The internet and smartphones are becoming more widely available, and a surge of digitalization across industries has made online services more accessible. Yet, Not everyone in India has access to online financial services. This demand for access to financial services in this digital age has led to the rise of Fin-tech (Financial Technology) in India.With the help of digitalization, fintech can handle the majority of difficulties such as lack of consistency and security, financial mistakes, and delayed processing. In an attempt to bring innovative solutions to banking, lending and other financial markets, several Fin-tech start-ups are disrupting the financial sector and gaining customer trust and market reach. Fin-tech startups have the potential to significantly improve the financial climate and reach previously unbanked communities. So, as an MBA graduate, choosing a career in Fin-tech is a great path to secure your future.Here are some of the excitingFin-tech startups in India that every MBA should follow in order to stay updated in the financial world:
Founders: Kunal Shah
CRED may be familiar to you from Rahul Dravid’s ‘Indiranagar ka Gunda’ AD. This Fin-tech startup enables users to make credit card payments. CRED is a platform for “credit card management” that operates on a reward system. Users of this app can gain access to extra services such as credit and luxury products. CRED can broaden its service offerings because the majority of its users are high-end customers.
Founders: Neeraj Sing, Harsh Jain, Lalit Keshre & Ishan Bansal
Groww is a web-based investment platform that allows anyone to invest in mutual funds and stocks. It is customized and adapted to each individual customer. This Bangalore-based Fin-tech startup was just valued at $1 billion. Groww was primarily an investment platform for mutual funds. The website now offers direct investing in mutual funds, equities, IPOs, and ETF funds.
Founders: Lokvir Kapoor, Rajul Garg, & Tarun Upaday
Pine Labs provides a merchant platform that incorporates merchant technology and financial solutions. These products are designed to assist retailers in growing revenue while decreasing cost, complexity, and risk. Pine Labs aspires to be the first Indian Fin-tech startup to go public outside of India. Through its app, the company has also enabled Near Field Communication (NFC). This enables users to perform secure transactions by converting their phones into card machines that also accept Tap n Pay cards.
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Founders: Lizzie Chapman, Ashish Anantharaman, & Priya Sharma
ZestMoney is a Fintech startup that offers consumer loans without requiring a credit card or a credit score. The organization thinks that the ability to pay in EMIs should be open to all people, not only those with a credit card or a high credit score. ZestMoney employs artificial intelligence in their EMI financing and “Buy Now Pay Later” platform, which uses current credit scores for repeat clients and builds credit scores for first-time borrowers.
Founder: Vijay Shekhar Sharma
This Fin-tech startup is a payment service provider that focuses on digital payment systems, digital wallets, and e-commerce. It provides services in 11 Indian languages and allows customers to pay online simply by scanning the Paytm QR code. Advertisements and paid promotional content create money for the company. Paytm’s parent company, One97 Communications, is planning an IPO worth $1.6 billion later this year.
Founders: Alok Bansal, Yashish Dahiya, & Avaneesh Nirjar
The Fin-tech startup provides a platform for people looking for insurance policies to evaluate and choose the best. The corporation is worth $3.5 billion. The startup then grew into an insurance marketplace, where users could buy insurance policies online. Policybazaar is an insurance aggregator that controls 90% of the market for third-party online sales.
Founders: Bala Parthasarathy, Kunal Verma, & Anuj Kacker
The startup’s app is used to provide quick and easy credit. This Fin-tech startup primarily targets the salaried middle class earning. The software then uses its built-in AI to determine the individual’s creditworthiness. This is done in collaboration with banks, and the organization also provides credit cards, personal loans, consumer loans, and other EMI financing options.
Founders: Vinay Bagri & Virender Bisht
Niyo is a type of Neo Bank. A Neo bank is a completely digital bank that works solely through online platforms and apps, as opposed to traditional banks, which have physical branches. Niyo bills itself as India’s first neobank. As the country’s largest Neo banking platform, they offer co-branded prepaid credit cards, savings accounts with debit cards, and banking partnerships. Among these are IDFC First Bank, ICICI Bank, and Yes Bank.
Founders: Saurya Prakash Sinha & Prashant Borde
Recko, a Fin-tech startup SaaS business, wants to automate the entire reconciliation process in order to provide financial security to firms such as eCommerce platforms, insurance providers, and banks that often have a high volume of transactions. As an impartial third-party transaction reconciliation layer, it ensures that every transaction is accounted for and that all settlements are completed on time. It assists organizations in tracking receivables and identifying settlement issues.
Founders: Archit Gupta, Ankit Solanki & Srivatsan Chari
ClearTax began as a tax compliance platform for individual taxpayers to file their income tax returns online. It also has many goods and services for the GST area, as well as plans to enter the invoices, wealth management, and credit segments. Since its founding, this Fin-tech startup has raised $65 million in venture capital.
Fin-tech startups hold the key to unlocking India’s full potential. Fin-tech businesses remain extremely well-funded, and entrepreneurs are continually seeking new solutions to these issues. The emergence of fintech has enabled financial institutions and banks to provide digital services that are personalized to the specific demands of each consumer. As an MBA graduate, landing a job in one of these companies is a great way to start your career.Praxis Business School, a top B-School with campuses in Kolkata and Bangalore, offers an industry-driven two-year completely residential Postgraduate Diploma in Management (PGDM) program that is accredited by the All India Council for Technical Education. Our MBA Finance specialization course can assist you in breaking into the finance industry.