Financial inclusion startups are companies leveraging technology and innovation to provide financial services to underserved populations. These startups aim to enhance access to financial products and services, such as savings accounts, credit, insurance, and investment opportunities, particularly for individuals and small businesses that traditional financial institutions often overlook.
Table of Contents
1.Paytm
| Feature | Description |
|---|---|
| Overview | Digital payment platform with services like recharges, bill payments, and wallet services. |
| Founded | 2010 |
| Founders | Vijay Shekhar Sharma |
| Key Services | Mobile recharges, utility bill payments, Paytm Payments Bank, e-commerce. |
| Website | Paytm |
Paytm is a leading digital payment and financial services company in India. Initially started as a mobile recharge platform, Paytm has expanded its services to include utility bill payments, ticket booking, e-commerce, and banking through Paytm Payments Bank.
Key Services:
- Digital Payments: Mobile recharges, utility bill payments, and wallet services.
- E-commerce: Platform for online shopping.
- Paytm Payments Bank: Offers savings accounts, fixed deposits, and payment services.
- Financial Services: Loans, insurance, and wealth management.
Paytm has significantly contributed to financial inclusion by providing easy access to digital payments and banking services, especially in rural and semi-urban areas.
Paytm is one of India’s largest digital payment platforms, offering services like mobile recharges, utility bill payments, and wallet services. It has also ventured into banking and financial services through Paytm Payments Bank.
- Founded: 2010
- Founders: Vijay Shekhar Sharma
2.Razorpay
| Feature | Description |
|---|---|
| Overview | Online payment gateway services and business banking solutions. |
| Founded | 2014 |
| Founders | Harshil Mathur, Shashank Kumar |
| Key Services | Payment gateway, business banking, lending solutions. |
| Website | Razorpay |
Razorpay is a comprehensive online payment gateway and financial solutions provider for businesses. It offers a wide range of payment processing capabilities and business banking services, aiming to simplify money movement.
Key Services:
- Payment Gateway: Supports credit/debit cards, net banking, UPI, and wallets.
- RazorpayX: Business banking platform offering current accounts, payroll, and expense management.
- Razorpay Capital: Lending solutions for businesses.
- Razorpay Thirdwatch: Fraud prevention suite.
Razorpay has streamlined online payments for businesses, enabling them to handle transactions efficiently and securely, which has boosted the digital economy.
Razorpay provides online payment gateway services and has expanded to offer business banking and lending solutions. Its mission is to simplify money movement for businesses and their customers.
- Founded: 2014
- Founders: Harshil Mathur, Shashank Kumar
3.PhonePe
| Feature | Description |
|---|---|
| Overview | Digital payments platform leveraging UPI for seamless transactions. |
| Founded | 2015 |
| Founders | Sameer Nigam, Rahul Chari, Burzin Engineer |
| Key Services | Money transfers, utility payments, insurance. |
| Website | PhonePe |
PhonePe is a digital payments platform in India that leverages the Unified Payments Interface (UPI) for instant money transfers, bill payments, and online shopping. It has become one of the most widely used UPI-based apps in the country.
Key Services:
- UPI Payments: Instant money transfers between bank accounts.
- Bill Payments: Utility bills, DTH, mobile recharges.
- Insurance: Various insurance products.
- Investments: Mutual funds and gold investments.
PhonePe has played a crucial role in popularizing UPI in India, making digital transactions more accessible to a broader population, including those without prior digital payment experience.
A leading digital payments platform in India, PhonePe offers services including money transfers, utility payments, and insurance. It leverages UPI (Unified Payments Interface) to facilitate seamless transactions.
- Founded: 2015
- Founders: Sameer Nigam, Rahul Chari, Burzin Engineer
4.BharatPe
| Feature | Description |
|---|---|
| Overview | Empowers small merchants with UPI payments and financial services. |
| Founded | 2018 |
| Founders | Ashneer Grover, Shashvat Nakrani |
| Key Services | QR code payments, credit services for merchants. |
| Website | BharatPe |
BharatPe empowers small merchants and kirana store owners by providing them with QR codes for accepting UPI payments. It also offers financial services such as loans to help merchants grow their businesses.
Key Services:
- QR Code Payments: Accept payments via UPI with a single QR code.
