Top 10 Fintech Companies in India 2020

“Fintech” stands for “Financial Technology”. A Fintech company thus offers financial services through technology or online platform. Fintech is an economic industry collected by companies that use technology to make financial services more efficient. Traditional banking organizations are stalled by legacy operating systems, capacity to modernize, agility, and technology expertise.

Fintech is also known as a line of merchandise based on using software to provide financial services. Fintech companies in India have been used to systematize insurance, trading, banking services, and risk management. Fintech start-ups around the world have been noted for their novelty, creativity, and cutting-edge work styles, and as a result, these aspects have driven their way into each workplaces’ culture.

Broadly, the term fintech describes any company that makes use of the internet, mobile devices, software technology, or cloud services to provide financial services. These Fintech companies in India function through apps, websites, etc. They allow you to create an account and enable you to transact at your time and place. They are indicting lesser than the traditional institution.

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10 Successful Fintech Companies in India

Digital banks, payment wallets, UPI apps, internet banking to digital borrowing and insurance, fintech is observed as a potentially transformative force in the Indian market.

Fintech companies in India have expanded by leaps and bounds, and the data around this industry points to a strong growth potential going forward. Fintech start-ups have altered commerce and payments in many ways in the Indian market.

1. Paytm:

It is a digital wallet company and by far the most populous of the Fintech companies in India. This start-up was launched in the Year 2010 by Vijay Shekhar Sharma. It has its headquarters in Delhi-NCR.

It focuses on Digital Payments, Investments. Initially, Paytm was in progress as a DTH and recharge platform, with a wallet service to make payments. It has since then forayed into diverse segments such as payment gateway, payments bank, investments, and more.


It has a total funding of $2.5 Billion to date, which is the most significant Fintech company in India. Its key investors are SoftBank, Alibaba, Berkshire Hathaway, SAIF Partners. The company also launched an investment and trading podium called Paytm Money and has also entered e-commerce with Paytm Mall.


According to Financial Express, PayTm has around 13,000 employees as of January 2017 and about 3 Million offline merchants across India.

Paytm As One Of The Most Successful Fintech companies of india

2. PhonePe:

PhonePe is one of the top successful fintech company which was launched in 2015 whose headquarters is in Bangalore. The founders are Rahul Chari, Sameer Nigam, Burzin Engineer. Flipkart is the key investor of this company. PhonePe offers a UPI-based payments app as well as sustenance for billing, recharges, e-commerce and other online services.


According to Livemint, PhonePe recently raised a funding of $28 million from parent Flipkart in April 2020. Sameer Nigam, Founder and CEO of PhonePe said that the platform will become profitable by 2022 and end this financial year with more than 275 million users and aim to gather around 220 million in the next two years.


PhonePe currently has around 1100+ employees and is planning to increase its workforce by 20-30 percent. It aims to hire about 500 employees by the end of 202.

PhonePe As One Of The Successful Fintech companies of india
Source: The Tech Verts

3. MobiKwik:

MobiKwik is an issuer-independent digital fintech platform, the company has forayed into various segments of the fintech ecosystem including digital wallets, wealth management, insurance, and more. This company was launched in 2009 by Bipin Preet Singh, Upasana Taku, whose headquarters is located in Delhi NCR.

The key investors are Sequoia Capital India, Net 1 UEPS Technologies Inc, GMO Payment Gateway.

Low customer acquisition cost, inbuilt scoring model, and quick disbursal of loans have been the key differentiators for MobiKwik.


MobiKwik recently in March 2020, raised funding of INR 224 crore in an equity cum deal from Cayman-Island based special purpose vehicle, MK SPV IX LP. According to an independent valuation report filed by the company revealed that MobiKwik is valued at $313.8 million as of 31 December.

The company said that it has around 94 million cards saved on its platform & of which 20 million are credit cards. Also, it is aiming to transactions worth $2 billion over the next two years.


According to, MobiKwik currently has an estimated of 500 employees.

MobiKwik As One Of The Successful Fintech companies of india
Source: Entrackr

4. PayU

PayU is a digital payment gateway and service provider focussed on streamlining payments for small and medium merchants by providing technology to satisfy online transactions. It was founded in the year 2002 by Nitin Gupta, Martin Schrimpf, Arjan Bakker, Jose Velez, Shailaz Nag, Grzegorz Brochocki. Whose headquarters is in the Netherlands.

PayU has a multi-functional mobile app that allows online businesses to accept and process payments. Merchants can use the app to screen their business performance and demand for payments from customers and vendors. PayU offers its services in over 17 countries.


PayU recently by the end of 2019, acquired a minority stake in Fisdom, a wealth-tech startup, by leading an $11 million funding round. Also, it got $5 million from existing investors and other venture capital funds.


PayU, a Bengaluru-based fintech company currently has 150+ employees.

PayU As One Of The Successful Fintech companies of india

5. PolicyBazaar

PolicyBazaar, one of the successful fintech companies in India, is an online insurance aggregator. Its platform enables users to compare and buy insurance policies. Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar the company founded in 2008 in Gurgaon. It sells 400,000 policies every month through its platform while budding at the rate of 100% year on year since commencement.


Policy Bazaar raised a funding of $150 million from the Chinese technology conglomerate, Tencent Holdings Pvt. Ltd in 2019. The company also raised $238 million in a round led by SoftBank Vision Fund and existing investor Info Edge. Gurgaon based fintech company is now valued at an estimated $1.5 billion.


