Top 10 Successful Fintech Apps of India

India is a hub of fintech innovation, and the market is booming with the latest technological advancements. With increasing mobile phone and internet penetration, the fintech industry in India is expected to reach a market size of $31 billion by 2025. As a result, many fintech companies have emerged in the market, offering a range of services to customers. Among them, fintech apps have gained immense popularity due to their convenience, security, and easy accessibility. In this article, we will discuss the top 10 successful fintech apps of India that are leading the industry with their innovative features.

So let’s have a look at those fintech apps of India that transformed the online payment system in India.

1 – Paytm

Paytm is a popular Indian digital payments and financial services company that was founded by Vijay Shekhar Sharma in 2010. Sharma, who is also the CEO of the company, was born on July 8, 1978, in Aligarh, Uttar Pradesh, India. He started his entrepreneurial journey at the young age of 19 when he founded his first company, Xs! Corporation, which provided content management systems to companies in India and abroad.

Sharma started Paytm as a mobile recharge and bill payments platform in 2010, which eventually grew to become one of the leading digital payment platforms in India. The name Paytm stands for “Pay Through Mobile,” which reflects the company’s core business model of facilitating mobile payments.

Paytm’s first funding round was in 2011, where it raised around $2 million from investors including SAIF Partners and Silicon Valley Bank. Since then, the company has raised multiple rounds of funding from various investors, including Alibaba Group, Softbank, and Berkshire Hathaway.

In addition to digital payments, Paytm also offers a range of financial services, including wealth management, insurance, and loans. The company has also launched its own digital wallet, Paytm Wallet, which allows users to store money and make payments online and offline.

Apart from Vijay Shekhar Sharma, Paytm has two other co-founders: One97 Communications Ltd and Harinder Takhar. Takhar, who is the former CEO of Paytm Labs, played a key role in the development of the Paytm Wallet and other financial services offered by the company.

Paytm’s success story is a testament to the growing popularity of digital payments in India and the need for innovative solutions to meet the changing needs of consumers. Today, Paytm has over 450 million registered users and processes over 1.2 billion transactions every month.

Features

• Mobile recharge and bill payment
• Money transfer and UPI transactions
• Digital wallet feature
• Online shopping

Benefits

• Quick and hassle-free transactions
• Offers cashback and discounts on transactions
• Safe and secure transactions

2 – PhonePe

PhonePe is a popular Indian digital payments platform that was founded in 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer. Sameer Nigam, who serves as the CEO of the company, is a seasoned entrepreneur who previously founded Mime360, a digital media distribution company.

PhonePe’s business model is based on the Unified Payments Interface (UPI) which enables users to transfer money instantly from their bank accounts using their mobile devices. The platform also offers a range of other financial services, including bill payments, mobile recharges, and insurance.

PhonePe’s first funding round was in 2016, when it raised $1 million from Flipkart, the Indian e-commerce giant. Flipkart later acquired PhonePe in 2016, making it a subsidiary of the company. Since then, PhonePe has raised multiple rounds of funding from various investors, including Tiger Global, Tencent, and Walmart.

PhonePe has been rapidly growing in popularity in India, and as of 2021, it has over 300 million registered users and processes over 1 billion transactions every month. In addition to its core payments and financial services, PhonePe has also launched several innovative products, such as the PhonePe ATM service, which allows users to withdraw cash without visiting an ATM.

Sameer Nigam, Rahul Chari, and Burzin Engineer are the three co-founders of PhonePe, with Nigam leading the company as CEO. Prior to starting PhonePe, Nigam and Chari worked at Flipkart, where they gained experience in e-commerce and technology.

PhonePe’s success story is a testament to the growing popularity of digital payments in India and the need for innovative solutions to meet the changing needs of consumers. The company has been at the forefront of the digital payments revolution in India and is well positioned to continue to grow and expand its offerings in the years to come.