- Merchant Loans: Loans based on transaction history.
- POS Solutions: BharatSwipe, a POS machine for card payments.
BharatPe has revolutionized payment acceptance for small merchants, enabling them to go digital and access financial services previously out of reach.
BharatPe is focused on empowering small merchants and kirana store owners by providing them with a QR code to accept payments via UPI and offering credit and other financial services.
- Founded: 2018
- Founders: Ashneer Grover, Shashvat Nakrani
5.CreditMantri
| Feature | Description |
|---|---|
| Overview | Helps individuals manage their credit score and access financial products. |
| Founded | 2012 |
| Founders | Ranjit Punja, Pawana Kumar, Subramanian Krishnan |
| Key Services | Credit score management, financial product recommendations. |
| Website | CreditMantri |
CreditMantri helps individuals understand and improve their credit scores and access financial products tailored to their credit profiles. It aims to make credit accessible to those with limited or no credit history.
Key Services:
- Credit Score Analysis: Free credit score check and detailed report.
- Credit Improvement: Personalized plans to improve credit scores.
- Financial Product Recommendations: Loans, credit cards, and insurance based on credit profiles.
CreditMantri has democratized access to credit by helping individuals build and manage their credit health, making financial products more accessible.
CreditMantri helps individuals understand their credit score, improve their credit health, and access suitable financial products. It aims to help those with limited or no credit history.
- Founded: 2012
- Founders: Ranjit Punja, Pawana Kumar, Subramanian Krishnan
6.Fino Payments Bank
| Feature | Description |
|---|---|
| Overview | Digital banking solutions targeting rural and semi-urban areas. |
| Founded | 2006 (as Fino PayTech); received banking license in 2017 |
| Founders | Manish Khera |
| Key Services | Savings accounts, remittances, bill payments. |
| Website | Fino Payments Bank |
Fino Payments Bank offers digital banking solutions, focusing on underserved and rural areas. It provides basic banking services like savings accounts, remittances, and bill payments, aiming to drive financial inclusion.
Key Services:
- Savings Accounts: Basic savings and fixed deposit accounts.
- Remittances: Domestic money transfers.
- Bill Payments: Utility bill payments and recharges.
- Micro-Loans: Small loans for individuals and businesses.
Fino Payments Bank has brought banking services to rural and semi-urban populations, contributing to the financial inclusion of millions who previously lacked access to formal banking.
Fino Payments Bank offers digital banking solutions targeting rural and semi-urban areas. It provides basic banking services including savings accounts, remittances, and bill payments.
- Founded: 2006 (as Fino PayTech); received banking license in 2017
- Founders: Manish Khera
7.ZestMoney
| Feature | Description |
|---|---|
| Overview | Offers instant financing and buy-now-pay-later (BNPL) solutions. |
| Founded | 2015 |
| Founders | Lizzie Chapman, Ashish Anantharaman, Priya Sharma |
| Key Services | Consumer financing, BNPL solutions. |
| Website | ZestMoney |
ZestMoney offers instant financing and buy-now-pay-later (BNPL) solutions, making credit accessible to consumers who may not have a credit history or credit score. It aims to provide affordable and convenient financing options.
Key Services:
- Consumer Financing: Instant loans for online purchases.
- BNPL Solutions: Buy-now-pay-later options for consumers.
- Merchant Partnerships: Partnerships with retailers for offering credit at point of sale.
ZestMoney has enabled consumers to make large purchases without immediate financial strain, thereby boosting consumer spending and supporting retail businesses.
ZestMoney offers instant financing and buy-now-pay-later (BNPL) solutions, making credit accessible to consumers who may not have a credit history or a credit score.
- Founded: 2015
- Founders: Lizzie Chapman, Ashish Anantharaman, Priya Sharma
8.Khatabook
| Feature | Description |
|---|---|
| Overview | Digital ledger app for small businesses to manage accounts. |
| Founded | 2019 |
| Founders | Ravish Naresh, Dhanesh Kumar, Vaibhav Khandelwal, Aditya Prasad |
| Key Services | Digital ledger, account management, payment tracking. |
| Website | Khatabook |
Khatabook is a digital ledger app designed for small businesses. It helps them manage their accounts, track payments, and record transactions digitally, improving financial management and reducing reliance on manual bookkeeping.
