforming force in the Indian economy, from digital banks to payment wallets, UPI applications, online banking, digital lending, and insurance. Simply placed, fintech startups operate at the convergence between finance and technology, assisting in the improvement of existing processes and the streamlining of digital payment and transaction delivery chains. It has revolutionized eCommerce, hyperlocal shipping, online services, and more, in addition to improving payment fulfilment rates.

Fintechs’ Expansion of Services

Fintech companies have been branching out into new areas such as banking and wealth management in recent years. Customers, distributors, and insurers, for example, are also interested in the insurance market. Fintech applications, on the other hand, are systemically transforming corporate processes. Banks are now forming alliances with fintech companies to cut costs and reduce dependency on legacy networks. Consumers will also profit from mobile insurance options in a variety of ways.

Top Fintech Apps Developments Will Prevail in 2021 and Beyond

Fintech applications are used for a variety of uses, including personal finance, crowdfunding, money lending, savings, money transfer, and P2P (peer-to-peer) lending. Fintech applications were created by both financial startups and well-established financial institutions to meet a variety of needs. 

  • With digital payments, lending, and savings, fintech has become a transforming force in the Indian economy.
  • India has the second-highest penetration rate for fintech goods in the country, at 59 per cent.

Now that we have a better understanding of demand (and where the real money is), we will move on to the top 20 fintech apps to watch in 2021.

1. Paytm

It is India’s largest payment firm, established in 2010, and provides customers with multi-source and multi-destination payment solutions. They encourage customers to send money from one bank account to another without incurring any fees, i.e. there are no fees. Its advanced payment systems have been used by over 8 million retailers.

Vijay Shekhar Sharma formed Paytm, which is owned by One97 Communications and is authorized by the RBI. Users can shop for both physical and digital products, as well as pay for DTH plans, bill transfers, and smartphone recharges, using the Paytm app.

To use Paytm, you must take the subsequent steps:

  1. Sign up for a Paytm account with your phone number and email address.
  2. You will finance your ‘Paytm Wallet’ with one of three methods: net banking, debit card, or credit card.
  3. Using the ‘pay or give’ option, you can send money to someone.
  4. Paytm allows you to scan a QR code to send funds to other people or bank accounts.

2. Razorpay

Razorpay is a Bangalore-based company that works on the payment requirements of entrepreneurs and small businesses. The app allows merchants to easily collect, process, and disburse money to and from their sellers. Harshil Mathur and Shashank Kumar created it in 2014. Its service is used by thousands of customers because it helps an online company to receive, process, and deliver digital payments through different methods such as debit cards, credit cards, net banking, UPI, and prepaid digital wallets. It is one of Bangalore’s largest fintech firms.

3. MobiKwik

Bipin Preet Singh and Upasana Taku founded MobiKwik, an Indian fintech firm, in 2009. Gurugram is the company’s headquarters. MobiKwik is a digital wallet that provides a range of features including telephone and internet purchases, phone and DTH recharge, mobile transactions, online shopping, and more. Therefore, users can store up to INR 50,000 in a MobiKwik wallet, which can be used to recharge cell phones, pay bills, and buy through several networks. For seat reservations and cash pick-up for bus fares, their users may also use the partial payment feature.

Sequoia Capital, NET1, and GMO Investment Partners are among MobiKwik’s investors. MobiKwik has made it free to move money from your wallet to your bank account after demonetization. They used to bill 4% for a non-KYC compliant user and 1% for a KYC (know your customer) compliant user before demonetization. They currently have over 100 million users in India, with many more on the way. However, non-KYC users can send money to their bank account in amounts ranging from INR 1000 to INR 20,000. You can store up to INR 1,00,000 in your MobiKwik wallet until your KYC is finished.

4. Instamojo

Instamojo was founded in September 2012 by Sampad Swain, Akash Gehani, and Aditya Sengupta. It began as a digital payment service provider and has since evolved into a dynamic online marketplace for micro, small, and medium-sized companies to launch, run, and expand their businesses online. Instamojo’s MojoCapital assists in the distribution of small short-term lending loans worth up to $2 million. MojoCapital mainly represents its merchants monthly, and it has seen a forecast increase of 25% month after month.

