Fintech Watchlist: 10 Indian Fintech Startups to Watch Out For in 2021!

By Rohit Malik

July 9, 2021

Ever since the financial crisis of 2008, the Fintech industry has been booming with new ideas and technologies, and it has been creating a buzz of sorts. The world is increasingly going digital and is relying on Fintech startups to meet the demand for financial services. As a result, fintech startups are becoming a hot investment and a new wave of tech entrepreneurs are emerging.

Indian Fintech Startups to Watch Out For in 2021.

A list of 10 Indian fintech startups to keep an eye on. The technological advances of the last decade have made it almost impossible to live without a phone. And one of the biggest changes in the world today is the fintech industry. In this article, we take a look at the top Indian fintech startups to keep an eye on in 2021.

Indian fintech startups to keep an eye on in 2021

According to Investopedia, Fintech refers to new technologies aimed at improving and automating the delivery and use of financial services. These days, almost every smartphone user inevitably has an app to help them manage the financial aspects of their lives. But we’re still looking for the next Paytm. So here is the list of top Indian fintech startups to keep an eye on this year.

1. MoneyTap

Indian Fintech - Moneytap

MoneyTap, founded in 2015, is India’s first app-based credit line. The company was founded by Bala Parthasarathi, Kunal Verma and Anuj Kaker.

Applying for and obtaining a loan in India can be a daunting experience because of the many obstacles involved in the process. MoneyTap solves this problem.

The startup offers quick and easy loans up to Rs through its app. 5 Lakhs at an interest rate starting from 13% per annum. The app is mainly aimed at the middle class earning between Rs 25,000 and Rs 50,000 per month.

If someone meets the set basic limit, all they need is a smartphone and their PAN card. The app then uses built-in artificial intelligence to evaluate someone’s credit score. This process only takes a few minutes.

The company does this in partnership with banks and also offers credit cards, personal loans, consumer loans and other EMI financing options.

According to CrunchBase, MoneyTap has raised $40.3 million and now has a presence in more than 70 cities across the country and has already entered Southeast Asia and Middle East markets. The company currently plans to continue its expansion in the country to penetrate the second and third-tier urban markets.

2. PolicyBazaar

indian fintech - policy bazaar

PolicyBazaar was founded in 2008 by Yashish Dahiya, Alok Bansal and Avanesh Nirjar. The startup began as a platform for users to search, compare and select insurance products.

The startup then evolved into an insurance marketplace where users can buy insurance policies online. Today, is India’s largest insurance aggregator with a 90% market share in online liability distribution and one of the leading global fintech players.

The company is backed by SoftBank’s Vision Fund, Tiger Global Management and Tencent Holdings. According to CrunchBase, the company has raised more than $766.6 million in funding, representing a valuation of $3.5 billion.

3. Zest Money

ZestMoney was founded in 2015 by Lizzie Chapman, Priya Sharma and Ashish Anantaraman. The startup wants to give users with insufficient credit history access to credit cards and other financing options. To make this possible, the company uses its digital platform, artificial intelligence technology.

Their contribution was also recognized when the company was named Technology Leader of the Year 2020 by the World Economic Forum. The startup managed to raise $56 million.

4. NiYo

Founded in 2015 by Vinay Bagri and Virender Bisht, Niyo is a neo-bank. Neo-Bank is a 100% digital bank that operates exclusively through online platforms and apps, without having physical branches like traditional banks. Niyo claims to be India’s first neo-bank. Read our blog for more on neo-banks and their future in India.

It is currently the largest neo-banking platform in the country and works with banks to offer co-branded prepaid credit cards, savings accounts and debit cards. These include IDFC First Bank, ICICI Bank and Yes Bank.

The company employs more than 800 people and has raised $49 million in funding to date.

5. RazorPay

Razorpay is a mobile payment solutions startup founded in 2013 by Harshil Mathur and Shashank Kumar. The company offers its users a platform to receive, process and payout payments.

Razorpay also offers access to payment methods such as credit card, debit card, net banking, UPI and digital wallets such as JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money and PayZapp.

RazorPay has managed to achieve an impressive growth rate of 35% per month and the company plans to expand the number of business partners to 15 lakh this year.

6. PineLabs

Pine Labs was founded in 1998 by Lokvir Kapoor, Rajul Garg and Tarun Upadhyay. The company provides vending and retail solutions.

Today, the company’s cloud technology is used by more than 350,000 vending machines in more than 3,700 cities nationwide.

The company has also enabled Near Field Communication (NFC) through its app. This allows users to make secure transactions by turning their phone into a card machine and also use Tap n Pay cards.

The company has raised over $207 million and is now a unicorn.

7. Leningkart

LendingKart was founded in 2014 by Harshvardhan Lunia and Mukul Sachan. It is an online finance company that provides working capital loans and loans to small and medium enterprises in India.

The company is committed to making the process fast and flexible, with a minimum of paperwork and no collateral required. So far, the company has raised $257.5 million in funding.

8. Hatabuk

Khatabook was founded in 2018 by Ashish Sonone, Dhanesh Kumar, Jaideep Punia, Ravish Naresh and Vaibhav Kalpe. The literal translation of Khatabook in Hindi means bookkeeping.

This application allows companies to save their accounting documents in digital form. To date, the company has reached 8 million merchants and raised $111.5 million in funding.


CRED, founded in 2018 by Kunal Shah, allows its users to make credit card payments through the app. In return, the company offers rewards to its users.

The Company has also established short-term credit facilities. Although the company was only founded in 2018, it is already a unicorn.

CRED has raised $471.2 million in funding and is now an official partner of the Indian Premier League.

Short note
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10. No money

Founded in 2015 by Akash Sinha and Riju Datta as a payment gateway. Cashfree specializes in mass payout solutions for businesses in India.

The company helps more than 50,000 businesses across the country make and collect payments. The company processes $12 billion worth of transactions. Moreover, the company has been profitable for more than 4 years.

Customers include Cred, BigBasket, Zomato, HDFC Ergo, Ixigo, Acko, Zoomcar, Delhivery, etc. To date, the company has raised more than $40.9 million.


How many of the above applications have you used? Let us know in the comments below what you think about this list of Indian fintech startups to keep an eye on and the outlook for the fintech sector in India. So much for this post. Enjoy the read!

About the author

Rohit Malik

A yogi who like Finance and Technology. I have been in Indian Stock market for over 12 years now as financial analyst, portfolio manager, trader. Now, I focus on Yoga, Financial Education & Long term investing. 

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