According to a recent report titled Indian Fin-tech Products — Innovation Driving Growth, fintech services market from India is worth $68 billion and is expected to grow 1.7 times by 2020. In 2015, the fintech sector generated revenues of $1.2. With over 400 companies including more than 200 startups, India is rapidly emerging as a fintech products hub. The following are 10 most popular fintech companies in India.
Paytm is the largest mobile commerce platform in India. It started by providing mobile recharge and utility bill payments. Today, it offers a full marketplace to users on its mobile apps. The company’s investors include Sapphire venture, SAIF Partners, Alibaba Group, Art Financial and others. Paytm has more than 100 million wallet users and transactions carried out by these users are more than 75 million per month.
MobiKwik is a large independent mobile payments network that connects about 25 million users with 50,000 retailers. The company enables its customers to discover retailers (e-com websites, brick-and-motor, telcos, billers, m-com apps) and pay them with a single tap. MobiKwik boasts of about 17 million mobile wallet users. Its investors include Sequoia Capital, American Express, Cisco Investments and Tree Line Asia.
Lendingkart is a credit evaluation platform that helps small businesses and entrepreneurs with working capital finance. It uses big data scoring and analytics to evaluate a customer’s business. Last year, the company raised $10 million from Mayfield Fund, Saama Capital, Shailesh Mehta, and Ashvin Chadha.
4) Capital Float
Capital Float is an online platform that offers working capital finance to SMEs. It provides flexible and short-term loans that can be used to service new orders, optimize cash cycles or purchase inventory. Burrowers apply online; choose desired payments terms and get funds in their bank account in one week with minimal hassle.
Faircent is among the pioneers in the peer-to-peer lending marketplace for loans. With their partnerships and technology platform, they enable lenders and borrowers to interact amongst themselves to adopt a mutually agreeable rate for their transactions.
Mswipe offers mobile payments services to enterprise clients. The company also allows merchants to accept plastic card payments through phones, thus getting rid of the cost of integrating POS. At present, the company has over 30,000 merchants, which include McDonald’s, Reliance Life and Asian Paints. Its investors include Meru Capital, Matrix Partners India, DSG Consumer Partners, Ola and US hedge fund Falcon Edge Capital.
7) Citrus Payments
Citrus Payments operates on both the business side and consumer side in the payments space. Its clients include TinyOw, Grofers, Pepperfry, Fun Cinemas, Tata AIA, Sun Direct, IndiGo, and Airtel. The company processes about 12 million transactions per month. It has more than 5,000 merchants and about 15 million registered users of which more than 3 million are active users. Its investors are Beenos Asia Pte. Ltd, econtext Asia Ltd and Ascent Capital.
8) Pine Labs
Pine Labs payment solutions streamline acceptance of all types of payments at POS .The company manages over 100,000 terminals in India. The company works with almost all major retails such as Shopper stop, Big Bazaar, Arvind Stores, CCD, Costa Coffee, Domino’s pizza and many others.
Ezetap is an online platform through which businesses transact and engage with their customers. Smart and secure payment solutions from Ezetap have changed hundreds of businesses. The company counts BookMyShow, Redbus, and Ola, Myntra and insurance companies as its clients.
10) Oxigen Wallet
Oxigen Wallet is run by Oxigen Services Pvt. Ltd, the first and largest payments solution provider in India. Oxigen is a trusted brand in the payment space and boasts of a wide retail network across India