10 Most Promising Fintech Startups - 2022
Finech industry in India has witnessed a huge growth in past few years. India is gradually becoming a hub for many Fintech startups. The rise of digital commerce, innovation in payments technology using AI, blockchain, Internet of Things (IoT), and real-time payments and the introduction of mobile point of sale (POS) devices are the major factors contributing to the growth and competition of Fintech startups. The cashless economy initiative boosted the adoption of Fintech and digital payment modes in the country at first. Today, 80 percent of the banking activities at top banks in the country run on digital channels, and the country also has its own remittance programs that include FXNetworks, InstaReM, and Remitly. According to Amitabh Kant, CEO of NITI Aayog, the Indian fintech industry has a cumulative funding of over $27.6 billion and is expected to be valued at over $150 billion by 2025.
There are over 2,100 Fintech companies in India, out of which more than 67 percent have been set-up in the last five years. India's Fintech segment has also seen exponential growth in funding and investment. Fintech companies have the potential to reshape the financial services landscape in three ways. Fintech startups could reduce costs and improve quality of financial services. Leveraging big data, machine learning, and alternative data to underwrite credit and develop credit scores for customers with limited credit history will improve the penetration of financial services in India. They could create a more diverse, secured, and stable financial services landscape.
CIOTechOutlook, in this issue presents a list of `10 Most Promising Fintech Startups - 2022' who have excelled in this domain with their expertise and innovative approach. The following list has been prepared after being closely scrutinized by a distinguished panel of judges including CXOs, analysts and our editorial board. These companies have stood-out from crowd with their dedication to quality & delivery and have always been able to meet their client expectations.
We present to you CIOTechOutlook 10 Most Promising Fintech Startups - 2022.
10 Most Promising Fintech Startups - 2022
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| Company Name | Company Description |
|---|---|
| Slate | Offering the clients a platform to digitize their businesses in the fastest, easiest and most effective manner |
| Company Name | Company Description |
|---|---|
| Cashfree Payments | A complete payment platform offering services including payment collections, vendor payouts, wage payouts, instant loan disbursements, e-Commerce refunds, insurance claims processing, expense... |
| CredAvenue | Till date, the company has facilitated transactions worth $9 billion, and has engaged with 1,500+ institutional borrowers, 750+ investors, and over one million end retail borrowers |
| GetVantage | Uses a proprietary machine learning (ML)-based credit decision engine, and a deal management system to evaluate & gauge a company's future revenue performance, and offers a term sheet based on its... |
| Hyperface | The developer of a card platform designed to simplify credit card issuance for fintech and e-Commerce firms |
| Mahila Money | Offers small business loans and other financial services to women and female micro-entrepreneurs |
| mBnk | Offering financial services for the under-served and under-banked sections of the country |
| PayCrunch | A Microloan lending platform that makes borrowing money for students easier and hassle-free |
| PayInc | Developing and revealing path-breaking technologies in the FinTech space since its inception in 2019 |
| Spay India | The company's bouquet of services available in a single portal through which the customers can avail any of the services, while it allows merchants to make commissions and differentiates company... |