Key Services:
- Digital Ledger: Recording of transactions and account management.
- Payment Reminders: Automated reminders for due payments.
- Expense Tracking: Keeping track of business expenses.
Khatabook has simplified bookkeeping for millions of small businesses in India, helping them streamline operations and improve financial health.
Khatabook is a digital ledger app for small businesses, helping them manage their accounts, track payments, and record transactions, thereby improving financial management.
- Founded: 2019
- Founders: Ravish Naresh, Dhanesh Kumar, Vaibhav Khandelwal, Aditya Prasad
9.Jupiter
| Feature | Description |
|---|---|
| Overview | Neobank offering digital banking with personalized financial insights. |
| Founded | 2019 |
| Founders | Jitendra Gupta |
| Key Services | Digital banking, savings goals, rewards. |
| Website | Jupiter |
Jupiter is a neobank that provides a digital banking experience with personalized financial insights, savings goals, and rewards for achieving them. It aims to offer a more user-friendly and transparent banking alternative.
Key Services:
- Digital Banking: Savings accounts and transactions.
- Financial Insights: Personalized spending and saving insights.
- Rewards: Incentives for achieving financial goals.
- Expense Tracking: Real-time expense monitoring
Jupiter has modernized banking for tech-savvy consumers, providing a seamless and rewarding banking experience that encourages better financial habits.
Jupiter is a neobank that offers a digital banking experience with personalized financial insights, savings goals, and rewards for achieving them.
- Founded: 2019
- Founders: Jitendra Gupta
10.Lendingkart
| Feature | Description |
|---|---|
| Overview | Provides working capital loans to SMEs using data analytics. |
| Founded | 2014 |
| Founders | Harshvardhan Lunia, Mukul Sachan |
| Key Services | Working capital loans, credit evaluation using data analytics. |
| Website | Lendingkart |
Lendingkart provides working capital loans to small and medium-sized enterprises (SMEs) using data analytics and technology to evaluate creditworthiness. It aims to make financing accessible to businesses that may not have access to traditional bank loans.
Key Services:
- Working Capital Loans: Loans for SMEs to manage cash flow.
- Credit Evaluation: Data-driven assessment of creditworthiness.
- Quick Disbursal: Fast approval and disbursal of loans.
Lendingkart has bridged the gap in SME financing, providing essential working capital to businesses and fostering entrepreneurship and growth in the SME sector.
- Overview: Lendingkart provides working capital loans to small and medium-sized enterprises (SMEs) using data analytics and technology to evaluate borrowers’ creditworthiness.
- Founded: 2014
- Founders: Harshvardhan Lunia, Mukul Sachan
FAQs about Top 10 Financial Inclusion Startups in India
Paytm
Q: What services does Paytm offer?
A: Paytm offers mobile recharges, utility bill payments, movie ticket booking, flight booking, and Paytm Payments Bank services.
Q: How can I add money to my Paytm wallet?
A: You can add money to your Paytm wallet using net banking, debit/credit cards, or UPI.
Q: Is Paytm Payments Bank a full-fledged bank?
A: No, Paytm Payments Bank is a payments bank that offers savings accounts and fixed deposits but does not provide loans or credit cards.
Q: How secure is Paytm?
A: Paytm uses robust encryption technology to ensure the security of your transactions and personal information.
Razorpay
Q: What services does Razorpay provide?
A: Razorpay provides online payment gateway services, business banking solutions, and lending options.
Q: How can I integrate Razorpay with my website?
A: You can integrate Razorpay with your website using their developer-friendly APIs and SDKs available for various platforms.
Q: What payment methods does Razorpay support?
A: Razorpay supports credit/debit cards, net banking, UPI, and multiple wallets.
Q: Is Razorpay suitable for small businesses?
A: Yes, Razorpay offers solutions tailored for businesses of all sizes, including small and medium-sized enterprises.
PhonePe
Q: What is PhonePe?
A: PhonePe is a digital payments platform that allows you to transfer money, pay bills, recharge, and make online purchases using UPI.
Q: How do I register on PhonePe?
