Pallavi Shrivastava, Co-Founder
With significant growth opportunities for the fintech market in India today, Progcap, established in 2017, has been aiding numerous micro and small organizations to sustainably grow their businesses by addressing the needs of these businesses with tailored financing solutions. With a broader picture of building a stronger economy for India, Progcap's flexible, collateral free credit helps in removing one of the biggest hurdles towards scale and economic opportunities by plugging them into formal financing systems. The company's first-of-its-kind Last Mile Financing Facilities are aimed at broadening the financial opportunities of individuals and businesses from traders, merchants, and shopkeepers, retailers, among others.
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T he evolution of the fintech industry in the subcontinent posts an inspiring anecdote. Started as a value added feature of banking,
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10 Most Recommended Fintech Startups - 2020
It’s a great omen that India, alongside China, is the fastest growing fintech market in the world. The subcontinent has a fintech adoption rate of 87 percent out of all emerging markets in the world. Remember, the global average adoption rate stood at 64 percent. Given the population of more than 130 crore, the sky's the only limit for fintech startups in the country. According to ResearchAndMarkets.com, the fintech market in India is anticipated to touch approximately Rs.6,207.41 billion by 2025, growing at a CAGR of around 22.7 percent. The bettering digital infrastructure, dynamically growing mobile users, and increasing adoption of the internet drive this trend. The Indian startups have been successfully leveraging this trend to attract increased investments into the sector. The excellent initiatives by the government of India ranging from Digital India to demonetization, Jan Dhan Yojana, Unified Payment Interface (UPI), and India Stack have also acted as a tailwind for the startups. However, in order to drive the benefits out of the aforementioned market trend, the startups will have to improve the lack of consumers' trust on digital payment platforms; to say nothing of the cyber and data security threats. Discerning the key progressions and developments in the Indian fintech-startup ecosystem, CIO Insider has come up with a list of ‘10 Most Recommended Fintech Startups - 2020’. The list comprises startups that have shown immense proficiency in their operations, improving financial literacy, and building an ecosystem around them, and in turn have been significantly driving the fintech industry’s growth bandwagon in India. The following list has undergone strict scrutiny by a panel of experts that include industry veterans & subject matter experts, CMOs, CEOs, analysts, and the CIO Insider editorial team. Let’s take a look.
|Company Logo||Company Name||Company Management||Company Description|
|ADVANCE.AI||Darshan Shah, Managing Director||a leading big data and AI company in Asia helping to solve digital transformation, fraud prevention and process automation for enterprise clients|
|AllCloud||Ashish Khadloya, CTO||A cloud technology provider delivering comprehensive range of SaaS solutions across Financial Services industry|
|CityCash||Vineet Toshniwal, Founder & CEO||Focuses on NFC based card payments to provide offline tap-to-pay based payment solutions for small-value, high-volume transactions|
|Groww||Lalit Keshre, Co-Founder & CEO||A web & mobile platform powered AI & ML, acting as the modern-day investor’s personal wealth management assistant by offering them information, ease of usage and transparency|
|Kalp Fintech||Rahul Joshi, CTO||Offers data driven Risk Assessment through a platform that unifies and centralizes the overall process|
|Novopay Solutions||Gautam Bandyopadhyay, Co-Founder||Expertise revolves around Digital Banking System, Payment solutions, and financial services|
|numberz||Rajeev Chari, Co-Founder & COO||An enterprise B2B intelligent accounts receivable & collections platform that makes getting paid faster, easier and more predictable|
|OMA Digital Solutions||Niranj Sangal, Group CEO||Leverages contactless & NFC technologies to deliver Payment Issuance, Payment Acquiring and Card Personalization Solutions|
|Progcap||Pallavi Shrivastava, Co-Founder||Offers Last Mile Financing Solutions to aid micro enterprises take their businesses to its optimum|
|PurplePath Wealth Management Solutions||Arun Ramaswamy, Founder & CEO||A technology-powered new generation wealth management platform, acting as a personal wealth management assistant of individuals|