Top 10 RegTech Startups in India: Discover the leading regulatory technology startups revolutionizing compliance and risk management in India. From Signzy’s AI-driven KYC solutions to VComply’s comprehensive GRC platform, explore how these innovative companies are leveraging AI, blockchain, and data analytics to streamline regulatory processes, enhance security, and ensure compliance for financial institutions and enterprises. Learn about their unique offerings, impact, and contributions to the evolving RegTech landscape.
Table of Contents
1. Signzy
| Feature | Description |
|---|---|
| Founded | 2015 |
| Founder | Ankit Ratan, Arpit Ratan, Ankur Pandey |
| Headquarters | Bengaluru |
| Specialization | Digital onboarding, KYC |
| Key Services | Video KYC, Digital contracts, Document verification |
| Technology | AI, Blockchain |
| User Base | Banks, Financial institutions |
| Impact | Streamlined KYC processes, Reduced fraud |
| Funding | $10.5 million |
| Core Values | Innovation, Security, Efficiency |
Signzy, founded in 2015 by Ankit Ratan, Arpit Ratan, and Ankur Pandey, is headquartered in Bengaluru and specializes in digital onboarding and KYC (Know Your Customer) processes. The startup offers services such as video KYC, digital contracts, and document verification using AI and blockchain technologies. Signzy’s solutions streamline KYC processes and reduce fraud, catering primarily to banks and financial institutions. With $10.5 million in funding, Signzy is committed to innovation, security, and efficiency in regulatory compliance.
2. IDfy
| Feature | Description |
|---|---|
| Founded | 2011 |
| Founder | Ashok Hariharan |
| Headquarters | Mumbai |
| Specialization | Identity verification, Fraud detection |
| Key Services | Background checks, KYC, Employee verification |
| Technology | AI, Machine Learning |
| User Base | Enterprises, Financial institutions |
| Impact | Enhanced security, Fraud prevention |
| Funding | $16.2 million |
| Core Values | Trust, Accuracy, Security |
IDfy, founded by Ashok Hariharan in 2011, is a Mumbai-based startup specializing in identity verification and fraud detection. The company offers services such as background checks, KYC, and employee verification using AI and machine learning technologies. IDfy’s solutions enhance security and prevent fraud for enterprises and financial institutions. With $16.2 million in funding, IDfy is dedicated to trust, accuracy, and security in the identity verification process.
3. Simility
| Feature | Description |
|---|---|
| Founded | 2014 |
| Founder | Rahul Pangam, Kedar Samant |
| Headquarters | Hyderabad |
| Specialization | Fraud prevention, Risk management |
| Key Services | Fraud detection, Transaction monitoring |
| Technology | Machine Learning, Data Analytics |
| User Base | Banks, E-commerce platforms |
| Impact | Reduced fraud, Enhanced risk management |
| Funding | Acquired by PayPal |
| Core Values | Innovation, Security, Integrity |
Simility, founded in 2014 by Rahul Pangam and Kedar Samant, is based in Hyderabad and specializes in fraud prevention and risk management. The startup offers fraud detection and transaction monitoring services using machine learning and data analytics technologies. Simility’s solutions help banks and e-commerce platforms reduce fraud and enhance risk management. The company was acquired by PayPal, demonstrating its significant impact and value. Simility’s core values include innovation, security, and integrity.
4. Fintellix
| Feature | Description |
|---|---|
| Founded | 2006 |
| Founder | Vivek Subramanyam |
| Headquarters | Bengaluru |
| Specialization | Regulatory reporting, Risk management |
| Key Services | Regulatory compliance, Data management |
| Technology | Big Data, Analytics |
| User Base | Banks, Financial institutions |
| Impact | Simplified compliance, Improved data accuracy |
| Funding | Acquired by Verisk |
| Core Values | Accuracy, Compliance, Innovation |
Fintellix, founded in 2006 by Vivek Subramanyam, is headquartered in Bengaluru and focuses on regulatory reporting and risk management. The startup offers services such as regulatory compliance and data management using big data and analytics technologies. Fintellix’s solutions simplify compliance processes and improve data accuracy for banks and financial institutions. The company was acquired by Verisk, highlighting its impact and value in the RegTech space. Fintellix’s core values are accuracy, compliance, and innovation.
5. Nextyn
| Feature | Description |
|---|---|
| Founded | 2016 |
| Founder | Pratyush Singh |
| Headquarters | Mumbai |
| Specialization | Compliance management, Risk assessment |
| Key Services | Regulatory consulting, Compliance automation |
| Technology | AI, Machine Learning |
| User Base | Enterprises, Financial institutions |
| Impact | Enhanced compliance, Reduced risk |
| Funding | Self-funded |
| Core Values | Expertise, Efficiency, Reliability |
Nextyn, founded by Pratyush Singh in 2016, is a Mumbai-based startup specializing in compliance management and risk assessment. The company offers regulatory consulting and compliance automation services using AI and machine learning technologies. Nextyn’s solutions enhance compliance and reduce risk for enterprises and financial institutions. The self-funded startup emphasizes expertise, efficiency, and reliability in regulatory compliance.
6. Crediwatch
| Feature | Description |
|---|---|
| Founded | 2016 |
| Founder | Meghna Suryakumar |
| Headquarters | Bengaluru |
| Specialization | Risk intelligence, Compliance management |
| Key Services | Credit monitoring, Business verification |
| Technology | AI, Data Analytics |
| User Base | Banks, Financial institutions, SMEs |
| Impact | Improved risk assessment, Enhanced decision-making |
| Funding | $3.2 million |
| Core Values | Trust, Innovation, Insight |
Crediwatch, founded in 2016 by Meghna Suryakumar, is based in Bengaluru and specializes in risk intelligence and compliance management. The startup offers credit monitoring and business verification services using AI and data analytics technologies. Crediwatch’s solutions improve risk assessment and enhance decision-making for banks, financial institutions, and SMEs. With $3.2 million in funding, Crediwatch is committed to trust, innovation, and providing insightful data for better compliance management.
