Top Fintech Startups In India That Have Disrupted The Market of Digital Payments


Fintech startups previously catered to only a particular section of society. However, after 2016’s demonetization and access to inexpensive internet, these startups slowly started acquiring new customers, who for the first time were switching from cash to digital payments.

person holding black Android smartphone close-up photography

Today , we cannot imagine our lives without the facilities of online payments. These fin-tech startups have not only managed to make online transactions simple but also are offering products that make financial and asset planning easier.

Be it obtaining a loan, investing in a mutual fund, or even simply renewing your health or car insurance; these fintech startups are providing all the needed innovations to simplify money for the common people. 

Here are the top fintech startups in India that disrupted the market of digital payments

1) Paytm

Founded by Vijay Shekhar Gupta, and owned by one97 Communications, Paytm is one of the largest used fin-tech apps by Indians to do digital payments. The app is even used by roadside vendors and vegetable sellers.

Paytm is a digital payment partner for brands such as Zomato, BookMyShow, MakeMyTrip etc.

It has even acquired the ticketing platform Insider for users to book tickets for events.

Paytm also allows users to invest in gold and mutual funds. It recently got its IPO and is listed now as a public company with a brokerage license from IRDAI and authorization by RBI

2) PhonePe

With over 1 million users, PhonePe is the second most popular and growing fin-tech startup in India. Founded by Rahul Chari, Sameer Nigam, Burzin Engineer in 2015.

The app is preferred by users for its fast and safe UPI payments which are embedded by triple security to prevent loss of money by fraudulent activities. 

PhonePe is also used a source of digital payments by online brands. It also offers investment products such as gold, insurance, and mutual funds. 

PhonePe gives cashback on referrals and is available pan-India in over 11 languages.


CRED is the newest fintech startup in  India to enter the league of Unicorn startups. It is valued at four billion dollars.

CRED is a product innovation in the fintech niche in India. It is founded Kunal Shah, who also founded by Freecharge.

It has made payment via credit card simple and rewarding. It also nudges the users to pay their credit card bills on time and get rewards for their punctuality.

The credit card is an aspirational product for many Indians and CRED is using its platform as an opportunity to cater to the people who are consuming this product.

4) Policy Bazaar

As the name suggests, Policy Bazaar started as an online platform founded by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar in 2008 for users to compare different policy schemes and insurance premiums of various companies. For the consumers, it was the innovation that would help them save money. 

Currently, Policy Bazaar has scaled up to be a marketplace to buy car, health, life insurances. It also has become an aggregator of various types of mutual fund schemes and other wealth management plans offered by financial assistance companies.

5) MoneyTap

Often for quick loans of money, the young salaried consumers either have to ask their peers or the HRs of the company. MoneyTap is a fintech startup that gave a solution to this problem. 

Founded in 2015 by Bala Parthasarathy, Kual Verma, and Anuj Kacker, MoneyTap was the first-ever Indian app-based credit line to be availed by consumers. It provided credit assistance and small loans through flexible EMIs.

The app authorized by RBI allows you to obtain a loan within 15 minutes by submitting your PAN card to check eligibility and then followed by a KYC registration. The interest rates are competitive and only based on the amount that is borrowed.

The fintech startups of India are enabling the masses to handle their money better and be financially smart with their investment choices. The fintech industry is growing and booming as it slowly will tap into unchartered potentialities in the market.


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