Features

• Mobile recharge and bill payment
• Money transfer and UPI transactions
• Digital wallet feature
• Online shopping

Benefits

• Quick and hassle-free transactions
• Offers cashback and discounts on transactions
• Safe and secure transactions

3 – Google Pay

Google Pay is a digital payment and money transfer service developed by Google. It was launched in 2015 as Tez App and later rebranded as Google Pay in 2018. I’m one of the users of Google Pay since the first day of its launch. While Google Pay was not founded by a specific group of individuals, it was developed by Google, which is a multinational technology company founded by Larry Page and Sergey Brin in 1998.

Google Pay is based on the Unified Payments Interface (UPI) and enables users to make payments, send money, and manage their finances using their mobile devices. It also offers a range of other features, including rewards and cashback programs, as well as the ability to pay for goods and services online and offline.

Google Pay’s first funding round was not publicly disclosed since it is a product developed by Google, which has a significant amount of resources to develop and market its products. However, Google has invested heavily in expanding the capabilities of Google Pay and has also acquired several companies to enhance its functionality, including the acquisition of Softcard in 2015 and the integration of its technology into Google Wallet.

Google Pay has gained significant popularity in India, where it has over 100 million users as of 2021. The company has also expanded its offerings in other countries, including the United States, where it allows users to send and receive money through the app.

While Google Pay does not have specific founders, it is part of Google’s larger ecosystem of products and services. Google was founded by Larry Page and Sergey Brin, who started the company while they were students at Stanford University in California. Over the years, Google has grown to become one of the largest and most successful technology companies in the world.

In conclusion, Google Pay is a popular digital payment and money transfer service developed by Google. While it does not have specific founders or a traditional funding history, it is part of Google’s larger ecosystem of products and services and has gained significant popularity in India and other countries.

Features

• Mobile recharge and bill payment
• Money transfer and UPI transactions
• Digital wallet feature
• Online shopping

Benefits

• Quick and hassle-free transactions
• Offers cashback and discounts on transactions
• Safe and secure transactions

4 – BHIM UPI

BHIM UPI (Bharat Interface for Money – Unified Payments Interface) is a digital payments platform developed by the National Payments Corporation of India (NPCI). It was launched in 2016 to promote digital transactions and financial inclusion in India.

BHIM UPI does not have specific founders, as it is a product developed by NPCI, which is a non-profit organization founded by the Reserve Bank of India, the Indian Banks Association, and other leading financial institutions in India.

BHIM UPI is based on the Unified Payments Interface (UPI) and enables users to transfer money from one bank account to another instantly using their mobile devices. The platform also offers a range of other features, including bill payments, mobile recharges, and merchant payments.

BHIM UPI’s development and maintenance are funded by NPCI, which is supported by the Indian government and leading financial institutions in the country. The platform has been instrumental in driving the adoption of digital payments in India and has contributed to the growth of the country’s digital economy.

As of 2021, BHIM UPI has over 200 million registered users and processes over 2 billion transactions every month. It has also been integrated into a range of other digital payment platforms, including Google Pay and PhonePe, enabling users to access its services through these popular apps.

In conclusion, BHIM UPI is a digital payments platform developed by NPCI with the aim of promoting financial inclusion and driving the adoption of digital payments in India. While it does not have specific founders or a traditional funding history, it is funded and supported by leading financial institutions in India and has been instrumental in the growth of India’s digital economy.

Features

• Mobile recharge and bill payment
• Money transfer and UPI transactions
• Digital wallet feature

Benefits

• Easy and secure transactions
• Low transaction fees

5 – Mobikwik

MobiKwik is a digital wallet and online payment system based in India. The company was founded in 2009 by Bipin Preet Singh and Upasana Taku, both of whom are alumni of the Indian Institute of Technology Delhi.

MobiKwik’s first funding round took place in 2010 when the company raised $250,000 in seed funding from an angel investor. Since then, the company has raised several rounds of funding from leading venture capital firms and investors, including Sequoia Capital, American Express, and Bajaj Finance.

MobiKwik offers a range of services, including mobile recharges, bill payments, and online transactions. The platform also allows users to store their credit and debit card details securely and make payments using a mobile wallet, which can be topped up using a range of payment methods.