5. PolicyBazaar

PolicyBazaar is an insurance information source that allows users to compare policies from different insurers based on factors such as price, cost, and main benefits. It allows consumers to compare insurance plans and pick the better or most appropriate scheme.

Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar formed PolicyBazaar in Gurugram in June 2008. They are just one of the many fintech companies that have sprung up in Gurgaon. The website started as a price comparison portal and a content source for learning about insurance and related services.

PolicyBazaar has partnered with insurance providers, allowing it to obtain details directly from insurers such as costs, payout, and policy coverage for customers to evaluate. They do not charge the client anything for their services. So, the company’s money derives from the premiums it receives for insurance firms’ publicity and advertising stints on its website.

6. Lendingkart

It was created in 2014 by Harshvardhan Lunia and Mukul Sachan as an online lending platform. Thus, Lendingkart offers SMEs (small and medium-sized enterprises) working capital loans that are simple, collateral-free, and require minimal paperwork. In India, they are a leading fintech firm.

It has access to a massive amount of information from partners all over the world. It’s India’s few leading fintech firms. These data partners provide Lendingkart with such a wealth of information about providers, such as educational credentials, personal background, reputation, and market competitiveness.

What’s the deal with Lendingkart?

  • Lendingkart uses referrals, press releases to promote itself.
  • SMEs or sellers apply for a loan on Lendingkart’s website.
  • They must provide the correct details and submit the appropriate documents.
  • Lendingkart’s analytics team uses machine learning systems to create two codes after the documents are checked.
  • Using these codes, a decision is made on whether to accept the loan or not, and the amount is calculated if the loan is approved.
  • The best thing about it is that it only takes 4 hours to complete. The same procedure will take weeks or months in a bank.

7. PineLabs

Pine Labs is a fintech company located in Gurugram which provides PoS (Point of Sale) software solutions to offline retailers and brands. It was founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay. However, they initially proposed smart card-based payments and loyalty solutions for the petroleum industry. The firm then introduced an interactive point-of-sale (PoS) machine. Thus, the company’s ‘Plutus PoS solution’ is a cloud-based software that enables retailers to accept debit and credit cards, e-wallets, QR codes, and UPI-based payments via a single POS terminal. Pine Labs does have an Android and iOS app that can be used for personalized advertisements, interactive currency transactions, and other stuff.

8. Cred

Cred has been introduced by Kunal Shah, the creator of FreeCharge. The app is programmed to make it easy to repay credit card bills and also to reward you for doing it and on time. The app needs your mobile number to check your credit rating with Cibil, CRIF, and Experian. We’ll be checking up on this up-and-coming fintech company in India.

9. Capital Float

Capital Float, a Bangalore-based fintech firm, was created by Sashank Rishyasringa and Gaurav Hinduja to provide cash flow and term loans to small businesses through an innovation loan origination and credit management network. However, it offers loans varying from INR 1 lakh to INR 1 crore, with repayment periods ranging from six to twelve months. To decide which loans are eligible, cash balances, expected receivables, financials, CIBIL score, and financial records are used. Therefore, individuals will apply for the loan electronically, and if authorized, the funds will be deposited into their bank account.

If you buy from well-known corporate customers, you may borrow up to 80% of the value of an outstanding invoice and repay only after you receive payment from your customer. Thus, ShopClues, Paytm, and Uber are only a handful of the firms with which the organization has worked.

10. Shiksha Finance

Many people can be excellent teachers, but educational institutions’ exorbitant tuition rates prevent them from doing so. They provide students with short-term loans to pay their tuition fees. The loan amount varies between INR 15,000 to INR 40,000 and must be repaid within 6 to 10 months. So, the loan sum for a school or college can be somewhere between INR 1,00,000 to INR 70 lakh, and it can be paid back in 6 months to 5 years. Jacob Abraham founded it in 2014.

11. Credit Mantri

Credit Mantri is a credit facilitator that uses data and technologies to help people make smarter financial choices. It was created in 2011 by Ranjit Punja, Gowri Mukherjee, and Rajasundaram Sudarshan. However, it provides an Equifax credit score and is one of the Reserve Bank of India’s four authorized credit bureaus in India. Someone in need of credit will build a credit profile on CreditMantri’s website, and they’re using it to apply for loans and credit card offers that are based on it. Thus, CreditMantri uses Equifax scores to analyze a person’s credit history.