A: You can register on PhonePe by downloading the app and linking it to your mobile number and bank account.
Q: Are transactions on PhonePe secure?
A: Yes, PhonePe uses multi-layer security, including UPI PIN and encryption, to ensure secure transactions.
Q: Can I use PhonePe for online shopping?
A: Yes, PhonePe can be used for payments on many e-commerce websites and apps.
BharatPe
Q: What is BharatPe?
A: BharatPe is a financial service platform for small merchants that provides QR code-based UPI payments and financial services like loans.
Q: How can I start using BharatPe?
A: You can download the BharatPe app, register your business, and start accepting payments using the QR code provided.
Q: Does BharatPe charge for transactions?
A: BharatPe does not charge any transaction fees for payments received via UPI.
Q: What loan services does BharatPe offer?
A: BharatPe offers loans to small merchants based on their transaction history and creditworthiness.
CreditMantri
Q: What services does CreditMantri offer?
A: CreditMantri helps individuals manage their credit scores, improve credit health, and access suitable financial products.
Q: How can I check my credit score on CreditMantri?
A: You can check your credit score for free by registering on the CreditMantri website and providing the necessary details.
Q: Can CreditMantri help me improve my credit score?
A: Yes, CreditMantri provides personalized recommendations to improve your credit score based on your credit report.
Q: Is CreditMantri’s service free?
A: Basic services like credit score checking are free, but there may be charges for advanced services.
Fino Payments Bank
Q: What is Fino Payments Bank?
A: Fino Payments Bank offers digital banking solutions focusing on underserved and rural areas, providing services like savings accounts and remittances.
Q: How can I open an account with Fino Payments Bank?
A: You can open an account by visiting a Fino Payments Bank branch or agent and providing the required KYC documents.
Q: What services does Fino Payments Bank provide?
A: Fino Payments Bank provides savings accounts, remittances, bill payments, and micro-loans.
Q: Is Fino Payments Bank secure?
A: Yes, Fino Payments Bank uses advanced security measures to protect your transactions and personal information.
ZestMoney
Q: What is ZestMoney?
A: ZestMoney offers instant financing and buy-now-pay-later solutions for consumers without requiring a credit card.
Q: How do I apply for ZestMoney credit?
A: You can apply for credit by signing up on the ZestMoney website or app and completing the KYC process.
Q: What can I use ZestMoney credit for?
A: ZestMoney credit can be used for online shopping, education, travel, and healthcare expenses.
Q: Is there an interest charge for using ZestMoney?
A: Interest rates vary depending on the repayment plan and tenure chosen.
Khatabook
Q: What is Khatabook?
A: Khatabook is a digital ledger app that helps small businesses manage their accounts and track payments digitally.
Q: How do I start using Khatabook?
A: Download the Khatabook app from the Play Store or App Store, register your business, and start adding transactions.
Q: Is Khatabook free to use?
A: Yes, the basic version of Khatabook is free to use.
Q: Can I send payment reminders using Khatabook?
A: Yes, Khatabook allows you to send automated payment reminders to customers via SMS or WhatsApp.
Jupiter
Q: What is Jupiter?
A: Jupiter is a neobank offering a digital banking experience with personalized financial insights and rewards.
Q: How do I open an account with Jupiter?
A: You can open an account by downloading the Jupiter app, completing the registration, and verifying your identity.
Q: What services does Jupiter offer?
A: Jupiter offers savings accounts, financial insights, rewards for achieving financial goals, and expense tracking.
Q: Is Jupiter safe to use?
A: Yes, Jupiter uses bank-grade security and encryption to protect your information.
Lendingkart
Q: What is Lendingkart?
A: Lendingkart provides working capital loans to small and medium-sized enterprises (SMEs) using data analytics to evaluate creditworthiness.
Q: How can I apply for a loan from Lendingkart?
A: You can apply for a loan online by visiting the Lendingkart website, filling out the application form, and submitting the necessary documents.
Q: What are the loan terms and interest rates at Lendingkart?
A: Loan terms and interest rates vary based on the applicant’s credit profile and business performance.
Q: How quickly can I get a loan from Lendingkart?
A: Loan approvals can be granted within 3 working days, depending on the completeness and accuracy of the provided information.