As of 2021, MobiKwik has over 120 million users and has processed more than 1.4 billion transactions. The company has also expanded its offerings to include a range of financial products, including personal loans and insurance.

MobiKwik has been recognized for its innovative approach to digital payments and has won several awards, including the Best Mobile Wallet award at the IAMAI Digital Awards and the Digital Wallet of the Year award at the MoneyTech Awards.

In conclusion, MobiKwik is a leading digital wallet and online payment system based in India. It was founded by Bipin Preet Singh and Upasana Taku and has raised several rounds of funding from leading investors. The platform offers a range of services, including mobile recharges, bill payments, and online transactions, and has been recognized for its innovative approach to digital payments.

Features

• Mobile recharge and bill payment
• Money transfer and UPI transactions
• Digital wallet feature
• Online shopping

Benefits

• Quick and hassle-free transactions
• Offers cashback and discounts on transactions
• Safe and secure transactions

6 – Freecharge

FreeCharge is a digital payments platform based in India that was founded in 2010 by Kunal Shah and Sandeep Tandon. The platform started as a mobile recharge platform and expanded to offer bill payments, ticket bookings, and online shopping.

FreeCharge’s first funding round took place in 2011 when the company raised $1.2 million from Sequoia Capital. The platform then raised additional funding from other investors, including RuNet, Tybourne Capital, and Sanjay Nath of Blume Ventures.

In 2015, FreeCharge was acquired by Snapdeal, an Indian e-commerce company, for $400 million. However, in 2018, the company was sold to Axis Bank for $60 million.

FreeCharge offers a range of services, including mobile recharges, bill payments, and online transactions. The platform also allows users to store their credit and debit card details securely and make payments using a mobile wallet.

As of 2021, FreeCharge has over 30 million users and has processed more than 500 million transactions. The platform has also launched several features, including ‘Chat-n-Pay’ and ‘Auto Pay,’ which have made digital transactions even more accessible to users.

In conclusion, FreeCharge is a digital payments platform based in India that was founded in 2010 by Kunal Shah and Sandeep Tandon. The platform offers a range of services, including mobile recharges, bill payments, and online transactions. The company has been acquired by Snapdeal and later sold to Axis Bank. FreeCharge has over 30 million users and has processed more than 500 million transactions.

Features

• Mobile recharge and bill payment
• Money transfer and UPI transactions
• Digital wallet feature
• Online shopping

Benefits

• Quick and hassle-free transactions
• Offers cashback and discounts on transactions
• Safe and secure transactions

7 – Razorpay

Razorpay is a leading Indian fintech company that provides payment gateway solutions to businesses. It was founded in 2014 by Harshil Mathur and Shashank Kumar, both of whom are alumni of the Indian Institute of Technology Roorkee.

Razorpay’s first funding round took place in 2015 when the company raised $2.5 million in seed funding from a group of investors, including Matrix Partners and Y Combinator. Since then, the company has raised several rounds of funding from leading venture capital firms and investors, including Sequoia Capital, Ribbit Capital, and Tiger Global Management.

Razorpay’s platform offers businesses a range of payment options, including credit and debit cards, net banking, UPI, and more. The company also provides businesses with a range of tools and features to manage their payments, including automated payment reconciliations, advanced fraud detection, and detailed analytics.

As of 2021, Razorpay has over 10,000 merchants on its platform and processes more than 10 million transactions per month. The company has also been recognized for its innovative approach to fintech and has won several awards, including the Best Fintech Startup award at the ET Startup Awards.

In addition to its payment gateway solutions, Razorpay has also launched a range of financial products, including business loans and insurance, to help support the growth of Indian businesses.

In conclusion, Razorpay is a leading Indian fintech company founded by Harshil Mathur and Shashank Kumar. The company provides payment gateway solutions to businesses and has raised several rounds of funding from leading investors. Razorpay has over 10,000 merchants on its platform and processes more than 10 million transactions per month. The company has also launched a range of financial products to help support the growth of Indian businesses.