12. M-Swipe

M-Swipe is a Mumbai-based company that provides software and payment tools to merchants. It works for all kinds of bank accounts, so merchants don’t have to create a bank account for their devices. In 2011, Manish Patel invested in the business.

13. Financial Software Systems

A Chennai-based financial company was established in 1991 and provides goods and services for electronic payments and financial transaction management all over the world. Therefore, the Financial Information Systems keep track of all financial transfers within a corporation.

Card administration, merchant management, electronic payments, communications middleware are among the company’s offerings. FSS also provides software services such as systems engineering, offshore growth and delivery, and a global helpdesk that is available 24 hours a day, 7 days a week. There are two types of financial applications available:

  • Money accounting (financial management): It also includes methods for managing banking, cash flow, saving, and planning.
  • Tax software: This software offers tools for importing info, preparing tax forms, and e-filing the taxes.

14. Active.AI

Active can support both traditional and non-traditional banks and financial institutions. The ideas of AI. It was formed in 2016 by three Indians, Ravishankar, Shankar Narayan, and Parikshit Paspulati, with a lab in Bangalore. Primary AI’s focus is the banking industry, which is active.

15. Finly

Finly is a tool that allows businesses and startups to monitor and analyze their expenditures. It simplifies the method of vendor billing, and collection automation, in addition to cost management. It develops financial applications to help corporations save both money and time. Vivek AG first sounded it in 2015.

16. Ezetap

Abhijit (Bobby) Bose and Bhakta Keshvachar founded Ezetap, which provides smart technological payment solutions to businesses and financial institutions. So, through plugging a card reader into the device’s headphone socket, the company develops and sells a portable point of sale (PoS) solution that transforms mobile devices into PoS terminals.

17. MoneyView

Sanjay Aggarwal and Puneet Agarwal, two IIT mates, formed Money View in 2014. Money View is a credit lender that also assists in financial planning. However, it helps users in personal financial management, helping them to keep track of their daily finances and offering loans ranging from INR 10,000 to INR 5,00,000. Therefore, the program uses SMS to provide the customer with a view of their bank balance, money spent, and income dues.

18. GoalTeller

Goal Teller, a financial planning website created by Vivek Banka in 2020, helps users to create their financial plans. This is the most recent fintech on the list. Overall, Goal Teller is a B2C fintech startup that specializes in investment strategy.

19. ePayLater

Akshat Saxena, Aurko Bhattacharya, and Uday Somayajula formed ePayLater. ePayLater is indeed a Fintech business that delivers credit at the point of sale. It helps customers to check out easily by encouraging them to make an order with only one click of the mouse. It’s a “Buy Now, Pay Later” choice that offers consumers an instant credit cap and helps them to finish purchases quicker.

20. PayKun

Five Gujarati friends, Nikunj Yadav, Prashant Kambad, Vijay Yadav, Deepak Dabhi, and Nirav Solanki, formed PayKun. It was established in 2018 with the ultimate aim of improving the digital payment system’s convenience and security. However, PayKun is an online payment integrator that allows retailers to use their preferred payment gateway. For sellers, this is a cost-effective and secure choice. It also does not require any technical expertise on the customer’s side.


A few years back, getting a loan or borrowing money from the bank was highly difficult. There were several laws, wait times, and paperwork headaches, to name a few. However, this has encouraged fintech startups to enter the market, bringing with them resources and benefits that enable them to push the limits of traditional business models. While digital loans can be obtained via mobile applications and paperless applications, fintech firms have also created technologies such as the credit line.

Startups bring a lot of thought into their goods and other company practices, but they always ignore one critical aspect: finance. It is important to adequately control one’s finances. You can’t run a company without worrying about it. You may also hire an App development agency through Supersourcing, an online marketplace that connects brands with validated IT experts and agencies to make the development process simpler. So, this selection of the top Indian fintech startups can help you understand emerging financial developments and identify which fintech to keep an eye on in India.