With India’s Finance Minister pushing national institutions to adopt digital banking in place of physical currency, the country’s fintech startups have found themselves at the helm of a currency and payment system revolution.
The following are the top 15 Indian startups that merge finance and technology for bold and innovative offerings you need to know about in 2016.
BankBazaar is a platform for searching, comparing and applying for financial products—from personal finance and loans to insurance products and credit cards.
Clear Tax is a tax filing assistant that guides users through the cumbersome process of filing taxes. The platform is available both as an app for Android mobile devices and on the web.
One of India’s first mobile wallet solution providers, Paytm is now poised to top 100 million users by the end of the year. The company is working with the Reserve Bank of India to offer services that will gradually enable a cashless economy.
MobiKwik is a mobile wallet solution with a unique “cash pay” feature: users concerned with online banking privacy can deposit money into their online wallet through a doorstep cash collection service.
Zebpay’s iOS and Android app allows users to buy and sell bitcoin. The platform is India’s simplest bitcoin mobile exchange that makes sending/receiving bitcoin as easy as instant messaging.
Paper invariably makes loan processing a lengthy and unwieldy affair—Artoo’s digital loan orientation system allows banks and financial institutions to do away with paper by bringing banking services to the customer’s doorstep.
One currency, one account, one world—this is Trucard’s mantra. The startup has developed a debit/credit system based on gold and silver bullion, enabling users to transact with precious metals online.
AdviceSure is India’s first robo-advisor for financial investments: users enter their details to get a personalised investment portfolio in just seven minutes. The company also offers free financial tools for growth planning and tracking.
Less than 5 percent of India’s small/medium enterprises are equipped with point-of-sale (PoS) terminals for processing credit card payments. Mswipe’s PoS device plugs into any mobile phone, allowing any merchant to immediately start accepting card payments.
Taxmantra is a one-stop-shop for all things business and corporate tax-related—from startup development and fundraising to tax and regulatory compliance.
Pine Labs’ cloud-based payment solution enables vendors to simplify the acceptance of all types of PoS payments, from credit/debit cards to gift vouchers and e-Wallet currency.
Lendingkart enables users to get a loan quickly and easily, without collateral or paperwork. The service targets small businesses in need of short term loans.
KountMoney is an online loan service provider that enables users to get loans regardless of credentials or past credit history. The company acts as a intermediary between customers and some of India’s major financial institutions.
Milaap is a crowdfunding and microloan platform that allows users to contribute small amounts to charities/causes and grant microloans to small ventures. Over $16.7 million has been raised with the platform so far.
Gold loans have been an important aspect of personal finance in India since early times—Rupeek augments this tradition with technology to make it more convenient and secure. Users simply download the app and apply for a loan; the gold is then verified on-premise, at the users’ home.
In short, the preceding 15 companies are just a handful of the fintech startups emerging from India. Many have already expanded operations to Asia and beyond—be sure to keep them on your radar in the coming months and years.