7. Perfios
| Feature | Description |
|---|---|
| Founded | 2008 |
| Founder | V. R. Govindarajan, R. S. Swaminathan |
| Headquarters | Bengaluru |
| Specialization | Financial data aggregation, Analytics |
| Key Services | Data aggregation, Credit assessment |
| Technology | Big Data, AI |
| User Base | Banks, NBFCs, Fintechs |
| Impact | Enhanced data accuracy, Improved credit decisions |
| Funding | $50 million |
| Core Values | Innovation, Accuracy, Reliability |
Perfios, founded in 2008 by V. R. Govindarajan and R. S. Swaminathan, is headquartered in Bengaluru and specializes in financial data aggregation and analytics. The startup offers services such as data aggregation and credit assessment using big data and AI technologies. Perfios’s solutions enhance data accuracy and improve credit decisions for banks, NBFCs, and fintechs. With $50 million in funding, Perfios is dedicated to innovation, accuracy, and reliability in financial data management.
8. Riskcovry
| Feature | Description |
|---|---|
| Founded | 2018 |
| Founder | Kaushik Kariapper, Anuraag Sunder, Mahavir Chopra |
| Headquarters | Bengaluru |
| Specialization | Insurance compliance, Risk management |
| Key Services | Compliance automation, Risk assessment |
| Technology | AI, Data Analytics |
| User Base | Insurance companies, Brokers |
| Impact | Streamlined compliance, Reduced risk |
| Funding | $5 million |
| Core Values | Innovation, Security, Efficiency |
Riskcovry, founded in 2018 by Kaushik Kariapper, Anuraag Sunder, and Mahavir Chopra, is based in Bengaluru and specializes in insurance compliance and risk management. The startup offers compliance automation and risk assessment services using AI and data analytics technologies. Riskcovry’s solutions streamline compliance and reduce risk for insurance companies and brokers. With $5 million in funding, Riskcovry focuses on innovation, security, and efficiency in the insurance compliance space.
9. Scrut Automation
| Feature | Description |
|---|---|
| Founded | 2020 |
| Founder | Sanket Sarang, Somesh Dash |
| Headquarters | Pune |
| Specialization | Compliance automation, Security compliance |
| Key Services | Compliance management, Security monitoring |
| Technology | AI, Cloud Computing |
| User Base | Enterprises, Financial institutions |
| Impact | Improved compliance, Enhanced security |
| Funding | $3 million |
| Core Values | Security, Efficiency, Innovation |
Scrut Automation, founded in 2020 by Sanket Sarang and Somesh Dash, is headquartered in Pune and specializes in compliance automation and security compliance. The startup offers compliance management and security monitoring services using AI and cloud computing technologies. Scrut Automation’s solutions improve compliance and enhance security for enterprises and financial institutions. With $3 million in funding, Scrut Automation is dedicated to security, efficiency, and innovation in regulatory compliance.
10. VComply
| Feature | Description |
|---|---|
| Founded | 2014 |
| Founder | Harshvardhan Kariwala |
| Headquarters | Bengaluru |
| Specialization | Governance, Risk, and Compliance (GRC) |
| Key Services | Compliance management, Risk assessment |
| Technology | Cloud Computing, Data Analytics |
| User Base | Enterprises, Financial institutions |
| Impact | Improved governance, Enhanced risk management |
| Funding | $6 million |
| Core Values | Integrity, Innovation, Compliance |
VComply, founded by Harshvardhan Kariwala in 2014, is based in Bengaluru and specializes in Governance, Risk, and Compliance (GRC). The startup offers compliance management and risk assessment services using cloud computing and data analytics technologies. VComply’s solutions improve governance and enhance risk management for enterprises and financial institutions. With $6 million in funding, VComply is committed to integrity, innovation, and excellence in GRC solutions.
FAQs on Top 10 RegTech Startups in India
1. What is RegTech?
RegTech, or regulatory technology, refers to the use of technology to help businesses comply with regulations efficiently and effectively. It encompasses solutions for regulatory monitoring, reporting, and compliance management.
2. How do RegTech startups help businesses?
RegTech startups provide tools and solutions that automate compliance processes, enhance risk management, and ensure regulatory adherence. They use technologies like AI, blockchain, and data analytics to streamline operations and reduce the risk of non-compliance.
3. What are the benefits of using RegTech solutions?
Benefits of RegTech solutions include improved accuracy in compliance reporting, reduced operational costs, enhanced security, faster onboarding processes, and minimized risk of regulatory penalties.
4. How is AI used in RegTech?
AI in RegTech is used for automating compliance tasks, detecting fraud, monitoring transactions, analyzing large datasets for regulatory reporting, and improving decision-making processes.
5. What challenges do RegTech startups face in India?
Challenges include navigating complex and evolving regulatory environments, ensuring data security and privacy, gaining trust from traditional financial institutions, and securing funding for growth and development.
Conclusion
The top 10 RegTech startups in India are driving significant advancements in regulatory compliance and risk management. With innovative solutions leveraging AI, blockchain, and data analytics, these startups are helping businesses navigate the complex regulatory landscape more efficiently and securely. As the demand for effective compliance solutions continues to grow, these pioneering startups are poised to shape the future of regulatory technology in India and beyond.
