Top 10 Most Promising Indian Fintech Startups in 2022

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With more than 2,100 fintech companies and one of the highest fintech adoption rates in the world, India is a global powerhouse in fintech, a position it has earned through pioneering digital infrastructure initiatives, a vibrant venture capital (VC) landscape, and favorable demographics, including a young, digitally savvy population and a rising middle class.

Globally, investors are optimistic about the prospect of fintech in India, having poured billions into the space. Data from Invest India, the national investment promotion and facilitation agency, show that fintech funding topped US$8 billion in 2021, pushing the valuation of startups to new heights. Today, the country is home to no less than 17 fintech unicorns worth US$1 billion and more.

But in addition to these industry leaders, a horde of smaller, but fast-growing startups are making their presence known, showing strong growth and attracting investors from around the world.

The Digital Fifth, a fintech consulting company in India, has published its selection of the ten most promising fintech startups in India for 2022, recognizing these companies for the convenience of their digital solutions, for providing a superior customer experience and for being pioneers in their respective sectors.

Cashless payments

Cashless payments

Launched in 2015, Cashfree Payments is a payment and banking technology company, based in Bangalore. It provides a comprehensive payment platform helping businesses collect and send money, offering services such as payment collection, supplier payments, salary payments, instant loan disbursements, refunds e-commerce, insurance claims processing, expense reimbursements, loyalty and rewards payments.

Cashfree Payments serves over 100,000 merchants, including Cred, Zomato, Xiaomi, and Tencent, and processes $20 billion in payments annually. The company has operations in eight different geographies, including the United States, Canada and the United Arab Emirates (UAE).

Cashless payments raised US$200 million in June 2021, which it said it was using to strengthen its payments infrastructure and invest in growth.

CredAvenue

CredAvenue

Founded in 2017 and based in Chennai, CredAvenue is one of the leading online lending specialists. The company operates five main platforms aimed at meeting all the requirements of borrowers and investors: CredLoan, a business lending platform; CredCoLend, an origination platform for banks and non-bank financial companies (NBFCs) for co-lending partnerships; Plutus, a bond issuance and investment platform for institutional and retail participants; CredSCF, a supply chain platform; and CredPool, end-to-end securitization and portfolio buyouts.

To date, the firm has facilitated approximately $9 billion in transactions and engaged with over 1,500 institutional borrowers, over 750 investors and over one million end-borrowers.

CredAvenue is backed by leading investors including Sequoia Capital and LightSpeed. In September 2021, the company raised a Series A equity financing round of US$90 million at a valuation of US$410 million.

GetVantage

GetVantage

Founded in 2019 and based in Mumbai, GetVantage is a funding platform offering growth capital to digital-focused businesses, including e-commerce entrepreneurs and startups in India and Southeast Asia.

GetVantage uses a proprietary machine learning (ML) based credit decision engine and transaction management system to assess and evaluate a company’s future revenue performance, and offers a term sheet based on its findings. Funding ticket sizes can be up to US$500,000, according to its website.

So far, the startup has funded over 100 founders, including brands across e-commerce and direct-to-consumer (D2C) categories. GetVantage has raised $5 million in funding, according to Digital Fiveth.

Hyperface

Hyperface

Founded in 2021 and based in Bengaluru, Hyperface is the developer of a card platform designed to simplify credit card issuance for fintech and e-commerce businesses. The company offers customizable software development kits (SDKs) and application programming interfaces (APIs) to enable customers to design credit card programs and manage the entire customer experience, Know Your Customer (KYC) to loyalty programs, helping businesses launch credit card programs in just weeks.

Hyperface raised US$1.3 million in October 2021, which it said it used to bolster its technology platform and launch card programs, as well as for hiring and growth.

Mahila’s Money

Mahila's Money

Mahila Money is the digital banking arm of Sheroes, a Delhi-based women-only social network. Mahila Money offers small business loans and other financial services to women and female micro-entrepreneurs. Funding quotes range from $135 to $2,693, require no collateral or co-guarantor, and the application process is done entirely online.

Since its launch last year, Mahila Money has grown into a community of over 150,000 women, and inked partnerships with banks and NFBCs including Transcorp, Visa, My Shubh Life, Avail Finance and Shivalik Bank.

Multiply

Multiply

Founded in 2020 and based in Bangalore, Multipl provides a mobile application that allows users to invest their savings in mutual funds and other market instruments for predictable expenses.

Multipl also partners with lifestyle brands to bring customers exclusive deals on travel, jewelry, biking, home furnishings, career courses, electronics, and more. Additionally, it has a loyalty program that rewards customers each time they reach savings milestones with so-called Mbits rewards that can be redeemed with over 200 brands including Amazon, Myntra, and Jio-Saavn. .

Since November 2021, the application had seen over 10,000 downloads from the Google Play Store, and users had set savings goals of over $3.3 million.

Security

Security

Founded in 2020, Onsurity is a health technology start-up that provides comprehensive monthly health care to employees of small and medium-sized enterprises (SMEs), micro-enterprises, startups and growing companies.

Onsurity’s monthly plans under TeamSure include benefits such as group health insurance, discounts on drug orders and checkups, fitness rewards, medical teleconsultation and much more. Subscription plans are offered not only to full-time employees, but also to contractors, interns, and consultants.

The company claims to serve over 1,000 SMEs, startups, and emerging companies. This raised US$16 million in a Series A in August 2021.

small business

small business

Founded in 2015 and based in Bangalore, Smallcase is a wealth technology startup that provides an online trading platform. The company has an in-house team of licensed professionals who offer more than 100 portfolios of stocks and exchange-traded funds (ETFs) in which investors can invest. It also provides access to independent investment managers, brokerages and wealth management platforms.

Smallcase supports a dozen leading stockbrokers in India, including Upstox and Kite.

The company has attracted more than 3 million users who transact US$2.5 billion every year. This firm a Series C funding round of US$40 million in August 2021, bringing its total funding to over US$65 million.

FPL Technologies

FPL Technologies

Based in Pune and founded in 2019, FPL Technologies is a fintech startup specializing in consumer credit. In 2019, the company launched OneScore, a digital credit score platform offering free credit score checks and personalized information. In 2020, it introduced OneCard, a credit card that works with a mobile app to let customers lock their card, manage their active features and services, pay bills, and more.

FTP Technology firm a Series C funding round of US$75 million in January 2022 at a post-money valuation of US$750 million. The round brought the total amount of funds raised by the startup to US$125 million.

Zolve

Zolve

Founded in 2020, Zolve is a neo-banking startup targeting migrant workers. The startup, which launched full-scale services in September 2021, currently serves the India-US corridor, providing US-bound immigrants with access to bank accounts, high-limit credit cards and credit cards. debit cards based on the credit rating of their home country. while they are still in their country of origin.

Zolve is striving to become a comprehensive financial services provider with products focused on instant remittances, insurance and loans under development.

By October 2021, the startup had rolled out its credit card to 2,000 customers. Zolve firm a Series A funding round of US$40 million in October 2021 at a valuation of US$210 million. The round brought the total funding raised by the startup to US$55 million.

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