With digitization leading us toward a cashless economy, Fintech startups have made it possible for customers to avail virtual financial services that are easily accessible, cheaper and quicker. New startups are emerging at a fast pace to enhance the quality of banking and other services, not just for the consumer, but also for organizations.
Pine labs
The unicorn makes point of sales (POS) machines and has tie-ups with more than 70000 retailers in India, including Pantaloons, Westside, and Shoppers Stop. POS machines help merchants process payments done through credit cards and debit cards, keep track of sales, and streamline the processes of the business. Marquee investors, such as Sequoia Capital and New Atlantic Ventures have invested in this Noida-based fintech.
CRED
It is a rewards-based credit card bill payment platform. CRED lets users pay credit card bills, keep track of their credit score, make regular house rent payments, and provides short-term credit lines. Based in Bangalore, CRED supports credit card bill payments for American Express, Standard Chartered, Citibank, HSBC, HDFC, ICICI, SBI, AXIS, RBL, PNB etc. The platform supports VISA, MasterCard, American Express & RuPay cards. Investors like Sequoia Capital India, Ribbit Capital, DST Global, and Alpha Wave Global have invested in CRED.
ScoreMe Solutions
ScoreMe Solutions is an analytics software company offering automated tools and solutions to financial institutions for paperless credit appraisal. Some of the key offering from ScoreMe include Bank Statement Analyzer, Data Aggregation, GSTR Analysis, Financial Statement Analysis, Credit Monitoring, ITR Analysis, etc. Analytics software tools help in assessing the financial health of the borrower and speed up the loan disbursal process. These products help mitigate and manage risks, optimize processes and operations, etc. ScoreMe works with banks, retailers and corporations alike, including Rupee Boss, Fin-heal, NAFA, Leyland Finance, Micro Capitals Pvt. Ltd, Mahindra First Choice, Loan Bazaar, UCO Bank, Union Bank of India, etc.
Oxyzo Financial Services
It is an SME Lending platform based in Gurgaon. Oxyzo offers customized credit solutions to small and medium enterprises to help expand their operations. Oxyzo currently serves over 3000 SMEs across India, disbursing around Rs. 4000 crores per annum, and has over Rs. 2000 crores in assets under management (AUM). Major investors in the fintech include Alpha Wave Global, Matrix Partners India, Tiger Global and Norwest.
Paytm
The ubiquitous digital payments & wallet app offers services like bill payments and money transfers. It provides mobile payment services to consumers and enables merchants to receive payments through its QR code, point of sale and online payment gateway. Paytm also offers micro-loans and short-term financings like BNPL to its consumers and merchants. It is based in Noida, and has teamed up with more than 2 crore merchants across India. Warren Buffett’s Berkshire Hathway paid $300 million (Rs 2,179 crore) in September 2018 for a 2.6 per cent stake, valuing the start-up at $10 billion. Other investors in the firm include Saama Capital, Elevation Capital, Alibaba, etc.
Policy bazaar
Policybazaar is a Gurgaon-based insurance aggregator and global financial technology firm. Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar launched the company in June 2008. It offers a digital platform (website and app) through which users can compare insurance products and other financial services from major insurers. It is India's largest insurance aggregator and has expanded its operations to the United Arab Emirates. Tiger Global, SoftBank, Inventus Capital, and Steadview Capital are among the company's notable investors.
Digit
Digit is a digital general insurance firm based in Bengaluru founded by Kamesh Goyal and funded by the Fairfax Holdings, Faering Capital, and TVS Capital, among others. Car insurance, travel insurance, house insurance, commercial vehicle insurance, and store insurance are among the main services it offers.
Slice
Headquartered in Bengaluru, Slice is an app-based credit card issuer founded in 2016. Its customers can also avail of payment and credit solutions such as no-cost EMI coupons and emergency cash loans. The Slice card, the company's main product, competes with traditional credit cards by offering no yearly or hidden fees. The fintech is backed by Tiger Global, Gunosy Capital, Blume Ventures, etc.
Billdesk
BillDesk, a B2B fintech, is a Mumbai-based online payment gateway startup. Clients use the company's online payment platform to conduct banking and merchant website transactions. Bill Desk keeps track of invoices, notifies customers of due dates, saves the trouble of writing checks and standing in lines, and allows customers the freedom and power to make their payments with just one instruction to their bank. The firm is backed by TA Associates, General Atlantic, SIDBI VC, etc. PayU purchased the business in 2021.
Zeta
Zeta is a Bengaluru-based fintech startup that offers businesses online banking solutions. The company provides a cloud-based, full-stack neo-banking platform that allows banks and financial institutions to offer modern retail and corporate fintech solutions. Omni Stack created for financial institutions covers debit, credit, prepaid, loans, authentication, fraud, and risk management (FRM). The fintech is baked by Mastercard and SoftBank.
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