June 21, 2024
fintech startups in India

In today’s article, you will learn about the best 5 fintech startups in India to watch in 2022.

In fact, in over 2100 fintech startups in the world, India proves to be the best breeding ground for revolutionary innovations.

It doesn’t come as a surprise to see investors going bullish on the prospect of fintech in India with billions being pumped into the industry. 

And the numbers confirm that. Data from Invest India, the national investment promotion and facilitation agency, show that fintech funding surpassed US$8 billion in 2021, pushing startup valuation to new heights. 

Today, the country is home to no less than 17 fintech unicorns worth US$1 billion and over.

1). MoneyTap

MoneyTap is a mobile app-based financial technology company that provides loans and microfinance products to small and medium businesses across India. The company is funded by Bala Parthasarathy, Kual Verma, and Anuj Kacker.

MoneyTap offers small-medium cash loans, fast mobile credit, and interest-free loans.

The fintech startup in India allows anyone with a smartphone to access banking services in under 15 minutes. 

What’s more, the whole process is completely paperless. Unless you are filling out the KYC required with certain partner banks.

As if that’s not better enough, MoneyTap only applies interest rates to the amount you borrow, unlike other solutions that work on the whole cap.

2). Instamojo

Instamojo is a platform where people can create an online store and sell their products. It is also a marketplace where people can post their business and buy it from their peers. 

Founded in 2012 by Sampad Swain, Akash Gehani, and Aditya Sengupta, Instamojo also collect fees and helps businesses in India to ship the products.

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This platform works with different kinds of payment options. From credit cards and debit cards to Paypal, Alipay, and of course, the Indian Rupee.

Think of it as the one-stop shop for all of your online business needs. With it, you can start, market, run, and scale your business using their suite of services.

3). Paytm

PayTM is a mobile-finance startup founded by Vijay Shekhar Sharma. The company offers services like money transfer, bill payment, and payments insurance.

And with partners such as Uber, BookMyShow, Foodpanda, MakeMyTrip, Paytm is one of the best fintech startups in India.

With their app, you can pay anyone, everywhere. Make contactless & secure payments in-stores or online using Paytm Wallet or Directly from your Bank Account. Plus, send & receive money from anyone.

At the same time, you can get a personal loan on the Paytm app. 

To quickly check your loan eligibility, search for “Personal Loan” on Paytm APP and click on the Personal Loan icon. 

Remember, you must be between 25-60 years of age to be approved for the loan.

4). Lendingkart

Lendingkart Finance offers working capital loans and company loans to small and medium-sized businesses throughout India. They provide capital to business owners who need cash for their companies and businesses.

Lendingkart is one of the best fintech startups in India offering unsecured business loans in minutes.

With over 1,50,000+ loans disbursed, this is a sure bet when it comes to financing your next business venture.

Here is how to get an unsecured business loan on Lendingkart;

  • Enter your personal, business & bank details to get a fair loan offer
  • Accept loan offer and complete your documentation & KYC
  • Choose from flexible re-payment options & start receiving funds
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For example:

If you want a ₹ 500260 business loan to be paid in 12 months, your EMI installment will be₹ 46,691 which brings the Total payable amount to ₹ 5,60,291.

Remember, LENDINGKART FINANCE is a RBI registered NBFC.

5). ePayLater

ePayLater is another one of the best fintech startups in India.

In a nutshell, ePayLater is a deferred payment solution that gives you an interest-free credit period of 7/14 days for all your purchases from select partner merchants. 

With ePayLater, you can get up to Rs 25 lakh credit limit and there are no processing fees. 

By providing interest-free payment solutions, this fintech startup in India helps you manage your business purchase requirement without using your Savings Account balance. 

This credit limit is applicable across product categories and across select merchants. 

It gives you the freedom to choose the best products at the best prices on credit. It is the one-stop solution for all your credit needs. 

Additionally, ePayLater also helps you manage your accounts by providing details of transactions, etc for easy bookkeeping. Also, you can avail attractive discounts and cashback offers which are given by ePayLater from time to time.

Final thoughts on the best fintech startups in India

In the past, SMEs have had a tough time raising capital. However, technology companies have been able to raise financing from big investors and help these companies get their business moving faster. Lendingkart is a startup that has been working on a similar platform that is helping SMEs obtain working capital loans and company loans.

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