Introduction
Financial inclusion is a critical factor in promoting economic growth and reducing poverty. In India, numerous startups are leveraging technology to provide financial services to underserved populations, ensuring that more people have access to banking, credit, insurance, and other financial services. These startups are driving innovation and inclusion, making financial services more accessible and affordable for everyone. Here, we explore the top 10 financial inclusion startups in India that are making a significant impact in the financial sector.
Top 10 Financial Inclusion Startups in India
1. Paytm
Feature | Description |
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Founded | 2010 |
Founder | Vijay Shekhar Sharma |
Headquarters | Noida |
Specialization | Digital payments, financial services |
Key Technology | Mobile app, digital wallet |
User Base | 350 million+ users |
Services Offered | Payments, banking, insurance, investments |
Funding | $4.4 billion |
Notable Collaborations | Alibaba, SoftBank |
Revenue | ₹3,629 crore (FY21) |
Awards | IAMAI Digital Payments Award, Forbes India Leadership Award |
Paytm is a leading digital payments and financial services platform in India. It offers a wide range of services, including mobile payments, banking, insurance, and investments. Paytm’s user-friendly mobile app and extensive merchant network have made it one of the most popular financial services providers in the country. With strong backing from major investors like Alibaba and SoftBank, Paytm continues to innovate and expand its offerings, driving financial inclusion across India. The platform has enabled millions of users to perform transactions seamlessly, bringing financial services to those previously excluded from the formal financial system. Paytm’s commitment to leveraging technology to democratize financial services has established it as a cornerstone of India’s digital economy.
Paytm: TOP 10 FINANCIAL INCLUSION STARTUPS IN INDIA
2. BharatPe
Feature | Description |
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Founded | 2018 |
Founder | Ashneer Grover, Shashvat Nakrani |
Headquarters | New Delhi |
Specialization | Merchant payments, financial services |
Key Technology | QR code-based payment solutions |
User Base | 6 million+ merchants |
Services Offered | Payments, loans, insurance, investment products |
Funding | $650 million |
Notable Collaborations | Centrum Financial Services, ICICI Bank |
Revenue | ₹700 crore (FY21) |
Awards | LinkedIn Top Startups, Business Today Coolest Startups |
BharatPe is revolutionizing the way small and medium businesses in India accept payments and access financial services. The startup provides a QR code-based payment solution that allows merchants to accept UPI payments for free. BharatPe’s innovative approach has enabled millions of merchants to join the digital payment ecosystem, enhancing their business operations and financial management. In addition to payment solutions, BharatPe offers a range of financial services, including loans, insurance, and investment products, tailored to the needs of small businesses. The company’s focus on empowering merchants through easy-to-use technology and financial products has significantly contributed to financial inclusion in India, helping businesses grow and thrive in the digital economy.
BharatPe: TOP 10 FINANCIAL INCLUSION STARTUPS IN INDIA
3. ZestMoney
Feature | Description |
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Founded | 2015 |
Founder | Lizzie Chapman, Priya Sharma, Ashish Anantharaman |
Headquarters | Bengaluru |
Specialization | Consumer credit, Buy Now Pay Later (BNPL) |
Key Technology | AI and machine learning for credit assessment |
User Base | 11 million+ users |
Services Offered | BNPL, personal loans, credit cards |
Funding | $140 million |
Notable Collaborations | Flipkart, Amazon, Xiaomi |
Revenue | ₹500 crore (FY21) |
Awards | FinTech Leader of the Year, IAMAI Digital Awards |
ZestMoney is transforming access to credit in India through its innovative Buy Now Pay Later (BNPL) platform. The startup leverages AI and machine learning to assess the creditworthiness of consumers who may lack traditional credit histories, enabling them to access financing options that were previously out of reach. ZestMoney partners with leading e-commerce platforms like Flipkart and Amazon, allowing consumers to make purchases and pay for them in easy installments. The platform also offers personal loans and credit cards, providing a comprehensive suite of financial products. By bridging the credit gap for millions of Indians, ZestMoney is driving financial inclusion and helping consumers achieve their financial goals.
