The fintech industry in India has experienced a rapid transformation with the emergence of innovative startups that are revolutionizing the financial sector. These startups have leveraged technology and innovation to disrupt traditional banking and introduce new solutions that cater to the evolving needs of consumers. In this article, we will provide an in-depth analysis of the top 20 fintech startups in India, discussing their innovative solutions, impact on traditional banking, and their potential for growth and expansion. We will also highlight the challenges they face as they reshape the industry.

Top 20 Fintech Startups Disrupting the Financial Sector In India


Founder: Vijay Shekhar Sharma

Established: 2010

Paytm is a leading fintech startup that initially started as a digital payments platform and has now expanded to offer services such as mobile wallets, e-commerce, lending, and insurance. Paytm’s innovative solutions have revolutionized the way Indians transact by providing cashless payment options and creating a robust ecosystem for merchants. Its impact on traditional banking is evident in the shift towards digital payments and the increased adoption of mobile wallets.


Founder: Sameer Nigam, Rahul Chari, Burzin Engineer

Established: 2015

 PhonePe is a digital payment platform that has gained immense popularity due to its user-friendly interface and seamless integration with UPI. The platform has simplified peer-to-peer transactions, bill payments, and online shopping. PhonePe’s disruptive approach has challenged traditional banking by providing instant money transfers and enhancing the overall payment experience for users.


Founder: Harshil Mathur, Shashank Kumar

Established: 2014

 Razorpay is a fintech startup that offers comprehensive payment solutions to businesses, including payment gateways, subscription billing, and invoice management. By simplifying payment processes for merchants, Razorpay has disrupted traditional banking models and empowered small and medium-sized enterprises (SMEs) with efficient payment infrastructure. Its innovative solutions have helped businesses streamline their operations and improve customer experiences.


Founder: Bipin Preet Singh

Established: 2009

MobiKwik is a digital wallet and payment platform that has gained significant traction among Indian users. It offers a range of services, including mobile recharges, bill payments, and peer-to-peer transfers. MobiKwik’s impact on traditional banking is evident in its contribution to financial inclusion, bringing digital financial services to the underbanked population in India.


Founder: Yashish Dahiya

Established: 2008

 PolicyBazaar has disrupted the insurance sector in India by providing a platform for users to compare and purchase insurance policies online. Its user-friendly interface, extensive product range, and transparent pricing have challenged the traditional insurance brokerage model. PolicyBazaar’s innovative solutions have made insurance more accessible and affordable for individuals and businesses.

Lendingkart (Founder: Harshvardhan Lunia, Mukul Sachan, Established: 2014)

Lendingkart is a fintech startup that offers quick and hassle-free loans to small businesses and entrepreneurs. By leveraging data analytics and technology, Lendingkart has addressed the challenges faced by SMEs in obtaining credit from traditional banks. Its innovative lending model has significantly impacted the growth of small businesses in India and has the potential to reshape the lending landscape.

Zerodha (Founder: Nithin Kamath, Established: 2010)

 Zerodha is an online discount brokerage firm that has transformed the landscape of stock trading in India. It offers low-cost trading services, user-friendly platforms, and educational resources, empowering retail investors to participate in the stock market. Zerodha’s disruptive approach has challenged the dominance of traditional brokerage firms and has made stock trading more accessible and affordable.

CRED (Founder: Kunal Shah, Established: 2018)

 CRED is a fintech startup that rewards credit card users for timely bill payments. It has gamified the credit card experience by offering exclusive rewards, discounts, and access to premium services. CRED’s innovative approach has encouraged responsible credit card usage and enhanced the overall user experience. While it does not directly impact traditional banking, CRED’s success highlights the changing preferences of consumers and the potential for new business models in the financial sector.

NiYO (Founder: Vinay Bagri, Virender Bisht, Established: 2015)

NiYO is a fintech startup that offers digital banking solutions to salaried employees. Its platform provides salary accounts, expense management tools, and tax-saving options, simplifying financial management for employees and employers. NiYO’s disruptive model has redefined the way individuals handle their salaries and expenses, challenging the traditional banking approach.

BharatPe (Founder: Ashneer Grover, Shashvat Nakrani, Established: 2018)

BharatPe is a fintech startup that enables small merchants to accept digital payments seamlessly. It offers a QR code-based payment solution and also provides merchants with access to working capital loans. BharatPe’s innovative approach has empowered small businesses to adapt to cashless transactions and has reduced their dependence on traditional banking methods.

