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5 Startups to Shake Up the India's FinTech Scene in 2019

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CIO Insider Team

India is a hotbed for fintech innovations. India’s financial technology (fintech) sector may be young but is growing rapidly, fueled by a large market base, an innovation-driven startup landscape, and friendly government policies and regulations. Several startups populate this emerging and dynamic sector, while both traditional banking institutions and non-banking financial companies (NBFCs) are playing catch up. NASSCOM predicts that India’s fintech software market alone could touch USD 2.4 billion by 2020, doubling on the current rate of growth.
Further, according to a Yes Bank report, the transaction value for the Indian fintech sector was estimated to be approximately USD 33 billion in 2016 and is forecast to reach USD 73 billion in 2020 growing at a five-year CAGR of 22 percent. Fintech startups have raised, and continue to raise, billions of dollars annually, pushing incumbent financial institutions to get in on the action. Legacy players have begun using fintech to remain competitive in a rapidly evolving financial services landscape. So, following are the 5 companies that are some of India’s hottest fintech startups which are fueling the country’s fintech revolution: -
1.Lendingkart:

Founded in 2014, Lendingkart allows entrepreneurs to easily access working capital finance options. The platform utilizes big data analysis and technology tools to create a more efficient and effective way to evaluate one’s credit worthiness. After raising USD 76 million in a Series C funding round in February 2018, the company is now looking to expand its reach to over 1,200 cities across India. Like PolicyBazaar, Lendingkart was named one of the 2018 Fintech 100 Leading Global Fintech Innovators.

1.Lendingkart:
Founded in 2014, Lendingkart allows entrepreneurs to easily access working capital finance options. The platform utilizes big data analysis and technology tools to create a more efficient and effective way to evaluate one’s credit worthiness. After raising USD 76 million in a Series C funding round in February 2018, the company is now looking to expand its reach to over 1,200 cities across India. Like PolicyBazaar, Lendingkart was named one of the 2018 Fintech 100 Leading Global Fintech Innovators.
2.Capital Float:
This Fintech Company in Bangalore is a digital finance company serving businesses in India. Owned by CapFloat Financial Services, Capital Float offers specialized credit and financial loans to businesses and utilizes its own proprietary loan underwriting system to lend to potential borrowers. The company claims to have over 50,000 customers across 300 cities in India. Capital Float is among the best-funded fintech startups in India and is reportedly in talks to raise between US$100 and 150 million. In August, the company acquired Walnut, a startup providing a mobile app that helps consumers manage their finances and track spending. Walnut claims seven million download on Android.
3.ClearTax:
Founded in 2011, ClearTax helps individuals and businesses file tax returns online. The company claims to have served over 2.5 million customers in 2018 and is targeting 4 million users by March 2019. ClearTax is backed by Silicon Valley-based angel investors, including PayPal co-founder Max Levchin and AngelList founder Naval Ravikant, among others, and raised USD 50 million in a Series B round in October. It plans to utilize the capital to accelerate growth and expand its current offering of products and services on its platform.
4.ZestMoney:
ZestMoney, run by Camden Town Technologies, is a lending platform that allows users to buy products online using digital equated monthly instalments (EMIs). ZestMoney uses artificial intelligence (AI) and machine learning technology to do risk profiling of e-commerce consumers and works with financial institutional to offer loans. In August, the company acquired AI-as-a-service startup PhotographAI, which offers computer vision tools that can recognize objects in images and raised US$13.4 million in a round led by Chinese smartphone manufacturer Xiaomi.
5.One97 Communications:
Famously known for its e-wallet “Paytm” is India’s leading mobile-internet company. One97 also provides mobile advertising, marketing, and payments for merchants. One Communication is headquartered in Noida and backed by some of the biggest investors like SAIF Partners, Intel Capital, SAP Ventures and Silicon Valley Bank and has offices in India, Middle East, and Africa.

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