According to Wikipedia, PolicyBazaar currently have an estimated of 10,000 employees.

PolicyBazaar As One Of The Successful Fintech companies of india

6. Lendingkart:

Lendingkart is gratifying the MSMEs urgent need for working capital by providing unsecured loans within three days through their online platform. Harshvardhan Lunia and Mukul Sachan founded the company in 2014 with help of Sistema Asia Capital, India Quotient, State Bank of India, and Bertelsmann India Investments. The headquarters was built in Ahmedabad.

You should be aware that most of the MSMEs are run by small scale industrialists. They work in tier 2 and tier 3 cities. That’s where, Lendingkart, exerts its dominance as one of the successful Fintech companies in India, by offering its platform in five regional languages apart from English, to affluence the documentation process for these regional entrepreneurs.


Lendingkart recently has raised funding of INR 319 Crore in a Series D funding round led by its existing investors Sistema Asia Fund, Fullerton Financial Holdings Pte Ltd, Bertelsmann India Investments, and IndiaQuotient in May 2019.

Earlier, in a Series D1 round, the company raised a fund of INR 233 Crore which is now closed by fresh investments of INR 86 Crore.

The company is aiming is to reach as many small and under-served enterprises and expand its leading base by using the funds. It is also planning to build up its analytics capabilities and technology.


According to, Lendingkart currently have around 700+ employees.

Lending Cart As One Of The Successful Fintech companies of india

7. BharatPe

BharatPe is a New-Delhi based fintech company in India, co-founded by Ashneer Grover and Shashvat Nakrani in April 2018. It is a QR-code based application which allows merchants to accept UPI payments for free. Using this simple app, business owners, offline retailers, and merchants can sign up and start receiving UPI payments instantly.

BharatPe started with the aim to make payments acceptance totally FREE for all business and to become a one-stop business utility application for all the offline merchants with their business needs.


Recently, BharatPe raised a funding of $75 Billion in a Series-C financing round led by New York-headquartered hedge fund Coatue Management and existing investor Ribbit Capital. The company with its recent funding is now valued at over $400 Million. So far, it has raised around $140 Million.


BharatPe announced its plans in January to hire over 75 Engineers and project managers. Also, BharatPe has moved all the merchants’ communication related to transactions, OTPs, day-end balances, and loan balances to WhatsApp.

BharatPe Fintech company of india
Source: Inc42

8. RazorPay

RazorPay is a Bengaluru-based company founded by Harshil Mathur along with fellow Roorkee alumni Shashank Kumar. RazorPay allows businesses to accept, process, and payout of payments. It supports all types of payment methods including credit card, debit card, UPI, net banking, and mobile wallets such as JioMoney, Mobikwik, FreeCharge and etc.


According to Inc42, RazorPay has recently raised a funding of $75 Million in Series C round led by Ribbit Capital and Sequoia India. Currently, the company is valued at over $450 Million. Till now, it has raised a total funding of $106.7 Million.


Last year in December, According to ET, the fintech company, RazorPay said about the plan to hire around 400+ employees by the middle of 2020 which will also expand its workforce more than 65%.

RazorPay: Fintech company of india
Source: Razorpay

9. Mswipe

Mswipe is a Mumbai-based fintech company founded by Entrepreneur Manish Patel in 2011. Mswipe is a mobile POS (Point Of Sale) solutions service provider to small and medium businesses. It offers portable card payments and also mobile-based POS services.


According to ET, In 2019, Mswipe raised a funding of $30 Million from existing investors Facebook Co-founder Eduardo Saverin’s B Capital Asia, Epiq Capital, US-based hedge fund Falcon Edge and DSG Consumer Partners. After the recent funding, the company has a valuation of over $450 Million. So far, it has raised around $80 Million.


Mswipe currently has a base of 5 Lakh merchants and plans to increase the number to 1.5 million merchants by the end of 19-2020. According to Crunchbase, Mswipe has around 5,000 – 10,000 employees.

MSwipe: Fintech company of india
Source: Mswipe

10. PineLabs

PineLabs is the oldest Noida-based finest company in India founded in 1998. It started as a smart card-based payment solution for the petroleum industry, now it is one of the biggest PoS players in India. It has about a 10% share of the overall PoS market and around 300,000 PoS in India.

Pine Lab’s PoS machine, not just only processes the payment but also it is connected to the cloud, and has become a gateway to data that can help merchants to keep their customers for long-term.


PineLabs recently raised an undisclosed amount of funding from Mastercard. The company said that its a partnership for the growth of the various electronic & digital payment options for the consumers across the region.

Currently, PineLabs services are available in India. Southeast Asia, and the Middle East. According to YourStory, it processes payments of around $30 Billion per year and provides services to around 140,000 merchants.


Currently, PineLabs services are available in India. Southeast Asia, and the Middle East. According to YourStory, it processes payments of around $30 Billion per year and provides services to around 140,000 merchants. According to, PineLabs has around 1,500 employees.

PineLabs: Fintech company of india

Parting Thoughts

Fintech companies in India are effortlessly one of the most rapidly growing and developing sectors in India. As of April 2020, there are about 2,000+ fintech start-ups in India. One thing that is for sure is that with the growing popularity of fintech start-ups and the investment solutions they offer we’re experiencing a turning point in the investment ecosystem.

The topmost successful Fintech companies in India have also leveled the financial field for everyday people, giving them access to services previously earmarked for the wealthy or individuals of a certain economic stature.

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