Features

• Payment gateway
• Subscriptions
• Invoicing
• Payout services

Benefits

• Easy integration with websites and mobile apps
• Secure transactions
• Fast processing

8 – PayU

PayU is a global fintech company that provides payment technology solutions to businesses in over 20 countries. The company was founded in 2002 by Nitin Gupta, Shailaz Nag, and Micky Malka.

PayU’s first funding round took place in 2010 when the company raised $13 million in funding from investors including Nexus Venture Partners, Accel Partners, and Sequoia Capital. Since then, the company has raised additional funding from leading investors including Temasek, Tencent, and IFC.

PayU’s platform provides businesses with a range of payment options including credit and debit cards, net banking, UPI, and digital wallets. The company also offers a range of value-added services such as fraud detection and prevention, recurring payments, and more.

As of 2021, PayU has over 500,000 merchants on its platform and processes more than 1.8 billion transactions per year. The company has also expanded into new markets through strategic acquisitions, including acquiring PaySense, a leading Indian consumer lending platform, in 2020.

PayU has been recognized for its innovative approach to fintech and has won several awards including the Best Payment Service Provider award at the Indian eRetail Congress & Awards.

In addition to its payment technology solutions, PayU has also launched a range of financial products, including working capital loans and business banking services, to help support the growth of businesses.

In conclusion, PayU is a global fintech company founded in 2002 by Nitin Gupta, Shailaz Nag, and Micky Malka. The company provides payment technology solutions to businesses in over 20 countries and has raised funding from leading investors. PayU has over 500,000 merchants on its platform and processes more than 1.8 billion transactions per year. The company has also expanded into new markets through strategic acquisitions and has launched a range of financial products to help support the growth of businesses.

Features

• Payment gateway
• Online payment processing
• Digital lending

Benefits

• Easy integration with websites and mobile apps
• Secure transactions
• Fast payment processing

9 – CRED

CRED is a popular fintech startup that was founded in India in 2018. The company was started by Kunal Shah, who is a well-known entrepreneur and also the founder of FreeCharge.

CRED is focused on providing a credit card payment platform that rewards users for timely payments and good credit scores. The company has gained a reputation for its innovative approach to credit card payments and has quickly become one of the leading fintech startups in India.

CRED’s first funding came from Sequoia Capital, which is a prominent venture capital firm. Since then, the company has raised several rounds of funding from other investors, including Ribbit Capital, DST Global, and Tiger Global.

In addition to its credit card payment platform, CRED also offers a range of other financial products and services, including personal loans and insurance. The company has been recognized for its efforts to promote financial literacy and education in India and has won several awards for its contributions to the fintech industry.

Features

• Credit card bill payment
• Credit score tracking
• Reward points redemption

Benefits

• Attractive rewards program
• Easy and secure transactions
• Helps improve credit score

10 – Zerodha

Zerodha is a popular online brokerage firm that was founded in India on 15 August 2010. The company was started by Nithin Kamath and Nikhil Kamath, who are brothers and both avid traders themselves.

Zerodha has gained a reputation for its innovative approach to brokerage services, which include offering a flat fee for trades and providing advanced trading tools and platforms. The company has also been recognized for its efforts to promote financial literacy and education in India.

Zerodha’s first funding came from Rainmatter, which is a fintech fund that was also started by the Kamath brothers. Since then, Zerodha has continued to grow and expand, becoming one of the leading brokerage firms in India.

In addition to its brokerage services, Zerodha also offers a range of other financial products and services, including mutual funds, bonds, and insurance. The company has received numerous awards and accolades for its contributions to the fintech industry in India.

Features

• Stock market trading
• Mutual fund investments
• Invest in Bonds

Benefits

• User-friendly interface
• Advanced charting tools
• Low brokerage fees

Conclusion

Fintech apps have revolutionized the way people in India manage their finances. These apps offer convenience, speed, and security, making them a preferred mode of payment and financial transactions. With the increasing adoption of smartphones and the internet, fintech apps are expected to continue to grow and evolve, offering more advanced features and services. If you’re looking for a reliable and convenient way to manage your finances, consider using one of the top 10 successful fintech apps in India.