ZestMoney: TOP 10 FINANCIAL INCLUSION STARTUPS IN INDIA
4. KreditBee
Feature | Description |
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Founded | 2018 |
Founder | Madhusudan Ekambaram, Karthikeyan Krishnaswamy, Wan Hong |
Specialization | Personal loans, consumer finance |
Key Technology | Digital lending platform |
User Base | 25 million+ users |
Services Offered | Personal loans, online credit |
Funding | $150 million |
Notable Collaborations | PayU, IIFL, InCred |
Revenue | ₹1,200 crore (FY21) |
Awards | ET Startup Awards, FinTech 100 |
KreditBee provides instant personal loans and consumer finance solutions through its digital lending platform. The startup uses advanced technology to simplify the loan application process, making it accessible to a broad range of consumers, including those without a traditional credit history. KreditBee offers flexible loan products that cater to various financial needs, from small emergency loans to larger personal loans. The platform’s user-friendly interface and quick disbursement process have made it a popular choice for consumers seeking financial assistance. KreditBee’s mission to democratize access to credit is helping millions of Indians achieve financial stability and inclusion.
KreditBee: TOP 10 FINANCIAL INCLUSION STARTUPS IN INDIA
5. MoneyTap
Feature | Description |
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Founded | 2015 |
Founder | Bala Parthasarathy, Kunal Varma, Anuj Kacker |
Headquarters | Bengaluru |
Specialization | Consumer credit, personal line of credit |
Key Technology | Mobile app, digital credit platform |
User Base | 10 million+ users |
Services Offered | Personal line of credit, instant loans |
Funding | $80 million |
Notable Collaborations | RBL Bank, HDFC Bank |
Revenue | ₹900 crore (FY21) |
Awards | IAMAI FinTech Awards, Best Digital Credit Solution |
MoneyTap is a consumer credit startup that offers a personal line of credit through a user-friendly mobile app. The platform allows users to access instant credit with flexible repayment options, making it a convenient solution for managing financial needs. MoneyTap partners with leading banks like RBL Bank and HDFC Bank to provide seamless and secure credit services. By leveraging technology to offer quick and easy access to credit, MoneyTap is empowering consumers to manage their finances effectively and achieve financial inclusion.
MoneyTap: TOP 10 FINANCIAL INCLUSION STARTUPS IN INDIA
6. Fino Payments Bank
Feature | Description |
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Founded | 2006 |
Founder | Rishi Gupta |
Headquarters | Mumbai |
Specialization | Payments bank, financial services |
Key Technology | Digital banking platform |
User Base | 20 million+ users |
Services Offered | Savings accounts, remittances, insurance |
Funding | $200 million |
Notable Collaborations | ICICI Bank, BPCL |
Revenue | ₹791 crore (FY21) |
Awards | BFSI Digital Innovation Awards, Best Payments Bank |
Fino Payments Bank offers a range of financial services, including savings accounts, remittances, and insurance, through its digital banking platform. The bank focuses on providing financial services to underserved and unbanked populations, helping them gain access to essential banking products. Fino Payments Bank’s extensive network of customer service points and partnerships with major banks and organizations ensure that financial services are accessible to everyone, regardless of location. By leveraging technology and a customer-centric approach, Fino Payments Bank is driving financial inclusion across India.
Fino Payments Bank: TOP 10 FINANCIAL INCLUSION STARTUPS IN INDIA
7. Instamojo
Feature | Description |
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Founded | 2012 |
Founder | Sampad Swain, Akash Gehani, Aditya Sengupta |
Headquarters | Bengaluru |
Specialization | Digital payments, online store platform |
Key Technology | Payment gateway, e-commerce solutions |
User Base | 1 million+ merchants |
Services Offered | Payments, online store setup, lending |
Funding | $8.4 million |
Notable Collaborations | Razorpay, ICICI Bank |
Revenue | ₹80 crore (FY21) |
Awards | Red Herring Top 100, IAMAI Digital Awards |
Instamojo is a digital
payments and e-commerce platform that enables small businesses and entrepreneurs to set up online stores and accept payments seamlessly. The platform provides a range of services, including payment gateways, online store setup, and lending solutions, making it easier for businesses to operate and grow. Instamojo’s user-friendly interface and comprehensive suite of tools have made it a popular choice for small businesses looking to digitize their operations and access financial services. By empowering small businesses with the tools they need to succeed, Instamojo is driving financial inclusion and economic growth in India.