LendingClub (Founder: Renaud Laplanche, Established: 2006)

LendingClub, though based in the United States, has made significant strides in the Indian market. It is an online peer-to-peer lending platform that connects borrowers and investors. LendingClub’s technology-driven platform enables individuals and businesses to obtain loans at competitive interest rates, bypassing traditional banks and lenders.

Pine Labs (Founder: Lokvir Kapoor, Established: 1998)

Pine Labs is a leading provider of payment and merchant commerce solutions. Its range of services includes point-of-sale devices, digital payment acceptance, and loyalty programs. Pine Labs’ innovative solutions have streamlined transactions for merchants and transformed the retail payment experience. The company’s widespread adoption has impacted traditional banking by diversifying the options available for businesses and consumers.

Rupeek (Founder: Sumit Maniyar, Established: 2015)

Rupeek is a fintech startup that offers gold-backed loans to individuals and businesses. It has simplified the process of obtaining gold loans through its tech-driven platform, making it more transparent and convenient. Rupeek’s disruptive model has provided access to credit for individuals who own gold assets, offering an alternative to traditional banking loans.

Acko (Founder: Varun Dua, Established: 2016)

 Acko is an insurance technology startup that has introduced a digital-first approach to insurance. It offers personalized insurance products and leverages data analytics to provide tailored coverage and affordable premiums. Acko’s innovative solutions have challenged traditional insurance companies by offering a customer-centric approach and seamless digital experiences.

EarlySalary (Founder: Akshay Mehrotra, Established: 2015)

 EarlySalary is a fintech startup that provides instant salary advances and personal loans to individuals. Its platform uses alternative credit scoring models and artificial intelligence to assess loan eligibility and disburse funds quickly. EarlySalary’s disruptive lending model addresses the financial needs of young professionals and individuals without a credit history, expanding the reach of financial services beyond traditional banking methods.

Capital Float (Founder: Gaurav Hinduja, Sashank Rishyasringa, Established: 2013)

Capital Float is a digital lending platform that offers working capital loans to SMEs. It leverages technology and data-driven algorithms to provide quick and flexible financing options. Capital Float’s innovative approach has enabled SMEs to access timely credit and fuel their growth, overcoming the challenges they often face with traditional banking institutions.

ClearTax (Founder: Archit Gupta, Established: 2011)

ClearTax is a fintech startup that simplifies tax filing and compliance for individuals and businesses. Its platform provides automated tax preparation, e-filing, and GST (Goods and Services Tax) compliance solutions. ClearTax has revolutionized the tax filing process, making it easier and more efficient for taxpayers and reducing their reliance on traditional methods of tax filing.

KredX (Founder: Manish Kumar, Anurag Jain, Established: 2015)

KredX is an invoice discounting platform that helps businesses unlock working capital tied up in unpaid invoices. It enables businesses to sell their invoices to investors, providing them with immediate liquidity. KredX’s disruptive model has empowered businesses with a reliable source of working capital, challenging traditional banking methods and addressing the financing needs of SMEs.

Instamojo (Founder: Sampad Swain, Akash Gehani, Established: 2012)

 Instamojo is a payment solutions platform that caters to small businesses and entrepreneurs. It offers payment gateways, online stores, and digital marketing tools, simplifying online transactions for small businesses and enabling them to establish a digital presence. Instamojo’s innovative solutions have reshaped the payment landscape for small businesses, reducing their reliance on traditional banking infrastructure.

Khatabook (Founder: Ravish Naresh, Jaideep Poonia, Dhanesh Kumar, Ravishankar Shiroor, Established: 2018)

Khatabook is a digital ledger app that digitizes the traditional “khata” (ledger) used by small businesses to record transactions. It enables small businesses to manage their accounts, track payments, and maintain customer credit digitally. Khatabook’s disruptive solution has transformed the way small businesses manage their finances, reducing their dependence on manual bookkeeping methods.

Challenges and Potential for Growth: While these fintech startups have made remarkable strides in disrupting the financial sector in India, they also face several challenges. These challenges include regulatory complexities, cybersecurity threats, competition from traditional banks, and building customer trust in the new financial landscape. However, with their innovative solutions, agile business models, and growing user base, these startups have significant potential for growth and expansion. The increasing adoption of digital financial services, the government’s push for financial inclusion, and the changing preferences of consumers create a favorable environment for their growth in the future.