Promising Indian Fintech Startups in 2022
- The Digital Fifth, an Indian fintech consulting firm, has selected India’s top ten most promising FinTech startups for 2022
- According to a recent report by the World Economic Forum, India has emerged as the fastest-growing FinTech market and the third-largest FinTech ecosystem in the world
- Indian fintech companies will reach a valuation of US$150 to 160 billion by 2025
India is rapidly emerging as a fintech powerhouse, a position it earned thanks to pioneering digital infrastructure initiatives.
The country’s economy is growing exponentially, and these conditions have attracted companies worldwide.
India has established itself as an attractive destination for financial services companies because of its growing middle class, burgeoning e-commerce market, and dynamic venture capital (VC) landscape.
India emerging as the fastest-growing FinTech market
According to a recent report by the World Economic Forum, India has emerged as the fastest-growing FinTech market and the third-largest FinTech ecosystem in the world. The Boston Consulting Group report released in March 2021 stated that Indian fintech companies will reach a valuation of US$150 to 160 billion by 2025.
The country’s prime minister Narendra Modi has often cited digitalization as key to transforming its economy and improving its citizens’ quality of life.
India’s most promising FinTech startups
The Digital Fifth, an Indian fintech consulting firm, has selected India’s top ten most promising FinTech startups for 2022. The report ranks emerging companies on market potential and provides a breakthrough in their clients’ products and services.
Listed here are the top five most promising FinTech startups:
Bangalore based Cashfree Payments is a payment and banking technology company. Launched in 2015, the company is known for innovating payments solutions that seamlessly help businesses accept digital payments.
In June 2021, Cashfree Payments raised US$200 and will use the funds to ramp up its payments infrastructure and invest in growth.
A leading online lending specialist based in Chennai, CredAvenue, offers the most comprehensive bouquet of debt products. All five of its products aim to reshape the traditional lending mechanism and offer new ways of digital credit facilitation.
CredAvenue has access to a network of 500+ lenders and 2000+ borrowers and a fully digitized lending lifecycle, right from loan origination to disbursement and monitoring. In September last year, the company raised a US$90 million Series A equity funding round at a US$410 million valuation.
Mumbai based GetVantage is a finance platform that provides capital to digital-first companies looking to expand their business, including e-commerce entrepreneurs and startups across India and Southeast Asia. The company was founded in 2019 and is India’s most prominent and only founders for founder’s platform.
According to the Digital Fifth, GetVantage has raised US$5 million in funding. The startup has already funded more than 100 founders, including e-commerce and direct-to-consumer (D2C) brands.
Hyperface is a company that provides credit card and debit card issuing API to financial institutions, which allows them to issue their cards in-house.
The startup was founded in 2021 and offers seamless integration with the most popular payment gateways and e-commerce platforms. The company assist businesses to launch credit card programs in only a few weeks through its customizable software development kits (SDKs) and application programming interface (APIs).
A total of US$1.5 million was raised in October last year, used to strengthen its platform and growth.
The Digital Mahila Bank is women-centred. The digital bank offers small business loans and other financial services to women and female micro-entrepreneurs.
The application process is online and doesn’t require collateral or a co-guarantor. Mahila Money has grown into a community of 150,000+ women and has inked partnerships with banks and NFBCs, including Visa, My Shubh Life and Transcorp.