Instamojo: TOP 10 FINANCIAL INCLUSION STARTUPS IN INDIA
8. Ezetap
Feature | Description |
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Founded | 2011 |
Founder | Abhijit Bose, Bhaktha Keshavachar |
Headquarters | Bengaluru |
Specialization | Mobile point-of-sale (mPOS) solutions |
Key Technology | Payment processing, mPOS devices |
User Base | 500,000+ merchants |
Services Offered | Payments, analytics, value-added services |
Funding | $51 million |
Notable Collaborations | SBI, HDFC Bank, American Express |
Revenue | ₹200 crore (FY21) |
Awards | FinTech Innovation Awards, Red Herring Top 100 |
Ezetap provides mobile point-of-sale (mPOS) solutions that enable merchants to accept payments through various modes, including cards, UPI, and mobile wallets. The startup’s comprehensive payment processing platform offers additional services like analytics and value-added solutions, helping businesses manage their operations more effectively. Ezetap’s robust technology and extensive merchant network have made it a key player in the financial inclusion space, enabling businesses of all sizes to accept digital payments and improve their financial management.
Ezetap: TOP 10 FINANCIAL INCLUSION STARTUPS IN INDIA
9. Kaleidofin
Feature | Description |
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Founded | 2017 |
Founder | Puneet Gupta, Sucharita Mukherjee |
Headquarters | Chennai |
Specialization | Financial inclusion, tailored financial solutions |
Key Technology | AI-driven financial planning |
User Base | 1 million+ users |
Services Offered | Savings, credit, insurance, financial planning |
Funding | $10 million |
Notable Collaborations | Northern Arc, UNDP |
Revenue | ₹50 crore (FY21) |
Awards | Inclusive Finance India Awards, FinTech Startup of the Year |
Kaleidofin is a fintech startup focused on providing tailored financial solutions to underserved populations in India. The platform uses AI-driven financial planning tools to offer personalized savings, credit, insurance, and investment products based on individual needs and goals. Kaleidofin’s user-centric approach ensures that financial services are accessible and relevant to each user, promoting financial inclusion and empowerment. By leveraging advanced technology and strategic partnerships, Kaleidofin is making financial services more inclusive and effective for everyone.
Kaleidofin: TOP 10 FINANCIAL INCLUSION STARTUPS IN INDIA
10. Navi
Feature | Description |
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Founded | 2020 |
Founder | Sachin Bansal, Ankit Agarwal |
Headquarters | Bengaluru |
Specialization | Consumer finance, health insurance |
Key Technology | Digital lending platform |
User Base | 5 million+ users |
Services Offered | Loans, insurance, mutual funds |
Funding | $400 million |
Notable Collaborations | Axis Bank, ICICI Lombard |
Revenue | ₹300 crore (FY21) |
Awards | Economic Times Startup Awards, FinTech Awards |
Navi is a consumer finance and health insurance startup that leverages technology to offer a range of financial products. The platform provides personal loans, health insurance, and mutual funds through a seamless digital interface. Navi’s focus on simplicity and user experience has made it a popular choice for consumers seeking financial solutions. Founded by Flipkart co-founder Sachin Bansal, Navi aims to make financial services more accessible and affordable for everyone, driving financial inclusion and improving financial health in India.
Navi: TOP 10 FINANCIAL INCLUSION STARTUPS IN INDIA
FAQs
What is financial inclusion?
Financial inclusion refers to the process of ensuring access to financial services, such as banking, credit, insurance, and investments, for all individuals, particularly those who are underserved or excluded from the traditional financial system.
Why are financial inclusion startups important in India?
Financial inclusion startups play a crucial role in India by leveraging technology to provide affordable and accessible financial services to underserved populations, promoting economic growth and reducing poverty.
How do financial inclusion startups differ from traditional financial institutions?
Financial inclusion startups typically use innovative technologies, such as mobile apps and AI, to offer financial services that are more accessible, affordable, and user-friendly than traditional financial institutions.
What is an income share agreement (ISA)?
An income share agreement (ISA) is a payment model where students pay the course fee as a percentage of their income after securing a job.
How do financial inclusion startups support economic growth?
By providing access to financial services, financial inclusion startups enable individuals and businesses to manage their finances better, invest in opportunities, and contribute to economic growth.
Conclusion
The financial inclusion landscape in India is rapidly evolving, with numerous startups offering innovative solutions to bridge the financial gap for underserved populations. These startups leverage advanced technologies, industry-relevant strategies, and strong partnerships to ensure that financial services are accessible and affordable for everyone. From digital payments to tailored financial solutions, India’s top financial inclusion startups are setting new standards in the financial sector and helping individuals and businesses achieve their financial goals. With their continued innovation and commitment to inclusion, these startups are poised to shape the future of financial services in India and beyond.